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Exam 17: Inventory Control

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Question 31

Multiple Choice

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Which of the following is not one of the categories of manufacturing inventory?

A) Raw materials
B) Finished products
C) Component parts
D) Just-in-time
E) Supplies

F) A) and B)
G) A) and C)

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Question 32

Multiple Choice

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Using the probability approach to determine an inventory safety stock and wanting to be 95 percent sure of covering inventory demand,which of the following is the number of standard deviations necessary to have the 95 percent service probability assured?

A) 1.28
B) 1.64
C) 1.96
D) 2.00
E) 2.18

F) C) and E)
G) D) and E)

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Question 33

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If it takes a supplier 25 days to deliver an order once it has been placed and the standard deviation of daily demand is 20,which of the following is the standard deviation of usage during lead time?

Fixed-order quantity inventory systems determine the order point,R and the order quantity,Q values.

Fixed-order quantity inventory models are "event-triggered".

Cycle counting is a physical inventory-taking technique in which inventory is counted on a frequent basis rather than once or twice a year.

If annual demand is 35,000 units,the ordering cost is $50 per order and the holding cost is $0.65 per unit per year,which of the following is the optimal order quantity using the fixed-order quantity model?

A one-bin system of inventory involves periodic replenishment no matter how few inventory items are needed.

If it takes a supplier 10 days to deliver an order once it has been placed and the standard deviation of daily demand is 14,what is the standard deviation of usage during lead time?

Using the fixed-time period inventory model and given an average daily demand of 15 units,3 days between inventory reviews,1 day for lead time,30 units of inventory on hand,a service probability of 98 percent and a standard deviation of daily demand is 3 units,which of the following is the order quantity?

The fixed-time period inventory system has a smaller average inventory than the fixed-order quantity system because it must also protect against stockouts during the review period when inventory is checked.

Assuming no safety stock,what is the re-order point (R) given an average daily demand of 50 units,a lead time of 10 days and 625 units on hand?

In a one-bin inventory system the inventory Level is brought up to its predetermined maximum at a fixed time period (such as weekly).

The fixed-order quantity inventory model requires more time to maintain because every addition or withdrawal is logged.

In order to determine the standard deviation of usage during lead time in the reorder point formula for a fixed-order quantity inventory model which of the following must be computed first?

Which of the following is not an assumption of the basic fixed-order quantity inventory model?

The standard fixed-time period model assumes that inventory is never counted but determined by EOQ measures.

Using the fixed-order quantity model,what is the total ordering cost of inventory given an annual demand of 36,000 units,a cost per order of $40 and a holding cost per unit per year of $45?

Safety stock can be computed when using the fixed-order quantity inventory model by multiplying a "z" value representing the number of standard deviations to achieve a service Level or probability by the standard deviation of daily demand.

Which of the following is one of the categories of manufacturing inventory?