K9 - Inventory Management

______ is the planning and controlling of inventories to meet the competitive priorities of the organization.

• Inventory Management
• Lot Sizing
• Lot Size
• Inventory

Answer explanation

______ is the determination of how frequently and in what quantity to order inventory.

• Lot Sizing
• Inventory Management
• Lot Size
• Inventory

______ is the quantity of an inventory item that management either buys from a supplier or manufactures using internal processes.

• Lot Size
• Inventory Management
• Lot Sizing
• Inventory

______ is a stock of materials used to satisfy customer demand or to support the production of services or goods.

• Inventory
• Inventory Management
• Lot Sizing
• Lot Size

Answer explanation

The larger the scrap flows, the larger the input flow of materials required for a given level of output.

______ is the sum of the cost of capital and the variable costs of keeping items on hand, such as storage and handling, taxes, insurance, and shrinkage.

• Inventory Holding Cost
• Ordering Cost
• Setup Cost
• Quantity Discount

______ is the cost of preparing a purchase order for a supplier or a production order for manufacturing.

• Ordering Cost
• Inventory Holding Cost
• Setup Cost
• Quantity Discount

______ is the cost involved in changing over a machine or workspace to produce a different item.

• Setup Cost
• Ordering Cost
• Inventory Holding Cost
• Quantity Discount

______ is a drop in the price per unit when an order is sufficiently large.

• Quantity Discount
• Setup Cost
• Ordering Cost
• Inventory Holding Cost

______ are the inventories needed for the production of services or goods.

• Raw Materials (RM)
• Work-in-Process (WIP)
• Finished Goods (FG)
• Inventory Management

Answer explanation

______ are items, such as components or assemblies, needed to produce a final product in manufacturing or service operations.

• Work-in-Process (WIP)
• Raw Materials (RM)
• Finished Goods (FG)
• Inventory Management

Answer explanation