Inventory Management Techniques

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the process of planning the quantity of inventory called?

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1. Divina's company sells bakery items, and cake pans account for a much higher percentage of sales than muffin pans do, so Divina believes they should give cake pans a higher priority when it comes to inventory management. How does this help Divina with her inventory management?

2. Which system of inventory management is best used when demand for a product is relatively stable?

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About This Quiz & Worksheet

Determine how much you know about various inventory management approaches using this quiz and worksheet assessment tool. You will be quizzed on the names of specific inventory processes and how they work.

Quiz & Worksheet Goals

In order to successfully complete this quiz, you will need to:

  • Name the process of planning the quantity of inventory
  • Identify inventory management methods based on a given examples
  • State which method is best used when there is stable demand for a product
  • Understand the term that describes the inventory method of timing the arrival of inventory to match when customers will order the product

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson, such as what planning the quantity of inventory is called
  • Information recall - access the knowledge you've gained regarding the inventory method used when demand for a product is stable
  • Knowledge application - use your knowledge to correctly select inventory management techniques based on examples

Additional Learning

Stock up on facts and details about this topic by using the lesson titled Inventory Management Techniques. You will learn:

  • What factors determine how to categorize inventory
  • What all variations of the economic order quantity model look at
  • Things that distinguish the different economic order quantity models
  • The idea behind the derived-demand inventory management method
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