QUESTION 1 keeps a running record of the amount in stock o A. Periodic System B.

Question

QUESTION 1 keeps a running record of the amount in stock o A. Periodic System B. Just In Time System O C. Fixed Order System o D. Perpetual Systerm QUESTION 2 Inventory system that utilizes time buffers of inventory at binding processes o A. Perpetual System O B. Theory of Constraints O C. Fixed Order System D. Just In Time QUESTION 3 Safety stock is on hand to mitigate stock out during times of inaccurate forecast. True QUESTION 4 The perpetual and two-bin systems are referred to as systems O A. Periodic Systems O B. Just In Time O C. Fixed Order Systems O D. Theory of Constraints QUESTION 5 If queues can be shortened and lead times can be correspondingly reduced O A. Forecast O B. Orders O C. Production O D. WIP

Explanation / Answer

1.D Perpetual system of inventory management keeps running account of the stock and continuous record of incoming and outgoing material.

2. B. Theory of constraints is a inventory management tool that utilises time buffers at binding processes.

3.True

4.B Perpetual and 2 bin systems are based on Just In Time system.

5. D Work in Porgress and Lead time can be reduced with a shorter queue.

6.B It is a method under periodic review system of inventory management.

7.A Single order quanity is favorable when the demand for the item is uncertain or arises at infrequent intervals.

8 True

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