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Stevenson University BUS 620 MODULE 3 QUIZ 1)If the standard deviation of a product demand is small, which of the following statement is accurate? The monthly demand for smartphones at Best Buy is normally distributed with mean 1,000 and standard deviation 200
Stevenson University
BUS 620
MODULE 3 QUIZ
1)If the standard deviation of a product demand is small, which of the following statement is accurate?
- The monthly demand for smartphones at Best Buy is normally distributed with mean 1,000 and standard deviation 200. What is the mean and standard deviation of annual demand?
- The monthly demand for smartphones at Best Buy is normal distributed with mean 1,000 and standard deviation 200. What is the mean and standard deviation of weekly demand? (assuming 4 weeks in a month)
- A manager said to you that “our inventory can satisfy 90% of our customer”. Which concept is he or she talking about?
- A manager said to you that “our inventory can satisfy every customer 90% of the time”. Which concept is he or she talking about?
- The opportunity cost of not ordering a unit that could have been sold is
- A product costs $3 to produce and sells at $12. What is the overage cost? (assuming no salvage value)
- A product costs $3 to produce and sells at $12. What is the underage cost? (assuming no salvage value)
- Product A and B have the same cost but A has a higher margin. Which product should have a higher level of product availability?
- As the ratio of the cost of overstocking to the cost of understocking gets smaller,
- The demand of a product is normally distributed with mean 1,000 and standard deviation 400. The overage cost is $30 and underage cost is $50. What is the optimal order quantity?
- What is the expected profit?
- The manager decided to order just the mean demand. What is the expected under this policy?
- An increase in forecast accuracy
- A company with multiple products that chooses to delay product differentiation until closer to the point of sale is using
- Cycle inventory is primarily held to take advantage of economies of scale and reduce profit within the supply chain.
- Increasing the lot size or cycle inventory often decreases the cost incurred by different stages of a supply chain.
- Cycle inventory exists in a supply chain because different stages exploit economies of scale to lower total cost.
- The costs considered in lot sizing decisions include material cost, fixed ordering cost, and manufacturing cost.
- The total annual cost is the sum of annual material cost, annual order cost, and annual holding cost, and is given as TC = CD + (D/Q)S + (Q/2)hC.
- The optimal lot size is referred to as the economic order quantity (EOQ). It is denoted by Q and is given by the equation: Q = 2DS/hC.
- Total ordering and holding costs are unstable around the economic order quantity.
- A company that uses a more expensive short lead time supplier as a backup for a low cost, long lead time supplier is using
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