Asked by Taylyn Vences on May 14, 2024
Verified
Ordering a fixed number of items every time an inventory level falls to a predetermined point is called the ___.
A) inventory control number
B) quality control paradox
C) economic order quantity
D) breakeven quantity
E) fixed quantity inventory
Economic Order Quantity
A formula used to determine the optimal quantity of inventory to order that minimizes total inventory costs.
Inventory Level
The quantity of goods, materials, or products that are held by a company at a given time, used to meet demand without incurring excess or shortage.
Fixed Quantity Inventory
A replenishment strategy for inventory management where a constant quantity of an item is ordered whenever stock falls to a predetermined level.
- Comprehend the fundamentals and uses of inventory management systems.
Verified Answer
Learning Objectives
- Comprehend the fundamentals and uses of inventory management systems.
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