POM Ch. 5 INVENTORY CONTROL

POM Ch. 5 INVENTORY CONTROL

Professional Development

20 Qs

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POM Ch. 5 INVENTORY CONTROL

POM Ch. 5 INVENTORY CONTROL

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

Vikram Chavan

Used 2+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

When developing inventory cost models, which of the following are not included as costs to place an order?

Phone calls

Taxes

Clerical

Calculating quantity to order

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is not included as an inventory holding cost?

Annualized cost of materials

Handling

Insurance

Pilferage

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

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

Ordering or setup costs are constant

Inventory holding cost is based on average inventory

Diminishing returns to scale of holding inventory

Lead time is constant

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If annual demand is 12,000 units, the ordering cost is $6 per order and the holding cost is $2.50 per unit per year, which of the following is the optimal order quantity?

576

240

120.4

60.56

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Using the economic order quantity model, which of the following is the total ordering cost of inventory given an annual demand of 36,000 units, a cost per order of $80 and a holding cost pe unit per year of $4?

$849

$1,200

$1,889

$2,400

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The Pareto principle is best applied to which of the following inventory systems?

EOQ

Fixed-time period

ABC classification

Fixed-order quantity

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Using the ABC classification system for inventory, which of the following is a true statement?

The “C” items are of moderate dollar value

You should allocate about 15 % of the dollar volume to “B” items

The “A” items are of low dollar value

The “A” items are of high dollar value

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