#1
Which of the following is a primary goal of inventory management?
Maximizing customer satisfaction
ExplanationEnsuring products are available when customers need them.
#2
What is the purpose of a perpetual inventory system?
To track inventory levels in real-time
ExplanationMaintaining continuous and up-to-date inventory records.
#3
Which inventory management technique uses historical sales data to predict future demand?
Material requirements planning (MRP)
ExplanationOptimizing production schedules based on demand forecasts.
#4
What does the Economic Order Quantity (EOQ) formula calculate?
The optimal order quantity that minimizes total inventory costs
ExplanationDetermining the most cost-efficient quantity to order.
#5
Which inventory management system uses a continuous flow of goods to reduce storage costs?
Just-in-time (JIT)
ExplanationDelivering goods only as they are needed in the production process.
#6
What is a key advantage of using RFID technology in inventory management?
Improved accuracy in tracking inventory levels
ExplanationEnhancing inventory visibility and reducing manual errors.