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Questions and Answers
What is the meaning of inventory?
What is the meaning of inventory?
- Tangible object
- Non-usable resource
- Dynamic resource
- Idle resource (correct)
What is the role of selective inventory management?
What is the role of selective inventory management?
- To eliminate the need for inventory altogether
- To prioritize inventory based on demand and importance (correct)
- To manage all types of inventory simultaneously
- To automate the inventory management process
Which term is generally used to refer to physical and tangible objects such as materials in the context of inventory?
Which term is generally used to refer to physical and tangible objects such as materials in the context of inventory?
- Inventory
- Materiality
- Resource
- Stock (correct)
What concept is used for aggregate inventory planning?
What concept is used for aggregate inventory planning?
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What do deterministic and probabilistic inventory models mainly focus on?
What do deterministic and probabilistic inventory models mainly focus on?
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What is the inventory turnover ratio used to measure?
What is the inventory turnover ratio used to measure?
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What is the opportunity cost of carrying inventory?
What is the opportunity cost of carrying inventory?
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What does a high inventory turnover ratio indicate?
What does a high inventory turnover ratio indicate?
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What are some significant costs in an inventory system?
What are some significant costs in an inventory system?
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What is the cost of incurring shortages in an inventory system?
What is the cost of incurring shortages in an inventory system?
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