IDIS 343 Exam 2 TAMU Questions with Correct Answers| Latest Update Guaranteed Success
Types of demand patterns - Seasonality
- Cyclical
- Random
- Trend
Demand Indeterminacy Frequency of usage:
- Slow move: 6+ months with "zero usage"
- Fast move: 2- months with "zero usage"
CoV (standard deviation)/(average demand)
Continuous Revenue Policy - Constantly monitoring inventory
- Reorder when inventory reaches a certain level
- Order a certain amount or order to a certain amount
- Takes more time and effort
Periodic Revenue Policy - Monitoring revenue periodically
- Used on products that do not matter as much
Reorder Point The minimum point inventory gets to until it's time to reorder
ROP Reorder Point
Simple moving average forecast - Looking at the average for different time periods
Types of demand patterns - Seasonality
- Cyclical
- Random
- Trend
Demand Indeterminacy Frequency of usage:
- Slow move: 6+ months with "zero usage"
- Fast move: 2- months with "zero usage"
CoV (standard deviation)/(average demand)
Continuous Revenue Policy - Constantly monitoring inventory
- Reorder when inventory reaches a certain level
- Order a certain amount or order to a certain amount
- Takes more time and effort
Periodic Revenue Policy - Monitoring revenue periodically
- Used on products that do not matter as much
Reorder Point The minimum point inventory gets to until it's time to reorder
ROP Reorder Point
Simple moving average forecast - Looking at the average for different time periods
