1.
The costs associated with inventory is/are:
(A)
Purchase price of the inventory
(B)
Re-order costs
(C)
Inventory holding costs, Shortage costs
(D)
All
2.
For the purpose of Economic order quantity (EOQ) the relevant costs are:
(A)
The annual holding cost per item per annum
(B)
The annual ordering costs
(C)
Both A and B
(D)
None
3.
Which of the following is not one of the assumptions of the basic EOQ model?
(A)
Demand rates are constant
(B)
Orders arrive just when desired
(C)
Each order is received in a single delivery
(D)
Quantity discounts are available
4.
Which of the following is not considered a holding cost?
(A)
Interest and depreciation
(B)
Stockout cost
(C)
Opportunity cost.
(D)
Insurance
5.
The objective of good inventory management is to determine:
(A)
The optimum re-order level
(B)
How many items are left in inventory when the next order is placed
(C)
The optimum re-order quantity – how many items should be ordered when the order is placed for all materialinventory items.
(D)
all
6.
In the economic order quantity or EOQ model the equation (Q/2) × CH calculates:
(A)
The number of orders each year
(B)
The total holding costs each year
(C)
Total ordering costs each year
(D)
Both A and C
7.
In the basic EOQ model, annual setup cost is equal to:
(A)
the EOQ multiplied by setup cost.
(B)
the EOQ divided by setup cost
(C)
setup cost multiplied by the ratio of the annual demand to the EOQ
(D)
setup cost multiplied by the ratio of the EOQ to annual demand
8.
Simplex method was designed by ___________.
(A)
Dantzig
(B)
A.Charnes
(C)
Lemke
(D)
Hungarian
Answers
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Explanation:
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Explanation:
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