Service level in inventory terms is defined as:

Select one:

a. The probability that you will run out of stock

b. The probability that you will not run out of stock

c. The Z function

d. 1 minus the safety stock

e. The probability that you will get seated in 1 hour at the Cannery restaurant

ABC analysis is a process for categorizing SKUs according to ________________ and ______________ so that managers can focus on items with the highest dollar value.

Select one:

a. dollar value and value of the dollar

b. % of total SKU's and the bullwhip affect

c. dollar volume and % of total SKU's

d. dollar volume and safety stock

e. % of total SKU's and lead time

Mark is producing iPads. In terms of labor hours, the demand forecast for the next three periods is 300, 500, and 550. The beginning inventory on hand is 200.

If Mark pays his workers $25.00 per hour, what would his wage costs be per period in dollars?

Select one:

a. $9,750

b. $9,575

c. $1,500

d. $10,341

e. $15,000