BUS 430 WEEK 8 QUIZ 7

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BUS 430 Week 8 Quiz 7

1.An airline seat is an example of an asset held for future use or sale.

2.Safety stock inventory is an additional amount of inventory kept over and above the average amount required to meet demand during the lead time.

3.Airline seats and call center phone lines are examples of inventory in service organizations.

4.Maintaining large stocks of inventory is a requirement in today's supply chains in order to improve profitability.

5.Marketing an operations generally prefer high inventory levels while finance would prefer small inventories.

MULTIPLE CHOICE

1.In ABC inventory analysis, which of the following is true for “C” items?

2.Inventory that represents partially completed products waiting further processing is called ____ inventory.

3.Additional inventory kept over and above the average amount required to meet demand is called ____ inventory.

4.Inventory that acts as a buffer between workstations in flow shops or departments in job shops is called ____ inventory.

5.Costs associated with inspecting, unpacking and putting into storage incoming inventory are components of ____ cost.

6.Which of the following is not a component of holding cost?

7.Costs associated with backordering a product are called ____ costs.

8.Which one of the following statements is true?

SHORT ANSWER

1.What is inventory management and why is it important?

2.Explain the different types of inventories maintained throughout a value chain.

3.What are the four categories of inventory costs?

4.Summarize the characteristics of the inventory environment that management considers when developing an inventory management system.

5.Explain the difference between independent demand and dependent demand.

PROBLEM

1.Given the information below, conduct an ABC analysis and determine which items should be classified as A, B and C.

2.Given the information below, conduct an ABC analysis and suggest which items should be classified as A, B and C.

3.Using the data below, find the EOQ, the total annual cost associated with the economic order quantity, and the reorder point.

4.Using the data below, find the EOQ, the total annual cost associated with the economic order quantity, and the reorder point.

5.A hotel purchases 8,000 gallons of a cleaning product. Each gallon costs $10 and the cost of holding one gallon for a year is estimated to be $3. Ordering cost amounts to $30 per order.

TRUE/FALSE

1.Resource management deals primarily with managing inventories in a value chain.

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MULTIPLE CHOICE

1.The purpose of aggregate planning is to

2.The words "product family," "budget allocation" and "long-term" fit best with which level of the generic framework for resource planning?

3.If forecast demand exceeds the total factory or supply capacity, managers might simply decide not to meet forecast demand. This decision would most likely be made at which planning level?