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True/False
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Multiple Choice
A) it involves higher ordering costs than the fixed quantity inventory system
B) additional inventory records are required
C) the average inventory level is decreased
D) since there is no count of inventory during the review period, a stockout is possible
E) orders usually are for larger quantities
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True/False
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Essay
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Multiple Choice
A) a stockout can occur during the review period as well as during the lead time
B) this model is used for products that have large standard deviations of demand
C) this model is used for products that require very high service levels
D) replenishment is not instantaneous
E) setup costs and holding costs are large
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Essay
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Multiple Choice
A) to calculate the reorder point, so that replenishments take place at the proper time
B) to minimize the sum of carrying cost and holding cost
C) to maximize the customer service level
D) to minimize the sum of setup cost and holding cost
E) to calculate the optimum safety stock
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Essay
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True/False
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Essay
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True/False
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Multiple Choice
A) The company was opened by Jeff Bezos in 1995.
B) The company was founded as, and still is, a "virtual retailer" with no inventory.
C) The company is now a world-class leader in warehouse management and automation.
D) The company uses both United Parcel Service and the U.S. Postal Service as shippers.
E) Amazon obtains its competitive advantage through inventory management.
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Essay
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Essay
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Multiple Choice
A) ABC analysis is based on the presumption that controlling the few most important items produces the vast majority of inventory savings.
B) In ABC analysis, "A" Items are tightly controlled, have accurate records, and receive regular review by major decision makers.
C) In ABC analysis, "C" Items have minimal records, periodic review, and simple controls.
D) ABC analysis is based on the presumption that all items must be tightly controlled to produce important cost savings.
E) All of the above statements are true.
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Short Answer
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