Management Theory
Review Questions pg. 619 #1-7
1) Independent demand consists of demands for various items that are unrelated to each other. An example would be workstations producing many parts all of which are unrelated by meet some external demand requirement. Dependent demand differs in that any one item is the direct result of the need for another item that is usually higher-up on another level. In auto manufacturing industries, machines run on straight-forward computation of what materials to use to assemble cars. McDonalds would run under independent demand since their stock is based on order and consumer demand, personal copiers are dependent since specified materials are used to make the end-product and pharmaceutical houses are independent, based on consumer demand.
2) In-process inventory is the amount of inventory in the process; the goal is to reduce this in order to reduce lead time. Safety stock inventory is the extra amount carried in addition to the expected demand and seasonal......
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