Podcast
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
Signup and view all the answers
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
Signup and view all the answers
an economic order quantity
technique applied to production orders
an economic order quantity technique applied to production orders
Signup and view all the answers
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
Signup and view all the answers
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
Signup and view all the answers
Total Annual Cost formula
Total Annual Cost formula
Signup and view all the answers
Single-period Inventory Model formula
Single-period Inventory Model formula
Signup and view all the answers
