WEEK 5 LO5.1 Indicate the meaning of inventory in inventory management Not tested in Midterm 2 LO5.2 Name the three key decisions in inventory management: frequency, when and how much Reference: slide 4 of Week 5 Lecture Slides, Week 5 Quiz Q9. There are mainly three decisions made in inventory management: 1) How frequently to produce/order? 2) When to production/order more? 3) How much to produce/order? LO5.3 Explain the major reasons of holding inventory Reference: slide 5 of Week 5 Lecture Slides, Week 5 Quiz Q1. Slide 5 of Week 5 Lecture Slides lists the 5 main reasons of holding inventory. LO5.4 Explain the three difference ways of measuring inventory Reference: slide 6 of Week 5 Lecture Slides. Inventory can be measured in three ways: measured with physical units, measured with monetary units, measured with time. LO5.5 Calculate days(weeks/months/years)-of-supply and inventory turns. Reference: slides 7 - 10 of Week 5 Lecture Slides, Week 5 Quiz Q2, 3, 4. You also need to understand that days(weeks/months/years)-of-supply and daily (