Industry 4.0 Quiz 2: 12 April 2026 (January 2026 term)

Choose the correct category in Column B for the costs in Column A

Pranjal is shopping in a departmental store. He has a list of items which he prepared at home itself. He picked a few packets of tea as part of his list. He could see coffee packets and milk-powder packets in the neighbouring shelves. He picked a few milk-powder packets, however these are not part of his list. He was searching for Good-day biscuits. He could identify only one packet in the shelf remaining. However, there were lot of Sun-fist biscuits lying in the next shelf. So he picked ten Sun-fist packets. Now map the scenarios with the items below:

Which of the following examples can be referred as cyclic pattern?

Suppose, you are responsible for material purchase in an organization. You have demand forecast of a product for next four weeks which are 3, 4, 2 and 4 units respectively. You need to purchase one type of raw material to produce the final product to meet the above demand. Consider, one unit of the final product requires one unit of this raw material. Whenever an order is placed, your organization needs to incur a cost of $4 irrespective of the quantity ordered. Purchasing cost of the raw material is$2 per unit. Holding cost of an item not gone for production at the end of a week is $0.5 per week. You can order a maximum of 5 units in a week and the warehouse has capacity to store upto 4 units of inventory in a week. Note that you need to meet the demand in every week. Solve the above problem using dynamic programming ( backward recursion) and answer the given sub-questions for this problem.

What does the state variable represent?

Suppose, you are responsible for material purchase in an organization. You have demand forecast of a product for next four weeks which are 3, 4, 2 and 4 units respectively. You need to purchase one type of raw material to produce the final product to meet the above demand. Consider, one unit of the final product requires one unit of this raw material. Whenever an order is placed, your organization needs to incur a cost of $4 irrespective of the quantity ordered. Purchasing cost of the raw material is$2 per unit. Holding cost of an item not gone for production at the end of a week is $0.5 per week. You can order a maximum of 5 units in a week and the warehouse has capacity to store upto 4 units of inventory in a week. Note that you need to meet the demand in every week. Solve the above problem using dynamic programming ( backward recursion) and answer the given sub-questions for this problem.

What does the action set represent?

Select the cost(s) from the following list which contribute(s) to the shortage cost:

Select the assumptions for single period newsvendor model.

Match the following columns by selecting the correct name from Column B for the labels in column A which are depicted in the ‘Figure: EOQ model’ below:

Which of the following model corresponds to Exponential Smoothing forecasting model?

Ramu puts up a stall for Diwali Light (Diya) every year. He builds a Diya at a cost of Rs. 1 and earns Rs.2 by selling each Diya. Any Diya not sold by Diwali will be discounted to 50 Paisa. From his experience, Ramu knows that the demand is Uniformly Distributed within [800, 1000] units. Then answer the given subquestions:

What is the Critical Ratio? (round off your answer to two decimal places)

Ramu puts up a stall for Diwali Light (Diya) every year. He builds a Diya at a cost of Rs. 1 and earns Rs.2 by selling each Diya. Any Diya not sold by Diwali will be discounted to 50 Paisa. From his experience, Ramu knows that the demand is Uniformly Distributed within [800, 1000] units. Then answer the given subquestions:

What is the optimal order quantity that minimizes Ramu’s total cost?

Ramu puts up a stall for Diwali Light (Diya) every year. He builds a Diya at a cost of Rs. 1 and earns Rs.2 by selling each Diya. Any Diya not sold by Diwali will be discounted to 50 Paisa. From his experience, Ramu knows that the demand is Uniformly Distributed within [800, 1000] units. Then answer the given subquestions:

If the cost of overstocking is less than the cost of understocking, where will the optimal order quantity lies in the interval [800, 1000] units?

LIMAT Co. requires 1500 units of plastic ribbon per month. Each plastic ribbon costs Rs. 27 in the market. Placing an order costs Rs. 150 to Slipline Co. and the inventory carrying charges work out to 20% of the unit ribbon cost per year. Calculate the given subquestions:

What should be the order quantity which minimizes the total cost to LIMAT Co.

LIMAT Co. requires 1500 units of plastic ribbon per month. Each plastic ribbon costs Rs. 27 in the market. Placing an order costs Rs. 150 to Slipline Co. and the inventory carrying charges work out to 20% of the unit ribbon cost per year. Calculate the given subquestions:

What is the number of orders per year?

LIMAT Co. requires 1500 units of plastic ribbon per month. Each plastic ribbon costs Rs. 27 in the market. Placing an order costs Rs. 150 to Slipline Co. and the inventory carrying charges work out to 20% of the unit ribbon cost per year. Calculate the given subquestions:

What is the annual order cost?

LIMAT Co. requires 1500 units of plastic ribbon per month. Each plastic ribbon costs Rs. 27 in the market. Placing an order costs Rs. 150 to Slipline Co. and the inventory carrying charges work out to 20% of the unit ribbon cost per year. Calculate the given subquestions:

What is the average inventory in the system?

LIMAT Co. requires 1500 units of plastic ribbon per month. Each plastic ribbon costs Rs. 27 in the market. Placing an order costs Rs. 150 to Slipline Co. and the inventory carrying charges work out to 20% of the unit ribbon cost per year. Calculate the given subquestions:

What is the annual inventory carrying cost?

Suppose, you are responsible for material purchase in an organization. You have demand forecast of a product for next four weeks which are 3, 4, 2 and 4 units respectively. You need to purchase one type of raw material to produce the final product to meet the above demand. Consider, one unit of the final product requires one unit of this raw material. Whenever an order is placed, your organization needs to incur a cost of $4 irrespective of the quantity ordered. Purchasing cost of the raw material is$2 per unit. Holding cost of an item not gone for production at the end of a week is $0.5 per week. You can order a maximum of 5 units in a week and the warehouse has capacity to store upto 4 units of inventory in a week. Note that you need to meet the demand in every week. Solve the above problem using dynamic programming ( backward recursion) and answer the given sub-questions for this problem.

Ramu puts up a stall for Diwali Light (Diya) every year. He builds a Diya at a cost of Rs. 1 and earns Rs.2 by selling each Diya. Any Diya not sold by Diwali will be discounted to 50 Paisa. From his experience, Ramu knows that the demand is Uniformly Distributed within [800, 1000] units. Then answer the given subquestions:

LIMAT Co. requires 1500 units of plastic ribbon per month. Each plastic ribbon costs Rs. 27 in the market. Placing an order costs Rs. 150 to Slipline Co. and the inventory carrying charges work out to 20% of the unit ribbon cost per year. Calculate the given subquestions: