Podcast
Questions and Answers
What principle broadens the idea of few items having great importance and many items having little importance?
What principle broadens the idea of few items having great importance and many items having little importance?
- Pareto Principle (correct)
- Gauss Theorem
- Newton's Law
- Fibonacci Principle
What classification scheme divides inventory items into high dollar volume, moderate dollar volume, and low dollar volume categories?
What classification scheme divides inventory items into high dollar volume, moderate dollar volume, and low dollar volume categories?
- LMN Inventory Classification
- ABC Inventory Classification (correct)
- 123 Inventory Classification
- XYZ Inventory Classification
What measure is used to assess the importance of an inventory item in the context of inventory management?
What measure is used to assess the importance of an inventory item in the context of inventory management?
- Quantity Volume
- Price Sensitivity
- Dollar Volume (correct)
- Weighted Average Cost
What is the marginal cost associated with underestimating demand in this scenario?
What is the marginal cost associated with underestimating demand in this scenario?
How many extra papers are needed to be 80% sure of not stocking out based on the provided information?
How many extra papers are needed to be 80% sure of not stocking out based on the provided information?
In inventory management, when is the optimal stocking level reached?
In inventory management, when is the optimal stocking level reached?
What is the risk of stocking out if the newsperson wants to be 80% sure of not running out of papers each Monday?
What is the risk of stocking out if the newsperson wants to be 80% sure of not running out of papers each Monday?
Why is it important for the newsperson to find the optimal stocking level for papers in the sales stand?
Why is it important for the newsperson to find the optimal stocking level for papers in the sales stand?
How does understanding the demand distribution help the newsperson in managing inventory?
How does understanding the demand distribution help the newsperson in managing inventory?
What would happen if the newsperson stocked significantly more papers than the average demand of 90 papers on Mondays?
What would happen if the newsperson stocked significantly more papers than the average demand of 90 papers on Mondays?
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