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Questions and Answers
a method for dividing on-hand inventory into three
classifications based on annual dollar volume
a method for dividing on-hand inventory into three classifications based on annual dollar volume
extra stock to allow for uneven demand; a buffer.
extra stock to allow for uneven demand; a buffer.
a statistical model applicable when product
demand or any other variable is not known but can be specified by means of a probability distribution
a statistical model applicable when product demand or any other variable is not known but can be specified by means of a probability distribution
a system that keeps track of each
withdrawal or addition to inventory continuously, so records are always current
a system that keeps track of each withdrawal or addition to inventory continuously, so records are always current
a system for ordering items tha have little or no value at the end of the sales period
a system for ordering items tha have little or no value at the end of the sales period
an economic order quantity
technique applied to production orders
an economic order quantity technique applied to production orders
the inventory level (point) at which action is
taken to replenish the stocked item
the inventory level (point) at which action is taken to replenish the stocked item
in purchasing systems, the time between placing an
order and receiving it; in production systems, the wait, move, queue, setup, and run times for each component produced
in purchasing systems, the time between placing an order and receiving it; in production systems, the wait, move, queue, setup, and run times for each component produced
Total Annual Cost formula
Total Annual Cost formula
Single-period Inventory Model formula
Single-period Inventory Model formula
Flashcards
ABC analysis
ABC analysis
Dividing on-hand inventory into three classifications based on annual dollar volume.
Safety stock
Safety stock
Extra stock maintained to absorb variability in demand.
Probabilistic model
Probabilistic model
A statistical model used when product demand is uncertain but can be described with a probability distribution.
Continuous inventory system
Continuous inventory system
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Single-period inventory model
Single-period inventory model
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Production order quantity model
Production order quantity model
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Reorder point
Reorder point
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Lead time
Lead time
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