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    Identify and explain the types of costs that are involved in an inventory system.

    1. Answer the following 10 questions:
    2. 1. Inventory adds flexibility to operations. Inventory management allows a firm to separate functions and fluctuations in the production process, to take advantage of quantity discounts and to hedge against inflation and price increases.
    3. a. Describe the four types of inventory.
    4. b. Explain why monitoring WIP is so important.
    5. 2. Identify and explain the types of costs that are involved in an inventory system. Where is time a factor?
    6. 3. Inventory should be audited regularly. Define cycle counting.
    7. 4. Define shrinkage and pilferage in a retail setting.
    8. 5. Determining reorder points can save time and money. Reorder points tell you when to reorder. Annual demand for notebook binders at your shop is 20,000 units. You operate your business 300 days a year. Deliveries from your supplier take 5 working days. Calculate the reorder point for these notebook binders that you stock.
    9. 6. Define the term “aggregate planning”.
    10. 7. Why would a firm use a mixed strategy instead of a pure simple strategy?
    11. 8. Material requirements planning (MRP) is the preferred way to schedule production and inventory. What is the difference between a gross requirements plan and a net requirements plan?
    12. 9. Identify at least three specific requirements of an effective MRP system.
    13. 10. Define these three types of bills of material (BOM)?
      1. a. Phantom BOM
      2. b. Planning BOM
      3. c. Pseudo BOM
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