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Materials Control Methods Quiz

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Questions and Answers

What is the formula for calculating the re-order level in the Min-Max Method?

Maximum usage + Maximum re-order

Maximum usage × Maximum re-order (correct)

Minimum limit + Maximum usage

Minimum limit × Minimum re-order

In the Two-bin Method, why is the first bin important?

It is where low-cost items are stored

It holds the maximum quantity of items

It contains the safety stock

It stores the items required from order receipt to next order placement (correct)

What does the Minimum level provide in the Min-Max Method?

Safety stock quantity

Maximum usage limit

Margin of safety (correct)

Order point for low-cost items

How is the re-order level calculated in the Order Cycling Method?

Cycle time multiplied by cycle review days Signup and view all the answers

What is the purpose of setting a maximum quantity for each item in the Min-Max Method?

To minimize storage costs Signup and view all the answers

What is the economic order quantity for the replacement blades?

240 units Signup and view all the answers

How many orders are needed per year for the replacement blades?

100 orders Signup and view all the answers

What is the total cost of ordering the replacement blades for the year?

$120 Signup and view all the answers

When should the next order for replacement blades be placed according to the reorder point calculation?

When stock level reaches 100 units Signup and view all the answers

What is the approximate number of #6 screws Leyla Tas should order each time?

10,000 screws Signup and view all the answers

How many supply orders of #6 screws would be placed per year?

10 orders/year Signup and view all the answers

What is the approximate length of a supply order in days for #6 screws?

29.5 days Signup and view all the answers

Calculate the minimum total cost of inventory for #6 screws per year.

235 MU/year Signup and view all the answers

What is the safety stock level recommended for #6 screws to account for variability in demand?

2,000 screws Signup and view all the answers

How does the annual ordering cost for #6 screws compare to the annual holding cost?

Annual ordering cost is exactly equal to the annual holding cost Signup and view all the answers