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Quiz Ch 12 - MGT 301 Operations Management Name Alban...

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MGT 301: Operations Management Name: Alban Mariau Fall 2008 Instructor: Kurt Haskell 2/33 94% Quiz: Chapter 12 Due: Tuesday: Dec 2, 11:59 PM 1. A major challenge in inventory management is to maintain a balance between inventory investment and customer service. True False 2. Which item to order and with which supplier the order should be placed are the two fundamental issues in inventory management. True False 3. One function of inventory is to take advantage of quantity discounts. True False 4. Work-in-process inventory is devoted to maintenance, repair, and operations. True False 5. In ABC analysis, "A" Items are the most tightly controlled. True False 6. ABC analysis is based on the presumption that carefully controlling all items is necessary to produce important inventory savings. True False 7. Cycle counting is an inventory control technique exclusively used for cyclical items. True False 8. One advantage of cycle counting is that it maintains accurate inventory records. True False 9. In cycle counting, the frequency of item counting and stock verification usually varies from item to item depending upon the item's classification. True False 10. Retail inventory that is unaccounted for between receipt and time of sale is known as shrinkage. True False 11. The demand for automobiles would be considered an independent demand. True False 12. Insurance and taxes on inventory are part of the costs known as setup or ordering costs. True False 13. If setup costs are reduced by substantial reductions in setup time, the production order quantity is also reduced.
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