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The use of a computer graphics applications in product design is called _______.
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Correct Answer:
Computer aided design (CAD)
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When discussing the TOC, the term _______ represents the work center that sets the pace for the entire facility.
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Drum
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When discussing the TOC, _______ refers to the control or scheduling of work releases to the facility.
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Rope
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What is another term used to describe material flow mapping?
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Correct Answer:
All of the above
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Understanding the correct symbol to use to represent an action or activity in material flow mapping is essential. Which symbol is used to indicate a delay or storage?
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Correct Answer:
Triangle
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Understanding the correct symbol to use to represent an action or activity in material flow mapping is essential. Which symbol is used to indicate the start or end of a process?
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Rounded rectangle
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Understanding the correct symbol to use to represent an action or activity in material flow mapping is essential. Which symbol is used to indicate information flow?
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Dashed arrow
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Work-in-Process is an item in some intermediate stage of processing by
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The firm .
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These inventories are owned by the firm and are in-transit either in-bound to the firm or out-bound to the firm’s customers is known as ______ .
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Correct Answer:
Transportation Inventories
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The sum of the annual inventory carrying costs, order costs, stockout costs, and purchase costs is known as _______ .
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Correct Answer:
Total Annual Inventory Costs
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Target Inventory Level is the order-up-to level when using the periodic review model .
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Correct Answer:
True
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Stockout Costs is encountered when the _______ for items cannot be met
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Correct Answer:
Both a & b
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Service Level is the ______ of time the firm does not want to stockout during the order lead time period.
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Correct Answer:
Percentage
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Safety Stocks are held to satisfy demand when delivery or production problems occur, or when demand is higher than expected .
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Correct Answer:
True
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Robust model refers to the flatness of the ________ curve, which means the EOQ model can be used in a variety of situations.
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Correct Answer:
Total inventory cost
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The inventory on-hand needed to satisfy demand during the order lead time period is known as _____ .
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Reorder Point
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Quantity Discount Model used when the purchase price is allowed to vary—for instance, when quantity discounts are offered by a supplier Raw Materials.
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Correct Answer:
True
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The actual cost of the items bought from suppliers is known as ______
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Both a & b
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The actual cost of the items bought from suppliers is known as ______
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Both a & b
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Which model assumes the purchase lead time to be constant; however, the time between orders would vary ?
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Correct Answer:
Probabilistic Demand Reorder Point Model
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EOQ stands for _____ .
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Economic order quantity
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Periodic review model requires ________ stock levels than the reorder point models.
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Higher safety
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The time from order receipt to delivery to the customer is known as _______
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Order Lead Time
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The administrative costs associated with purchasing items is known as _______ .
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Correct Answer:
Order Costs
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Optimal review period used for the periodic review model.
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Correct Answer:
True
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Maintenance, repair, and operating supplies is defined as purchased items consumed in-house or used to support _______ .
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Correct Answer:
Both a & b
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________ measures of how well companies are creating good customer service while keeping inventories low.
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Correct Answer:
Inventory Management Performance
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Inventory Days of Supply is an inventory performance measure that tells management how long inventory is held before it is sold.
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Correct Answer:
True
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The costs associated with storing inventories is known as ______ .
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Correct Answer:
Inventory Carrying Costs
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Independent Demand is the external demand for a firm’s finished products
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Correct Answer:
True
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Hedge inventories used when companies stockpile inventories to protect against ______ or supply shortages
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Correct Answer:
Price increases
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Finished Goods completed products ready for delivery to ______ .
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Correct Answer:
Customers
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The order quantity that will minimize the sum of the annual inventory holding cost and the annual order cost is known as ______ .
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Correct Answer:
Economic Order Quantity
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Dependent demand required to build end-items and are dependent on the ________ of the finished product .
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Correct Answer:
External demand
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An inventory performance measure that indicates the average number of days it takes a company to collect is known as _____ .
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Correct Answer:
Days of Receivables Outstanding
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Days Payable Outstanding measure that tells about how long it takes a company to pay its creditors, such as suppliers .
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Correct Answer:
True
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Cycle Inventories created when the firm _______ a quantity large enough to last until the next purchase or production period.
