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2. As discussed in class, the execution cycle consists of various activities. Which of the following is not an activity in the execution cycle? a. Distribution b. Purchasing (procurement) c. Postponement d. Fabrication e. Assembly 3. Which of the following statements about service level in a fixed-order-quantity inventory system is false? a. Service level is the probability that lead-time demand will not exceed the reorder level quantity. b. Service level policies typically compare the percentage of demand that is met from inventory with the cost of holding inventory. c. Service level is equal to 1 minus the probability of a stock out. d. A 95 percent service level implies that 95 percent of the time 100 percent of demand is satisfied. e. There is a linear relationship between service level and reorder level. 4. Determinants of reorder levels (order point quantities) include all the following except: a. demand and lead time variability b. rate of demand c. length of lead time d. desired service level e. length of the time interval between subsequent orders 5. Two fundamental issues underlie inventory planning. These two issues are: a. b. c. independent demand and dependent demand. the use of a safety stock and the allowance of backlog or stockouts. satisfying 100% of demand or requiring demand dependence. the amount to order and when to order. the use of a fixed order quantity or fixed order period approach. d. e