Quantitative Analysis for Management, 13/e

Self-Test

• Before taking the self-test, refer to the learning objectives at the beginning of the chapter, the notes in the margins, and the glossary at the end of the chapter.

• Use the key at the back of the book to correct your answers.

• Restudy pages that correspond to any questions that you answered incorrectly or material you feel uncertain about.

1. Which of the following is a basic component of an inventory control system?

   1. planning what inventory to stock and how to acquire it

   2. forecasting the demand for parts and products

   3. controlling inventory levels

   4. developing and implementing feedback measurements for revising plans and forecasts

   5. all of the above are components of an inventory control system

2. Which of the following is a valid use of inventory? ...