A shopkeeper purchases raw materials to manufacture souvenirs for a local event that happens once every five years.

Ashopkeeper purchases raw materials to manufacture souvenirs for a local event that happens once every five years. In this case, identify the model that the shopkeeper is most likely to use to maintain stock. OFi Fixed-time period model Lot sizing model Single-period model OFixed-order quantity model

A shopkeeper purchases raw materials to manufacture souvenirs for a local event that happens once every five years. In this case, identify the model that the shopkeeper is most likely to use to maintain stock. Fixed-time period model Lot sizing model Single-period model Fixed-order quantity model

Expert Answer

 Answer is Single-period model.In a single period model the inventory is ordered for a single period.This model is best when the ordering decision or the purchase decision of stock is one-time.That means there is no need tio stock inventory as the unsold inventory can not be rolled over to the next period.In this case the souvenirs are manufactured for the event that happens only once every firve years..So there is no need to maintain any stock of inventory for the next event.So,the shopkeeper is most likely to use the single period model.If the shopkeeper uses other models of inventory stocking he will have left over or remnent stock that are useless.
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