Podcast
Questions and Answers
What is the primary purpose of quantitative forecasting?
What is the primary purpose of quantitative forecasting?
- To identify potential demand and market forces
- To use past sales data to predict future demand (correct)
- To make predictions based on expert opinions
- To minimize the cost of ordering and holding stock
What is the main advantage of having a comprehensive ERP solution?
What is the main advantage of having a comprehensive ERP solution?
- It provides visibility into all data that impacts forecasts (correct)
- It is a method used to make purchasing decisions
- It helps to minimize the cost of ordering and holding stock
- It helps to identify potential demand and market forces
What is the goal of Economic Order Quantity (EOQ) calculation?
What is the goal of Economic Order Quantity (EOQ) calculation?
- To minimize the cost of ordering and holding stock (correct)
- To identify potential demand and market forces
- To maximize the cost of ordering and holding stock
- To determine the most profitable number of units to order
What is the main difference between qualitative and quantitative forecasting?
What is the main difference between qualitative and quantitative forecasting?
What is the purpose of Safety Stock?
What is the purpose of Safety Stock?
What happens to the cost of ordering an inventory when ordering in bulk?
What happens to the cost of ordering an inventory when ordering in bulk?
What is the term for extra stock held above the desired inventory level?
What is the term for extra stock held above the desired inventory level?
Which of the following is NOT a type of inventory carrying cost?
Which of the following is NOT a type of inventory carrying cost?
What is the primary reason companies hold buffer stock?
What is the primary reason companies hold buffer stock?
What happens to products that reach the end of their lifecycle?
What happens to products that reach the end of their lifecycle?
What is the term for the return the company could make on the money tied up in inventory?
What is the term for the return the company could make on the money tied up in inventory?
What can companies do to minimize obsolete inventory?
What can companies do to minimize obsolete inventory?
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