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10 Questions

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Inventory Management Calculations

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Questions and Answers

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?

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?

Quantity Volume

Price Sensitivity

Dollar Volume (correct)

Weighted Average Cost

What is the marginal cost associated with underestimating demand in this scenario?

$0.30 Signup and view all the answers

How many extra papers are needed to be 80% sure of not stocking out based on the provided information?

9 papers Signup and view all the answers

In inventory management, when is the optimal stocking level reached?

When the expected benefits from carrying one more unit exceed the expected costs for that unit Signup and view all the answers

What is the risk of stocking out if the newsperson wants to be 80% sure of not running out of papers each Monday?

50% Signup and view all the answers

Why is it important for the newsperson to find the optimal stocking level for papers in the sales stand?

To maximize profits by balancing between lost sales and overstock costs. Signup and view all the answers

How does understanding the demand distribution help the newsperson in managing inventory?

It allows for setting an acceptable service rate to avoid stocking out. Signup and view all the answers

What would happen if the newsperson stocked significantly more papers than the average demand of 90 papers on Mondays?

The newsperson would incur unnecessary costs for overstocked papers. Signup and view all the answers