The term……………..is defined as a system that ensures the provision of the required quantity of material of the required quality at the required time with the minimum amount of capital.

Related MCQs

• Under……………… method of pricing issues, issues are valued at a price calculated by dividing the total cost of material in the stock by the total quantity of material in stock.
• Purchase…………..is to be prepared to know what to buy, what should be the quantity, quality and price.
• Purchase of right quantity of material avoids locking up of …………….
• Basic objective of the effective …………………..is to ensure continuity of supply of requisite quality of material.
• A unit of quantity of product, service or time, in relation to which cost may be ascertained or expressed is known as .
• In the formula of Economic Order Quantity, the alphabet ‘O’ stands for………….
• Economic Order Quantity is he tool for controlling……………….
• The Economic Order Quantity (EOQ) is calculated as
• The order cost per order of an inventory is Rs. 400 with an annual carrying cost of Rs. 10 per unit. The Economic Order Quantity (EOQ) for an annual demand of 2000 units is
• Which type of warranty is enacted if a service or product does not meet the level of quality specified in the contract?