The goal of inventory management is to have the right ______, in the right _______, at the right _______.

3. The goal of inventory management is to have the right ______, in the right _______, at the right _______.

A. product, range, season

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B. price, place, supplier

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C. price, range, season

D. product, place, time

4. A supply chain with a distributor has more product handling than one without a distributor. True or False?

5. Lead time is a way to measure the availability of inventory. True or False?

6. Expected profit is a direct measure of how well a company serves its customers.  True or False?

7.   Demand is modeled with a normal distribution that has a mean of 300 and a standard deviation of 50. What is the probability that demand is 400 or less?

A. 97.7%

B. 95.4%

C. 47.7%

D. 2.3%

8. Store A purchases cases of fertilizer for its lawn-care business from a supplier who charges Store A $30 per order and $50 per case. Each case consists of five bags of fertilizer. Store A needs 2000 bags of fertilizer a year. Store A’s annual holding costs are 30%. If Store A’s order quantity is 40 cases, what is its average inventory level?

A. 89

B. 45

C. 40

D. 20

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