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Operations Management: Processes and Supply Chains, 10e

Operations Management: Processes and Supply Chains, 10e (Krajewski et al.)

Chapter 9 Supply Chain Inventory Management

1) Inventory management is the planning and controlling of inventories in order to meet the competitive priorities of the organization.

Answer: TRUE

Reference: Introduction

Difficulty: Easy

Keywords: inventory management, planning, controlling

2) When looking at inventory management, the term "lot size" refers to the physical dimensions of the area where the inventory is stored.

Answer: FALSE

Reference: Introduction

Difficulty: Easy

Keywords: inventory management, lot size

3) When looking at inventory management, the term "lot size" refers to the quantity of an inventory item management either buys from a supplier or manufactures using internal processes.

Answer: TRUE

Reference: Introduction

Difficulty: Easy

Keywords: inventory management, lot size, buys, manufactures

4) The primary reason for keeping inventories low is that inventory represents a temporary monetary investment in goods on which a firm must pay interest.

Answer: TRUE

Reference: Inventory and Supply Chains

Difficulty: Easy

Keywords: inventory, investment

5) One component of the holding cost of inventory is interest.

Answer: TRUE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: holding cost, inventory, interest

6) One component of the ordering cost of inventory is shrinkage.

Answer: FALSE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: ordering cost, shrinkage

7) A stockout occurs when an item that is typically stocked is not available to satisfy a demand the moment it occurs.

Answer: TRUE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: stockout

8) A backorder occurs when a customer order cannot be filled when it is placed, but is instead filled later.

Answer: TRUE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: backorder, fill

9) Setup cost is independent of order size.

Answer: TRUE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: setup cost

10) Reducing setup costs will increase the pressure to keep larger inventories.

Answer: FALSE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: setup cost

11) Increasing inventory levels can sometimes help a firm reduce both its inbound and outbound transportation costs.

Answer: TRUE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: pressure for large inventories

12) A quantity discount is attractive because there is a drop in the price per unit when the order is sufficiently large.

Answer: TRUE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: quantity discount

13) Repeatability is an undesirable feature of some orders because they must be repeated until the order is filled correctly.

Answer: FALSE

Reference: Inventory and Supply Chains

Difficulty: Moderate

14) The primary lever to reduce anticipation inventory is to place orders closer to the time when they must be received.

Answer: FALSE

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: anticipation inventory, safety stock

15) A stock-keeping unit (SKU) is an individual item or product that has an identifying code and is held in inventory somewhere along the supply chain.

Answer: TRUE

Reference: ABC Analysis

Difficulty: Easy

Keywords: SKU, individual item, inventory, identifying code

16) A stock-keeping unit (SKU) is a specially designed container for holding a specific amount of an inventory item somewhere along the supply chain.

Answer: FALSE

Reference: ABC Analysis

Difficulty: Easy

Keywords: SKU, inventory item, inventory, supply chain

17) ABC analysis is a process for categorizing SKUs according to dollar usage so that managers can focus on items with the highest dollar value.

Answer: TRUE

Reference: ABC Analysis

Difficulty: Moderate

Keywords: ABC analysis, dollar value

18) When using ABC analysis, class C SKUs should be reviewed frequently.

Answer: FALSE

Reference: ABC Analysis

Difficulty: Moderate

Keywords: ABC analysis, class

19) Cycle counting is an inventory-control method whereby storeroom personnel physically count a small percent of the total number of items each day.

Answer: TRUE

Reference: ABC Analysis

Difficulty: Moderate

Keywords: cycle counting, physical count

20) EOQ should be used if you use a make-to-order strategy and the customer specifies the entire order be delivered in one shipment.

Answer: FALSE

Reference: Economic Order Quantity

Difficulty: Easy

Keywords: EOQ, economic order quantity

21) EOQ should be used if you follow a make-to-stock strategy and the item has relatively stable demand.

Answer: TRUE

Reference: Economic Order Quantity

Difficulty: Easy

Keywords: EOQ, economic order quantity

22) The EOQ is the smallest lot size that a supplier will allow a customer to order.

