Outsourcing refers to transferring a firm’s activities that have traditionally been internal to external suppliers.

Consider a firm with an annual net income of $20 million, revenue of $60 million and cost of goods sold of $32 million. If the balance sheet amounts show $4 million of inventory and $500,000 of property, plant & equipment, how many weeks of supply does the firm hold?

Safety stock can be defined as the amount of inventory carried in addition to the expected demand.

Demand for ice cream at the Ouachita Dairy can be approximated by a normal distribution with a mean of 47 gallons per day and a standard deviation of 8 gallons per day. The management desires a service level of 95%. Lead time is four days. What reorder point would be consistent with the desired service level in an EOQ model? 

An inventory system is a set of policies and controls that monitors levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be.

Suppose that the last five months of sales were 10, 8, 10, 6, 9 units, respectively. Suppose further that the last five forecasts were 11, 10, 8, 6, 8 units, respectively. What is the Mean Absolute Deviation (MAD) of these forecasts?

Logistics management is an approach that seeks efficiency of operations through the integration of all material movement and storage activities.

Using the economic order quantity model, what is the total ordering cost of inventory given an annual demand of 36,000 units, a cost per order of $80 and a holding cost per unit per year of $4?

The region of the brain responsible for predicting the consequence of events or actions, performs abstract intellectual functions, is the

The cranial nerve that controls somatic motor to superior, inferior, and medial rectus muscles, inferior oblique muscle, and levator palpebrae superior muscle ?