Inventory position is defined as
a. the amount of inventory on hand in excess of expected demand.
b. the amount of inventory on hand.
c. the amount of inventory on hand plus the amount of inventory on order.
d. None of the alternatives is correct.
Q. 2Which of the following represents a population, as opposed to a sample?
a. 2,000 respondents to a magazine survey which has 600,000 subscribers.
b. The first 15 students in your class completing a final exam.
c. Every fourth student to arrive at the book store on your campus.
d. All registered voters in the state of West Virginia
Q. 3If two variables, x and y, have a strong linear relationship, then _____.
a. there may or may not be any causal relationship between x and y
b. x causes y to happen
c. y causes x to happen
d. None of the answers is correct.
Q. 4Periodic review inventory systems
a. are less subject to stockouts than corresponding continuous review systems.
b. require larger safety stock levels than corresponding continuous review systems.
c. have constant order quantities.
d. make the coordination of orders for multiple products more difficult.
Q. 5The process of using sample statistics to draw conclusions about population parameters is called:
a. finding the significance level. c. doing inferential statistics.
b. calculating descriptive statistics. d. calculating the confidence level.
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