AICE Business 4.3 Inventory Management

What is the correct order in which a raw resource goes from inout to output?

• Output, input, transformation

• Work in progress, raw materials, finished product

• Raw materials, work in progress, finished product

• Finished product , raw material, work in progress

hat is the process of turning inputs into outputs?

• Metamorphosis

• Transformation

• Reveal

• Transmutation

What's another word for Inventory?

• Merchandise

• Stuff

• Stock

Inventory held in case of unforeseen circumstances; for example holding extra raw materials in case of a disruption, business wi=ould still be able to produce.

• Buffer Inventory

• Just In Case Inventory

• Insurance Inventory

• SOS Inventory

What is one downside to holding Inventory

• Expired Inventory

• If an Emergency disrupts your suppliers

• Increase in customer demand

• guarding against Inflation

What is one benefit of holding inventory?

• Cost of space

• Transportation

• Keeping up with demand

• Storage maintanance

What is the purpose of an inventory control chart?

• Show the level of inventory held over time

• shows the level of outstanding orders

• shows how many clients you have

• shows the time it takes to transform a product

At what time would an inventory system order new inventory

• when inventory levels hit the lead time

• when inventory levels hit the buffer inventory

• when inventory levels hit the max inventory

• when inventory levels hit the reorder level

What is the lead time in the inventory control chart?

• time it takes for product to be produced

• time it takes for inventory to arrive

• time for inventory to be sold

• time for inventory to expire

What does JIT mean

• Just In Time

• Just In Term

• Just In Trance

• Just in truck