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Both a & b
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Cash-to-Cash Cycle Time indicating how ______ is tied up in the main cash- producing and cash- consuming area .
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Long cash
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Forecasts of demand combined with additions of safety stock that tend to amplify purchases from suppliers is known as _______ .
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Correct Answer:
Bullwhip Effect
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Anticipation Inventories can be met ______ of expected high demand
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Correct Answer:
During periods
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ABC Inventory Classification is an approach used to help companies manage their independent demand inventories.
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Correct Answer:
True
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Transportation inventories transit in containers or trucks (also known as pipeline inventories)
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True
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Single-echelon inventory systems
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Stock-out costs
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In Smoothing inventories inventories held to smooth out fluctuations in production
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Correct Answer:
True
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_______ is the System Ordering the entire inventory of a product at one time and it is not replenished
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Correct Answer:
Single-period system
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______ is a system in which each supply chain partner sequentially forecasts demand that invariably leads to the bullwhip effect
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Correct Answer:
Single-echelon inventory systems
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Setup costs the costs of setting up the machines or changing over production from one item to another
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True
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RFID stands for
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Radio frequency identification
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Money paid to an upstream supplier for materials or goods purchased Is known as
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Purchase costs
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Portfolio planning is a channel alignment strategy in which a company signs _______ with one or two suppliers
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Long-term contracts
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_______ determining the real quantity of inventory that is physically available on a periodic basis
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Correct Answer:
Physical count
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A system in which inventory is physically counted periodically and all reordering takes place at these intervals is known as
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Correct Answer:
Periodic review systems
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______ administrative costs related to determining an order quantity, preparing purchase invoices, inspecting goods received for quality and quantity, and moving goods for temporary storage
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Correct Answer:
Ordering costs
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Order fulfillment lead time is the the average time it takes from the submission of a customer’s purchase order until the company delivers the order
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Correct Answer:
Order fulfillment lead time
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A system in which optimum levels of inventory are determined and updated continuously across the supply chain network based on the demand variability is known as
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Correct Answer:
Multi-echelon inventory systems
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Lost sales occur when a customer doesn’t buy an item if that item is not in stock
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Correct Answer:
True
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________ measure of how frequently a business sells its inventory in a given time period
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Correct Answer:
Inventory turnover
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Holding costs associated with holding (carrying) inventory
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Correct Answer:
True
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Which type of inventory is purchased in advance to guard against uncertainties in pricing?
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Correct Answer:
Hedge inventory
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The percentage of customer orders that can be satisfied from inventory in stock is known as
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Fill rate
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_______ is a process whereby an upstream supply chain member such as a manufacturer sells directly to the final consumer
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Disintermediation
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Decoupling is a function that enables production to _____ while the production problem at a given process stage is resolved
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Correct Answer:
Continue temporarily
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Define Days of inventory in stock.
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Correct Answer:
The number of days of inventory a firm has on hand to meet its sales
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The inventory that a company carries to satisfy its normal cycle of sales orders or production requirements is known as
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Correct Answer:
Cycle stock
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Counting a random sample or subset of inventory in stock in a particular location on a specific day. This statement is correct for
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Correct Answer:
Cycle counting
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______ a system in which inventory levels of every item in stock, including its quantity and availability, are monitored and updated continuously
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Correct Answer:
Continuous review systems
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A specific set of professional behaviors and values including confidentiality, accuracy,that all company employees must know and strictly is known as
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Code of ethics
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Why in Bullwhip effect supply chain in close proximity to the consumer (such as a retailer) to order more goods from the immediate upstream supplier to
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Correct Answer:
Meet the demand
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Anticipation inventory is a customer order a company was unable to meet because the item demanded was not in stock
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Correct Answer:
True
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Inventory held in excess of a firm’s cycle stock to meet the expected increase in demand is known as
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Correct Answer:
Anticipation inventory
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Activity-based costing is a system that accounts for inventory cost and enables companies to recognize the excessive costs
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Correct Answer:
True
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________ sort items into A, B, and C categories according to criteria such as their unit costs, value, or the annual revenue they generate for a firm
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Correct Answer:
ABC classification method
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