BUSI 411 Key PASSED Exam Questions and CORRECT Answers
ABC ApproachClassifying inventory according to some measure of importance, and allocating control efforts accordingly. Cycle CountingA physical count of items in inventory. Cycle StockThe amount of inventory needed to meet expected demand Economic Order QuantityThe order size that minimizes total annual cost. Excess CostDifference between purchase cost and salvage value of items left over at the end of a period. Fill RateThe percentage of demand filled by the stock on hand. Fixed-order-interval (FOI) modelOrders are placed at fixed time intervals
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