Question 1

OPP is best when the demand distribution is unknown or unstable.

Accepted Answer

A) True 
 B)False

Question 2

What is the generic name of the model that is the foundation equation for all inventory models of the OPP type? This name applies to most flow shops,job shops,flexible processing,and projects.

Accepted Answer

A) economic lot size model 
B) square root inventory model 
C) just-in-time inventory model 
D) economic order point model 
A) economic lot size model 
B) square root inventory model 
C) just-in-time inventory model 
D) economic order point model

Question 3

Define Inventory.

Accepted Answer

Inventory is those stocks or items used

Question 4

The carrying cost rate of the flow shop is likely to be higher than the job shop because it is more profitable.

Accepted Answer

A) True 
 B)False

Question 5

The book lists five main kinds of inventory costs: ordering,set-ups,carrying stock,out-of-stock,and costs of running the inventory system.

Accepted Answer

A) True 
 B)False

Question 6

The pure dynamic case of inventory models is also called a one-period model.

Accepted Answer

A) True 
 B)False

Question 7

Material requirements planning (MRP) was developed in the _____.

Accepted Answer

A) 1940s 
B) 1950s 
C) 1960s 
D) 1970s 
A) 1940s 
B) 1950s 
C) 1960s 
D) 1970s

Question 8

The best definition of a reorder point is

Accepted Answer

A) the optimal interval between orders with order quantity fixed. 
B) the stock-on-hand level at which successive new orders must be placed. 
C) the optimal order size when the interval between orders is fixed. 
D) the trigger for expediting an order for more stock. 
A) the optimal interval between orders with order quantity fixed. 
B) the stock-on-hand level at which successive new orders must be placed. 
C) the optimal order size when the interval between orders is fixed. 
D) the trigger for expediting an order for more stock.

Question 9

Pilferage of small items such as pencils in the office and tools in the plant,is not rare.

Accepted Answer

A) True 
 B)False

Question 10

When self-supply is being used,the _____ cost is replaced by the cost of setting up the equipment to do the run.

Accepted Answer

A) set-up 
B) ordering 
C) fixed 
D) variable 
A) set-up 
B) ordering 
C) fixed 
D) variable

Question 11

What are order point policies?

Accepted Answer

Order point policies define the stock le

Question 12

A company that wants to outsource its business intelligence systems will find a(n) _____ that are designed to replace or repair the company's present internal data systems.

Accepted Answer

A) worldwide array of competing platforms 
B) limited number of platforms 
C) array of non-competing applications 
D) small number of applications 
A) worldwide array of competing platforms 
B) limited number of platforms 
C) array of non-competing applications 
D) small number of applications

Question 13

Expediting is part of the _____ function.

Accepted Answer

A) P/OM 
B) accounting 
C) HR 
D) finance 
A) P/OM 
B) accounting 
C) HR 
D) finance

Question 14

Lead time is the interval between demand for units by customers and payment for the sales.

Accepted Answer

A) True 
 B)False

Question 15

Vertical integration is achieved by buying companies able to provide components that are otherwise purchased from suppliers.

Accepted Answer

A) True 
 B)False

Question 16

If a buyer is willing to wait to have an order filled,the company creates a

Accepted Answer

A) backorder. 
B) outstanding ticket. 
C) outage cost. 
D) systematic cost. 
A) backorder. 
B) outstanding ticket. 
C) outage cost. 
D) systematic cost.

Question 17

_____ are accountable for making certain that due dates are met.

Accepted Answer

A) Expediters 
B) Accountants 
C) HR managers 
D) Financial planners 
A) Expediters 
B) Accountants 
C) HR managers 
D) Financial planners

Question 18

_____ is the fixed amount to order from an outside vendor.

Accepted Answer

A) Economic order quantity 
B) Perpetual inventory reorder point 
C) Economic lot size 
D) Periodic inventory reorder point 
A) Economic order quantity 
B) Perpetual inventory reorder point 
C) Economic lot size 
D) Periodic inventory reorder point

Question 19

Dynamic inventory models apply to inventories that are used for _____.

Accepted Answer

A) flow shops 
B) intermittent flow shops 
C) batch work that occurs fairly regularly 
D) all of the above 
A) flow shops 
B) intermittent flow shops 
C) batch work that occurs fairly regularly 
D) all of the above

Question 20

_____ about setting the right capacity for supply includes the possibility that demand distribution is changing over time.

