Inventory Management Techniques and Systems Quiz
Explore inventory management essentials: EOQ, JIT, RFID, FIFO, safety stock, and more with this quiz.
#1
Which of the following is a primary goal of inventory management?
Maximizing customer satisfaction
Minimizing inventory holding costs
Maximizing sales revenue
Minimizing transportation costs
#2
What is the purpose of a perpetual inventory system?
To track inventory levels in real-time
To minimize order quantities
To reduce stockouts
To automate the ordering process
#3
Which inventory management technique uses historical sales data to predict future demand?
ABC analysis
Just-in-time (JIT)
Economic order quantity (EOQ)
Material requirements planning (MRP)
#4
What does the Economic Order Quantity (EOQ) formula calculate?
The optimal order quantity that minimizes total inventory costs
The maximum order quantity to avoid stockouts
The minimum order quantity for bulk discounts
The average order quantity for a given period
#5
Which inventory management system uses a continuous flow of goods to reduce storage costs?
Just-in-time (JIT)
Material requirements planning (MRP)
ABC analysis
Economic order quantity (EOQ)
#6
What is a key advantage of using RFID technology in inventory management?
Reduced risk of stockouts
Improved accuracy in tracking inventory levels
Lower costs compared to barcodes
Faster order processing times
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