The Two Most Basic Inventory Questions Answered by the Typical

question 130

Multiple Choice

The two most basic inventory questions answered by the typical inventory model are

• A) timing and cost of orders
• B) quantity and cost of orders
• C) timing and quantity of orders
• D) order quantity and service level
• E) ordering cost and carrying cost

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Definitions:

Probable Time

An estimate of the amount of time that might reasonably be expected to be needed to complete a specific task or project.

Expected Activity Time

In project management, it's the best estimate of the time required to complete a task, considering various factors like resources and complications.

PERT Analysis

Program Evaluation and Review Technique (PERT) analysis is a project management tool used to plan, schedule, and control complex activities, focusing on task durations to identify minimum project duration.

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a dataset, assigning weights to each number.