StudyQuestions_CH20_001

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Western Governors University *

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202

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Management

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Apr 3, 2024

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Your Answer The amount of safety stock depends on the service level desired. Field 1 Field 2 Correct Answer Field 1: service Field 2: level (© Need help? Review these concept resources. Read About the Concept

Your Answer Safety Stock can be defined as the amount of inventory carried in addition to the expected demand. Field 1 Field 2 Correct Answer Field 1: Safety Field 2: stock (© Need help? Review these concept resources. Read About the Concept

Your Answer A price-break model suggests that the selling Field 1 blank.) Correct Answer Field 1: selling, unit, or purchase Field 2: size, quantity, or amount (© Need help? Review these concept resources. Read About the Concept price of an item varies with order size Field 2 . (Enter only one word per

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Your Answer Average inventory value is calculated as... Cost of goods sold Average inventory value Reason: This is inventory turns. ‘ (% +ss)c Average inventory value Cost of goods sold Reason: This is the inverse of the formula. Correct Answer (%Jrss)c (© Need help? Review these concept resources. Read About the Concept

Your Answer The ABC inventory classification scheme divides inventory items into three groupings: high dollar volume, moderate dollar Field 1 volume, and low dollar volume. Correct Answer Field 1: ABC

Your Answer Using the probability criterion to determine safety stock is pretty simple. We assume that the demand over a period of time is normally distributed witha mean and a standard deviation. Field 1 Field 2 Correct Answer Field 1: mean Field 2: standard

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Your Answer Fixed-time = period Field 1 as closely. Correct Answer Field 1: period models tend to have greater safety stock than fixed-order quantity models because the inventory is not tracked

In cycle counting, the accuracy level recommended by experts for "A" items is +/- 5% Reason: This is too high. ) 2.5% Reason: This is too high. ' 1% Reason: This is too high. © 02% 7 Correct Answer 0.2%

Your Answer Because of favorable pricing in the short-term, a company is looking at ordering a larger-than-needed optimal quantity of an item, and keeping the excess in inventory. Which model is the company likely performing to arrive at this decision? ) Time-period Reason: Fixed time-period model does not consider price breaks. ) Cycle count Reason: This is a method of scheduling the counting of inventory. Price break 7 Inventory turns Reason: Inventory turns is not an inventory model. Correct Answer Price break

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Your Answer Inventory classifications of A, B, and C are based on: ) accounting classifications. Reason: Accounting is not involved with ABC classification. dollar volume or frequency of use. Reason: This is involved with ABC classification. location in the warehouse. Reason: Warehouse location is not involved with ABC classification. management preference. Reason: While management may define an item as an A-item that otherwise does not meet the definition, this is not a significant factor in the ABC classification. Correct Answer dollar volume or frequency of use.

Your Answer The danger of stockout in the fixed-order quantity model occurs only during the lead time Field 1 Field 2 Correct Answer Field 1: lead Field 2: time (© Need help? Review these concept resources. Read About the Concept

Your Answer "A" items account for approximately % of the items in inventory. ) 25 Reason: "A" items account for approximately 15% of the items in inventory. . I ) 35 Reason: "A" items account for approximately 15% of the items in inventory. 50 Reason: "A" items account for approximately 15% of the items in inventory. Correct Answer 15 (© Need help? Review these concept resources.

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