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QSO 322 Module Six Comprehension Questions Guidelines and Rubric
Overview
Your answers to these comprehension questions will demonstrate your understanding of the module concepts. Many of these concepts are included in the rubric criteria for the final project. Use your instructor’s feedback on your answers in this assignment as you develop the content for your final project.
Directions
Review the module resources and then answer each question. Support your answers with examples from your chosen case study or another relevant scenario to show how to apply the concepts to real-life situations.
Specifically, address the following rubric criteria:
Provide thorough and accurate answers that address all aspects of each question.
Support your answers with examples from your chosen case study or another relevant scenario.
Cite course resources, including your chosen case study or outside resources, for another relevant scenario.
Comprehension Questions
Discuss the relationship between service level, uncertainty, safety stock, and order quantity. How can trade-offs between these elements be made?
What is the difference between the probability of a stock-out and the magnitude of a stock-out?
Selling inventory helps the business achieve the objectives of making money and satisfying customer needs. The business does not achieve those objectives if inventory sits on the shelf. Inventory turn is a key indicator of success in inventory management. Regularly turning over inventory helps a company make money and satisfy customer needs. Explain how you would calculate the inventory turn for the company in your chosen case study. What information would you need?
In every company, there are some demands that vary in a cyclic nature. Give an example of a cyclic demand in your own household and explain how you adapt to your need for that particular product. Use an example of a cyclic demand from your chosen case study and explain how the company should adapt to it.
Stock-outs are a serious concern for all inventory managers. To prevent stock-outs, each item in the inventory has a reorder point. Use an example from your chosen case study and calculate the reorder point for the item.
There is a cost to the ordering process. Determining the quantity to order each time requires you to consider several factors. Use an example from your chosen case study and determine the economic order quantity (EOQ) for the item.
What to Submit
Submit your answers as a 3- to 5-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style