Question

Question 311.5 pts

30. Process that restructures a bill of materials to consolidate demand for a component at the earliest point where it is needed the production process.

Group of answer choices

A. Lot for lot ordering

B. Low-level coding

C. Component pegging

D. Lot sizing

E. None of the above

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Question 321.5 pts

31. Inventory cycle counting is used to:

Group of answer choices

A. Determine order cycle time for inventory replenishment

B. Ensure inventory is being used last-in-first-out

C. Find discrepancies between records and on-hand quantities

D. Ensure inventory is being used first-in-first-out

E. Check identity of items in inventory

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Question 331.5 pts

32. Which of these are elements of how a two-bin system for inventory management works?

Group of answer choices

A. Bins are color-coded to ensure first-in, first-out usage.

B. Reorder/replenishment point is when a bin is half-empty.

C. Each bin contains the same quantity of the inventoried item.

D. Bins are replenished on a regular schedule based on lead time.

E. None of the above

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Question 341.5 pts

33. The sole objective of inventory management is to minimize inventory costs and levels.

Group of answer choices

True

False

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Question 351.5 pts

34. Key questions in inventory cycle counting include:

Group of answer choices

A. How accurate do counts need to be?

B. When should counts be performed?

C. Who should perform counts?

D. A and B only

E. A, B and C only

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Question 361.5 pts

35. When using the A-B-C approach to inventory classification, small number of items that account for a high percentage of annual sales would be classified as:

Group of answer choices

A. Class A Items

B. High Stock Items

C. High Priority Items

D. High Value Items

E. Class C Items

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Question 371.5 pts

36. The inputs for Re-Order Point (ROP) Models include:

Group of answer choices

A. Acceptable stockout risk or service level

B. Lead time for delivery or production

C. Rate of demand or usage for item

D. B and C only

E. A, B and C only

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Question 381.5 pts

37. Which of the following is a reason for holding inventory?

Group of answer choices

A. Reduce risk of stockouts

B. Decouple operations and work centers

C. Meet anticipated customer demand

D. Hedge against future price increases

E. All of the above

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Question 391.5 pts

38. Inventories of which of these products would be managed using the Single Period Model?

Group of answer choices

A. Fresh fruits

B. Frozen vegetables

C. Fresh meats and seafood

D. A and C only

E. A, B and C only

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Question 401.5 pts

39. Which of the following determines an optimal fixed order quantity for inventory replenishment orders that minimizes the total of carrying and setup costs?

Group of answer choices

A. Setup Cost Model

B. Production Cost Model

C. Economic Production Quantity Model

. Basic Economic Order Quantity Model

E. Optimal Manufacturing Quantity Model

Answer 1

Question

The process that restructures a bill of materials to consolidate demand for a component at the earliest point where it is needed the production process.

Ans: Option B. Low-level coding

Explanation: Low-level coding is used to restructure the Bill of material. It is done in a way that the demand for the component occurs at the first point at which it is required.

Inventory cycle counting is used to:

Ans option C. Find discrepancies between records and on-hand quantities

Explanation: Inventory cycle counting technique allows a business to count the number of items in areas within the warehouse without the need to count the entire inventory. It is a sampling technique where the count of a certain number of items is used to define the count of the whole warehouse. This helps to identify discrepancies in the inventory. Any errors in the count can be adjusted in the inventory accounting records. Also, an investigation into the reasons for error found should be conducted.

32. Which of these are elements of how a two-bin system for inventory management works?

Ans: Option E

Explanation: A two-bin system is an inventory control system to monitor the inventory available. It is used for small and low-value items. For example, when items in bin one are used order is placed to replace the item. The quantity in the second bin is enough quantity until the item can be replaced. The quantity in bins is used to determine the lead time to replenish the stocks and the consistency of the use of the item. This helps to keep track of the usage and reorder and replenishment of the stock is determined efficiently. The first bin has the minimum stock and the second bin has the safety stock. The stock in bin two is sufficient to tide over the replenishment period.

Question 341.5 pts

The sole objective of inventory management is to minimize inventory costs and levels.

False

Explanation: The primary objective of inventory management is to maintain inventory at the optimal levels so that there are no stock-outs or excess stocks. Both stocks outs and excess stocks are undesirable for business. The inventory management scope is to maintain a balance between many activities such as replenishment, lead time, carrying costs, asset management, forecasting, inventory valuation, physical inventory, inventory space management, etc. Efficient inventory management reduces waste, scrap and obsolete stocks and maximizes efficiencies in production and distribution.

· “answering the first four questions, pls resubmit balance for answering.”