Accepted Answer

A) Uncertainty 
B) Confidence 
C) Certainty 
D) Certitude 
A) Uncertainty 
B) Confidence 
C) Certainty 
D) Certitude

OPP is best when the demand distribution is unknown or unstable.

What is the generic name of the model that is the foundation equation for all inventory models of the OPP type? This name applies to most flow shops,job shops,flexible processing,and projects.

Define Inventory.

The carrying cost rate of the flow shop is likely to be higher than the job shop because it is more profitable.

The book lists five main kinds of inventory costs: ordering,set-ups,carrying stock,out-of-stock,and costs of running the inventory system.

The pure dynamic case of inventory models is also called a one-period model.

Material requirements planning (MRP) was developed in the _____.

The best definition of a reorder point is

Pilferage of small items such as pencils in the office and tools in the plant,is not rare.

When self-supply is being used,the _____ cost is replaced by the cost of setting up the equipment to do the run.

What are order point policies?

A company that wants to outsource its business intelligence systems will find a(n) _____ that are designed to replace or repair the company's present internal data systems.

Expediting is part of the _____ function.

Lead time is the interval between demand for units by customers and payment for the sales.

Vertical integration is achieved by buying companies able to provide components that are otherwise purchased from suppliers.

If a buyer is willing to wait to have an order filled,the company creates a

_____ are accountable for making certain that due dates are met.

_____ is the fixed amount to order from an outside vendor.

Dynamic inventory models apply to inventories that are used for _____.

_____ about setting the right capacity for supply includes the possibility that demand distribution is changing over time.

Product Line Planning and the Systems Approach

Productivity and Strategic Planning

Demand Creation and Predictive Planning

Understanding Quality: ITS Management and Strategic Importance

Process Configuration Strategies

Process Analysis and Redesign

Quality Assurance

Management of Technology Mot

Teamwork Planning Requires Job Design

Supply Chain Capacity Planning

Facilities Planning: Location and Layout

Materials Management Impacts All Supply Chain Participants

Aggregate Planning to Balance Supply and Demand

Material Requirements Planning Mrp for Sporadic Demand Patterns

Production Scheduling for Manufacturing and Service Operations

Cycle-Time Management Increases Productivity

Project Management for New Products and Processes

Change Management With Faster Project Completions

Sustainability Issues: Environment, Ethics, and Security

Filters

Exam 14: Inventory Management for Smooth and Continuous Demand Patterns

OPP is best when the demand distribution is unknown or unstable.

What is the generic name of the model that is the foundation equation for all inventory models of the OPP type? This name applies to most flow shops,job shops,flexible processing,and projects.

Define Inventory.

The carrying cost rate of the flow shop is likely to be higher than the job shop because it is more profitable.

The book lists five main kinds of inventory costs: ordering,set-ups,carrying stock,out-of-stock,and costs of running the inventory system.

The pure dynamic case of inventory models is also called a one-period model.

Material requirements planning (MRP) was developed in the _____.

The best definition of a reorder point is

Pilferage of small items such as pencils in the office and tools in the plant,is not rare.

When self-supply is being used,the _____ cost is replaced by the cost of setting up the equipment to do the run.

What are order point policies?

A company that wants to outsource its business intelligence systems will find a(n) _____ that are designed to replace or repair the company's present internal data systems.

Expediting is part of the _____ function.

Lead time is the interval between demand for units by customers and payment for the sales.

Vertical integration is achieved by buying companies able to provide components that are otherwise purchased from suppliers.

If a buyer is willing to wait to have an order filled,the company creates a

_____ are accountable for making certain that due dates are met.

_____ is the fixed amount to order from an outside vendor.

Dynamic inventory models apply to inventories that are used for _____.

_____ about setting the right capacity for supply includes the possibility that demand distribution is changing over time.

Product Line Planning and the Systems Approach

Productivity and Strategic Planning

Demand Creation and Predictive Planning

Understanding Quality: ITS Management and Strategic Importance

Process Configuration Strategies

Process Analysis and Redesign

Quality Assurance

Management of Technology Mot

Teamwork Planning Requires Job Design

Supply Chain Capacity Planning

Facilities Planning: Location and Layout

Materials Management Impacts All Supply Chain Participants

Aggregate Planning to Balance Supply and Demand

Material Requirements Planning Mrp for Sporadic Demand Patterns

Production Scheduling for Manufacturing and Service Operations

Cycle-Time Management Increases Productivity

Project Management for New Products and Processes

Change Management With Faster Project Completions

Sustainability Issues: Environment, Ethics, and Security

Filters