6. Law Ethics and Management

Pharmacy Management — Quiz

Test your understanding of pharmacy management with 5 practice questions.

Practice Questions

Question 1

Using the Economic Order Quantity (EOQ) model $Q^*=\sqrt{\frac{2DS}{H}}$, calculate the optimal order quantity for a medication with annual demand $D=8000$ units, ordering cost $$S=\$80$ per order, and annual holding cost $H=\$4$$ per unit.

Question 2

A pharmacy’s average daily usage of a drug is 50 units, the supplier lead time is 4 days, and safety stock is set to cover 3 days of usage. What is the appropriate reorder point (in units)?

Question 3

A pharmacist works 192 hours in a month while full-time is defined as 160 hours. What is the pharmacist’s full-time equivalent (FTE)?

Question 4

Which statement best describes a flexible budget in pharmacy management?

Question 5

In the learning and growth perspective of the balanced scorecard for a pharmacy, which performance metric is most appropriate?