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ISOM 351 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS COMPREHENSIVE STUDY GUIDE

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ISOM 351 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS COMPREHENSIVE STUDY GUIDE

Institution
ISOM 351
Course
ISOM 351

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ISOM 351 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
COMPREHENSIVE STUDY GUIDE

●● Work in Progress (WIP)
Answer: Items that are mid-production — not yet finished goods


●● Finished Goods
Answer: Completed products ready to be sold to customers


●● MRO Inventory
Answer: Maintenance, Repair, and Operating supplies that keep the
business running but are not part of the product


●● ABC Analysis
Answer: Classifying inventory by annual dollar volume: A = high value
(most attention), B = medium, C = low value (least attention)


●● Holding Cost (H)
Answer: The cost of storing/carrying inventory over time (e.g.
warehouse rent, spoilage)
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