Select the description which most closely fits the term ORDER POINT: the time it takes to...
Select the description which most closely fits the term ORDER POINT:
| the time it takes to replenish an item in inventory. |
|
extra inventory of an item carried to protect against variations in demand during lead time |
| a listing of components required to manufacture a product |
| the time when an order should be placed |
| none of the above |
Homework Answers
An order is placed when the inventory reached the order point. Hence, order point is the extra inventory that is carried to fulfill the demand. The orders are placed at this point and the time taken to deliver the order is the lead time.
Hence, option (b) "extra inventory of an item carried to protect against variations in demand during lead time" is the correct option
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