Question 1
Which of the following is not an assumption of the economic order quantity model shown below?
Q∗ =
◦ Demand is known, constant, and independent.
◦ The only variable costs are setup cost and holding (or carrying) cost.
◦ Production and use can occur simultaneously.
◦ Quantity discounts are not possible.
◦ Lead time is known and constant.
Question 2
The primary purpose of the basic economic order quantity model shown below is
Q∗ =
◦ to minimize the sum of carrying cost and holding cost.
◦ to calculate the optimum safety stock.
◦ to maximize the customer service level.
◦ to minimize the sum of setup cost and holding cost.
◦ to calculate the reorder point, so that replenishments take place at the proper time.
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