What is the primary purpose of the basic economic order quantity model shown below?
Q* =
A) to calculate the reorder point, so that replenishments take place at the proper time
B) to minimize the sum of carrying cost and holding cost
C) to maximize the customer service level
D) to minimize the sum of setup cost and holding cost
E) to calculate the optimum safety stock
D
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_____ are persons who work for an organization only when they are needed.
A. On-call workers B. Moonlighting employees C. Apprentices D. Part-time employees E. Trainees
In the context of managerial approaches, which of the following is true of change?
A. The best managers today embrace change by moving from contemporary managerial approaches to classic managerial approaches. B. If one does not anticipate change and adapt to it, one’s firm will not thrive in a competitive business environment. C. Management knowledge and practices remain constant in the face of change. D. Change prevents businesses from achieving greater quality and speed. E. Change is happening at a slower rate than at any other time in history.