QDM- Inventory Management Chapter 12 Exam Questions with Complete Answers Latest Update 2024
Inventory Management - Answers -objective is to strike a balance btw inventory investment and customer service
Functions of Inventory - Answers 1. provide selection of goods for anticipated demand and to ...
-place order when reorder point reached, to replenish in time, based on lead time, demand, safety stock
-order quantities are same; time will vary
-good for higher value items
-sometimes called q system
Single period - Answers -used for items that are perishable physically/economically
-balance btw having enough certain demand against risk of holding de-valued inventory
-not just for truly single-period problems; airlines, hotels, car rentals use a form of this called revenue
management
Inventory costs - Answers -Holding costs=cost of holding or "carrying" inventory over time
-Ordering costs=costs of placing an order and receiving goods
-Setup costs=cost to prepare a machine or process for manufacturing an order (setup time)
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