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Strayer Bus430 week 8 quiz 7

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Question 1;Which is not an advantage of the periodic review system?;Answer;Helps to control "A" items;Inventory need not be monitored continually;Useful when a large number of items is ordered from the same supplier;Consolidated shipments lower freight costs;Question 2;Inventory position is computed using all the following except;Answer;On-hand;Scheduled receipts;Backorders;Lead time demand;Question 3;Costs associated with inspecting, unpacking and putting into storage incoming inventory are components of ____ cost.;Answer;Ordering or setup;Holding;Shortage;Unit;Question 4;Which of the following is not a key input to a single period inventory model?;Answer;Probability distribution of demand;Probability that demand is less than the optimal order quantity;Cost per item of overestimating demand;Cost per item of underestimating demand;3 points;Question 5;Inventory that acts as a buffer between workstations in flow shops or departments in job shops is called ____ inventory.;Answer;Raw materials;Work-in-process;Cycle stock;Safety stock;Question 6;Demand that is stable over time is called ____.;Answer;Static;Dynamic;Stochastic;Deterministic;Question 7;Inventory that represents partially completed products waiting further processing is called ____ inventory.;Answer;Raw materials;Work-in-process;Cycle;Safety stock;Question 8;For the single-period inventory model, solving for the optimal order quantity involves using;Answer;marginal economic analysis;total cost analysis;ABC analysis;reorder point analysis;Question 9;Using a fixed quantity system (FQS), as the reorder point increases;Answer;safety stock increases;safety stock decreases;the number of orders increases;the number of orders decreases;Question 10;Which of the following isnota key assumption underlining the classic economic order quantity (EOQ) model?;Answer;The entire order quantity arrives in the inventory at one time;There are only two types of relevant costs: order/setup and inventory-holding;Demand is assumed to be stochastic;Stockouts are not allowed;Question 11;In ABC inventory analysis, which of the following istruefor ?C? items?;Answer;Tighter control of ?C? items (than for ?A? or ?B? items) is appropriate.;?C? items are critical items that must be monitored with a fixed period system.;?C? items make up a lower percentage of total inventory value ($) than either ?A? or ?B? items.;?C? items make up 10-20 percent of inventory items.;Question 12;Demand that incorporates uncertainty is called ____.;Answer;Static;Dynamic;Stochastic;Deterministic;Question 13;Independent demand;Answer;can be derived/calculated;is related to other SKUs;is also called finished goods inventory;needs to be forecasted;Question 14;Demand that varies over time is called ____.;Answer;Static;Dynamic;Stochastic;Deterministic;Question 15;Backorders ____.;Answer;Result from lost sales;Have little financial impact;May occur as a result of a stockout;Force a customer to purchase elsewhere;Question 16;If forecast demand exceeds the total factory or supply capacity, managers might simply decide not to meet forecast demand. This decision would most likely be made at which planning level?;Answer;Aggregate planning - Level 1;Disaggregation - Level 2;Execution - Level 3;Capacity requirements planning;Question 17;Which lot sizing rule might base the order quantity on a standard-size container or pallet load?;Answer;Lot-for-Lot (LFL);Fixed order quantity (FOQ);Periodic order quantity (POQ);Gross Requirements (GR);Question 18;The Lot-for-Lot (LFL) rule;Answer;Minimizes purchase or setup costs;Allows the firm to take advantage of quantity discounts (price breaks) by suppliers;Is best applied when inventory carrying costs are high and setup/order costs are low;Masks the true nature of dependent demand;Question 19;are the total demand for an item derived from all of its parents.;Answer;Planned order releases;Gross requirements;Scheduled receipts;Planned order receipts;Question 20;An inventory item can be;Answer;Only a parent;Only a component;Both a parent and a component;Either a parent or a component, but not both;Question 21;Capacity requirements are computed by multiplying the number of units scheduled for production at a work center by;Answer;The unit resource requirements minus the setup time;The unit resource requirements plus the setup time;The unit resource requirements and then adding in the setup time;The unit resource requirements and then subtracting the setup time;? Unsaved change Moving to another question will save this response.;Question 22;The primary output of an MRP system is a time-phased report that gives all of the following except;Answer;The facilities managers a detailed schedule for acquiring additional factory space;The accounting and financial functions production information that drives cash flow, budgets, and financial needs;The production managers a detailed schedule for manufacturing the product and controlling manufacturing inventories;The purchasing department a schedule for obtaining raw material and purchased items;Question 23;Assigning people to tasks, setting priorities for jobs and scheduling equipment fits best with which level of the generic framework for resource planning?;Answer;Aggregate planning - Level 1;Disaggregation - Level 2;Execution - Level 3;Capacity requirements planning;Question 24;The purpose of aggregate planning is to;Answer;Minimize the work force size;Maximize the production rate;Minimize the cost of meeting demand;Optimize the inventory level;Question 25;The words "product family," "budget allocation" and "long-term" fit best with which level of the generic framework for resource planning?;Answer;Aggregate planning - Level 1;Disaggregation - Level 2;Execution - Level 3;Capacity requirements planning;Question 26;Which of the following isnotcorrect regarding aggregate planning?;Answer;Large number of alternatives;Good solutions by trial-and-error method;Seasonal fluctuations in demand;Costs are sunk and irrelevant;Question 27;A(n) ____ is a statement of how many finished items are to be produced and when they are to be produced.;Answer;Aggregate Plan;Master Production Schedule;Material Requirements Plan;Capacity Requirements Plan;Question 28;Which lot sizing rule is best when inventory carrying costs are high and setup/order costs are low?;Answer;Lot for Lot (LFL);Fixed order quantity (FOQ);Periodic order quantity (POQ);Gross Requirements (GR);Question 29;Promotion of weekly discount airfares by an airline would be an example of ____.;Answer;Demand management;Production rate changes;Inventory changes;Facility, equipment, and transportation changes;Question 30;Which of the following is not an aggregate planning decision option?;Answer;Pricing and promotions;Subcontracting;Layoffs;Building a new plant

 

Paper#30952 | Written in 18-Jul-2015

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