The (Q,R) policy requires a system whose demand is random and non stationary.

Type 2 Service in (Q,R) policy deals with the proportion of demand that is satisfied.

For ABC analysis, one determines classes of products by looking at the total number of units sold

Type 1 Service in (Q,R) policy deals with the proportion of demand that is satisfied.

In inventory control problems, relevant cost is the setup cost only.

The newsvendor model can only be applied to demand that has a continuous distribution function.

For the finite production rate model we require that the production rate is greater than the demand rate, i.e.,

In the (Q,R) policy backordering is not allowed

Safety stock does not depend on the variability of demand

In describing a casket on a Casket Price List, which of the following is not required?