Answer: FALSE

Reference: Economic Order Quantity

Difficulty: Moderate

Keywords: EOQ, economic order quantity

23) As the annual demand increases, the EOQ also increases.

Answer: TRUE

Reference: Economic Order Quantity

Difficulty: Moderate

Keywords: EOQ, economic order quantity

24) Considering the EOQ model, smaller lots are justified when holding costs are decreased.

Answer: FALSE

Reference: Economic Order Quantity

Difficulty: Moderate

Keywords: EOQ, economic order quantity, holding cost, lot size

25) Considering the EOQ model, a reduction in ordering costs justifies reducing the lot sizes ordered.

Answer: TRUE

Reference: Economic Order Quantity

Difficulty: Easy

Keywords: EOQ, economic order quantity, ordering cost, lot size

26) Dependent demand items are those items for which demand is influenced by market conditions and is not related to inventory decisions for any other item held in stock.

Answer: FALSE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: dependent demand, inventory

27) Independent-demand items are those items for which demand is influenced by market conditions and is not related to inventory decisions for any other items held in stock.

Answer: TRUE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: independent demand, inventory

28) If on-hand inventory = 100 units, scheduled receipts = 100 units and backorders = 100 units, the Inventory Position (IP) is the sum of the three, or 300 units.

Answer: FALSE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: continuous review, periodic review, inventory position

AACSB: Analytic skills

29) If on-hand inventory = 100 units, scheduled receipts = 100 units and backorders = 100 units, the Inventory Position (IP) is 100 units.

Answer: TRUE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: continuous review, periodic review, inventory position

AACSB: Analytic skills

30) A continuous review system is sometimes called a reorder point system.

Answer: TRUE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: continuous review, reorder point

31) A continuous review system is sometimes called a fixed interval reorder system.

Answer: FALSE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: continuous review, reorder point

32) The scheduled receipts are orders that have been placed but not yet received.

Answer: TRUE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: scheduled receipt

33) As the service level increases, the probability of not running out of stock during a cycle decreases.

Answer: TRUE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: service level, stockout

34) The two-bin inventory system is a type of visual system.

Answer: TRUE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: two-bin, visual system

35) A periodic review system is a system in which an item's inventory position is reviewed periodically rather than continuously.

Answer: TRUE

Reference: Inventory Control Systems

Difficulty: Moderate

Keywords: periodic review, continuous

36) Which of the following generates pressure to increase inventories?

A) inventory holding costs

B) ordering costs

C) storage and handling costs

D) taxes and insurance

Answer: B

Reference: Inventory and Supply Chains

Difficulty: Easy

Keywords: pressures for small / large inventories

37) Which of the following generates pressure to decrease inventories?

A) inventory shrinkage costs

B) backorders and stockouts

C) transportation costs

D) quantity discounts

Answer: A

Reference: Inventory and Supply Chains

Difficulty: Easy

Keywords: pressures for small / large inventories

38) Which of the following DOES NOT generate pressure to decrease inventories?

A) taxes and insurance

B) inventory holding costs

C) storage and handling costs

D) ordering costs

Answer: D

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: pressures for small / large inventories

39) Which of the following DOES NOT generate pressure to increase inventories?

A) transportation costs

B) backorders and stockouts

C) inventory shrinkage costs

D) quantity discounts

Answer: A

Reference: Inventory and Supply Chains

Difficulty: Moderate

Keywords: pressures for small / large inventories

40) Inventories needed for the production of services and goods (inputs to a firm's transformation processes) are called:

A) quarantined materials

B) work-in-process

C) raw materials

D) finished goods

Answer: C

Reference: Inventory and Supply Chains

Difficulty: Easy

Keywords: types of inventories

41) Items, such as components or assemblies, needed to manufacture a final product are called:

A) quarantined materials

B) work-in-process

C) raw materials

D) finished goods

Answer: B

Reference: Inventory and Supply Chains

Difficulty: Easy

Keywords: types of inventories

42) Items sold to a firm's customers are called:

A) quarantined materials

B) work-in-process

C) raw materials

D) finished goods

Answer: D

Reference: Inventory and Supply Chains

Difficulty: Easy

Keywords: types of inventories