A company that manufactures kitchen tables offers eight different finishes and 4 different sizes for a total of 32 choices for every customer.  The company has always operated on a make-to-stock basis, but is considering changing to a make-to-order operation.  If they make this change, they should expect _________ lead times for their customers and _________ inventory holding costs for themselves.

Grey Wolf Lodge has determined that currently a base stock level of 1,793 is needed if they want to achieve an in-stock probability of .9995.  If the supplier’s lead time increases from 2 days to 5 days, how much will they have to increase their base stock level in order to keep their in-stock probability at .9995?

Armand’s Bakery sells Italian bread for $2 per loaf that costs $0.70 per loaf to make.  Armand’s gives an 80% discount for its leftover bread at the end of the day.  What is the underage cost per loaf of bread?

With the current base stock level of 1,800, what is the expected on-order inventory?

A firm uses a base stock policy to manage inventory for an item.  The order-up-to level has been set at 200 units.  It is time to order now, and our inventory system tells us that we have 75 of the item on-hand and that we also have 50 of the item already on-order.  How many should we order today?

​This is a matching test — match the “prompt” phrase on the left with the correct Theory “answer” on the right.  You will use all 10 answers once and only once.  Again, you have 2 attempts to earn 100%, and I will take your highest score.  To increase your grade — after your first attempt, you are encouraged to review your first submission to see what you missed and then review your notes before completing your second attempt.

Please note that you have 2 attempts to earn 100%.  You are welcome to review your notes in-between attempts to increase your grade.

The following is true about Impressionist art when it was first exhibited.

This technique indicates a new approach to space, which is no longer purely geometric in construction and is conveyed by a tonal degradation expressing the enveloping atmosphere. ​

The author believes Napoleon made a grave error in his treatment of the Bourbons in Spain.