Week 4 - 2

Question 1

Inventory - Physical

Answer 1

Physical Inventory

Question 2

Inventory - Customer

Answer 2

Queues of customers

Question 3

Inventory - Information

Answer 3

Databases of information

Question 4

Stock

Answer 4

Accumulation of physical materials such as components parts, finished goods, or paper information records

Question 5

Types of stocks - Buffers or safety inventory

Answer 5

Against uncertainty (WC Papier)

Question 6

Types of stocks - Cycle inventory

Answer 6

Counteract lack of flexibility (boodschappen)

Question 7

Types of stocks - Economies of scale

Answer 7

Advantages on short term opportunities buying bulk (1+1 gratis)

Question 8

Types of stocks - Anticipation of inventory

Answer 8

Producing before its demanded (Sinterklaas)

Question 9

Types of stocks - Pipeline

Answer 9

Inventory underway/ not yet available (online kopen)

Question 10

Stock spree

Answer 10

Obsolescence (things get old)
Damage
Storage
Lost
Insurance
Working Capital

Question 11

Inventory Cost - Cost of Not Holding stock

Answer 11

Stockout cost
Price discounts
Cost of placing the order

Question 12

Inventory Cost - Cost of holding Stock

Answer 12

Operating inefficiencies cost
Obsolesce
Storage cost
Working Capital cost

Question 13

The economic order quantity - EOQ

Answer 13

Holding cost+ Ordering cost = Total cost

Question 14

EOQ is not perfect because?

Answer 14

Simplistic
Real costs are not assumed
Descriptive
Focus only on cost optimization

Question 15

Periodic (P)

Answer 15

Maximum quantity level
Variable Quantity
Fixed Period

Question 16

Continuous (Q)

Answer 16

Reorder Point
Variable Period
Fixed Quantity

Question 17

Two Bin & Three Bin systems

Answer 17

When the first 1 is empty you will have to order in.

Question 18

ABC Inventory Control System - Class A

Answer 18

High usage value 20% of items accounting for 80% of the total usage value

Question 19

ABC Inventory Control System - Class B

Answer 19

Medium usage value 30% of items accounting for 10% total usage value

Question 20

ABC Inventory Control System - Class C

Answer 20

Low usage value 50% of items accounting for 10% total usage value