Question

which of the following is a statistical inventory control model? a) base stock model b) News Vendor Model c) (q,r) model d)Nonee of the above e) All of the above

Answer 1

D)
Specifically associated with the technical and operational aspects of an organization, and distinct from executive or strategic functions. Alternatively, administration can refer to the bureaucratic or operational performance of routine office tasks, usually internally oriented and reactive rather than proactive. Administrators, broadly speaking, engage in a common set of functions to meet the organization's goals. Henri Fayol described these "functions" of the administrator as "the five elements of administration". Sometimes creating output, which includes all of the processes that generate the product that the business sells, is added[by whom?] as a sixth element.

Answer 2

Base stock model is a statistical inventory control model.

Option: (a)

Explanation:

• The statistical inventory control model is a management tool that is used in managing and controlling the inventory.  

• The statistical inventory control model is a method that is based on statistics for understanding the levels of inventory required and collected.  

• It gives information on the consumption level, fluctuation in demands, the time needed to replenish the inventory and other forms of information.  

• The statistical method that is used is the inventory optimization model used for deciding on the specific inventory levels and the decision required in terms of quantity and time period for replenishing the inventory.

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