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BIT 3414 Quiz 4 with complete solutions graded A+ passed

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BIT 3414 Quiz 4 with complete solutions graded A+ passed

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BIT 3414 Quiz 4 with complete
solutions graded A+ passed


What does inventory management attempt to do? - ANS ✔✔Minimize inventory costs over a
*window of time* by optimizing the decisions made when replenishing the inventory



What are the primary decisions in inventory management? - ANS ✔✔1) How much to order

2) When to order



What are the different inventory costs? - ANS ✔✔Carrying costs, ordering costs, and shortage
costs (stockout)



What are carrying costs? - ANS ✔✔Costs that increase linearly with the number of units in stock

- Carrying cost is proportional

- Total carrying cost is proportional to the number of units in inventory

- Represented as cost per unit per time, Cc



What are ordering costs? - ANS ✔✔Costs that increases linearly with the number of orders

- Cost of placing an order, Co

- Assume not proportional to order size

- Inverse relationship to carrying costs

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