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Inventory Planning Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM BUSINESS MANAGEMENT INTERVIEW QUESTIONS INVENTORY PLANNING INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Inventory Planning Interview Questions & Answers - Learning Mode

Inventory planning refers to the process that any organization adopts to determine the optimal quantity as well as timing, with the sole aim of aligning such plans with the organization's capacity to produce and make sales. Inventory planning, usually affects the company in a number of ways. It is the process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity. Inventory planning has a direct impact a company's cash flow and profit margins especially for smaller businesses that rely upon a quick turnover of goods or materials.

Try Inventory Planning Interview Questions & Answers - Exam Mode

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Inventory Planning Interview Questions & Answers - Learning Mode
Try Inventory Planning Interview Questions & Answers - Exam Mode
Question: Order-point or re-order-level inventory control is used for which of the following?

Answer: 1. Production scheduling
2. Monitoring the workings of a MRP system
3. Control of dependent demand inventory items
4. Inventory quality control
5. Control of independent demand inventory items
Source: CoolInterview.com
Question: The EOQ formula has been criticized in a number of areas. Which of the following is not an area of common criticism?

Answer: 1. The assumptions included in the models
2. Small errors in estimating will not result in a significant deviation from the EOQ
3. The real costs of stock in operations
4. The use of the models as prescriptive devices Source: CoolInterview.com
Question: What is a two-bin system?

Answer: 1. A system in which everything is split between two storage bins
2. A system in which two full bins of an item are always held in stock
3. A system in which suppliers deliver two bins at a time
4. A system in which orders are placed when only one complete bin of stock is remaining Source: CoolInterview.com
Question: Under the ABC system of inventory priorities a Class A item is?

Answer: 1. The 80% of high-value items that account for around 20% the total stock value
2. The 20% of high-value items that account for around 20% the total stock value
3. The 20% of high-value items that account for around 80% the total stock value
4. The 80% of high-value items that account for around 80% the total stock value Source: CoolInterview.com
Question: Cycle inventory is required as?

Answer: 1. One or more stages in the operation cannot supply all the items it produces simultaneously
2. Compensation for the uncertainties inherent in supply and demand
3. Compensation for differences in the timing of supply and demand
4. Material cannot be transported instantaneously between the point of supply and the point of demand Source: CoolInterview.com
Question: Buffer inventory is required as?

Answer: 1.Compensation for differences in the timing of supply and demand
2. Compensation for the uncertainties inherent in supply and demand
3. One or more stages in the operation cannot supply all the items it produces simultaneously
4. Material cannot be transported instantaneously between the point of supply and the point of demand
Source: CoolInterview.com
Question: Periodic review means?

Answer: 1. Ordering inventory at a predetermined re-order level
2. Ordering inventory when it falls below the designated safety stock level
3. Ordering inventory in consultation with suppliers relative to their available capacity
4. Ordering inventory to supplier call-offs on an as required basis
5. Ordering inventory at a fixed and regular time interval Source: CoolInterview.com

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