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Inventory Management Quiz - Advanced

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First up, what should we call you?

How can safety stock be used to improve inventory turnover?

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Holding safety stock can help ensure that stockouts are avoided, reducing the need to rush-order products and thus improving inventory turnover.

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Holding safety stock can be used to reduce the need for frequent reordering.

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Holding safety stock can be used to ensure that customer demand is always met.

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Holding safety stock can increase the cost of inventory management.

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What is the difference between lead time and delivery time?

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Lead time is the time it takes for an order to be placed, while delivery time is the time it takes for an order to be delivered to the customer.

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Lead time is the time it takes for an order to be shipped, while delivery time is the time it takes for an order to be delivered to the customer.

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Lead time is the time it takes for an order to be received after it has been placed, while delivery time is the time it takes for an order to be delivered to the customer.

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Lead time is the time it takes for an order to be fulfilled, while delivery time is the time it takes for an order to be delivered to the customer.

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What are the advantages and disadvantages of having safety stock?

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Advantages: increases inventory turnover and improves customer service. Disadvantages: reduces the risk of stockouts.

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Advantages: reduces the risk of stockouts and improves inventory turnover. Disadvantages: increases the cost of inventory management.

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Advantages: reduces the risk of stockouts and improves customer service. Disadvantages: increases inventory carrying costs.

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Advantages: improves customer service and reduces the need for frequent reordering. Disadvantages: increases the risk of stockouts.

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What is the "ABC" classification of inventory, and what does it mean?

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A system for organizing inventory based on alphabetical order

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A system for grouping inventory based on its age or expiration date

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A classification system for ranking inventory based on its annual consumption value or importance to the business

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A system for grouping inventory based on its physical characteristics or location

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What is lead time?

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Lead time is the time it takes for an order to be shipped after it has been placed.

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Lead time is the time it takes for an order to be delivered after it has been placed.

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Lead time is the time it takes for an order to be fulfilled after it has been placed.

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Lead time is the time it takes for an order to be received after it has been placed.

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What is the difference between service level and safety stock?

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Safety stock is the percentage of demand that will be met without stockouts.

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Service level is the percentage of demand that will be met without stockouts, while safety stock is the extra stock held to reduce the risk of stockouts.

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Service level is the amount of stock held to reduce the risk of stockouts.

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They are the same thing

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What is the impact of having long lead time on inventory management?

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Having long lead times can increase the risk of stockouts and result in higher safety stock levels, which can increase inventory carrying costs.

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Having long lead times can decrease the risk of stockouts and result in lower safety stock levels, which can decrease inventory carrying costs.

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Having long lead times can increase the risk of stockouts and result in lower safety stock levels, which can decrease inventory carrying costs.

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Having long lead times can decrease the risk of stockouts and result in higher safety stock levels, which can increase inventory carrying costs.

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How can you shorten lead time?

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You can shorten lead time by increasing supplier lead time, transportation time and processing time.

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You can shorten lead time by increasing supplier lead time, transportation time and processing time and by decreasing supplier and logistics relationships.

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You can shorten lead time by decreasing supplier lead time, transportation time and processing time, but not by improving supplier and logistics relationships.

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You can shorten lead time by reducing supplier lead time, transportation time and processing time, as well as by improving supplier and logistics relationships.

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What is a common rule of thumb for determining safety stock levels?

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A common rule of thumb is to hold safety stock equal to the average expected demand during the lead time.

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What is a common rule of thumb for determining safety stock levels?

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A common rule of thumb is to hold safety stock equal to the lead time.

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A common rule of thumb is to hold safety stock equal to the expected demand during lead time plus reasonably expected delays in receiving shipment.

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What is safety stock?

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Safety stock is a term used to describe a company's excess inventory that is held in reserve for unexpected demand.

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*Safety stock is a buffer of extra inventory that is kept on hand to ensure that a company can meet customer demand even if there are unexpected delays in receiving new inventory.

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Safety stock is a type of insurance that companies purchase to protect themselves from losses due to unexpected inventory shortages.

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Safety stock is a form of inventory control where companies only keep a minimal amount of inventory on hand and rely on quick delivery times to meet customer demand.

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