Two fundamental decisions must be made with respect to the replenishment of any item maintained in inventory. First, how many should be ordered? And second, when should they be ordered? These decisions are referred to as __________ and __________ decisions.
A) lot-sizing, lot-timing
B) inventory-planning, inventory-timing
C) materials-sizing, materials-timing
D) block-sizing, block-timing
E) block-planning, block-timing

Question

Quizplus · Accepted Answer

The two fundamental decisions referred to in inventory management are "lot-sizing" and "lot-timing" decisions. Lot-sizing concerns how many items to order, while lot-timing determines when to order them.

Two Fundamental Decisions Must Be Made with Respect to the Replenishment