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20) The order quantity at which total annualized inventory-related costs are minimized is known as the ________. 21) Extra stock held in anticipation of variable demand is known as ________. 22) As the variability of demand during lead time increases, required safety stock for the same service level will ________. 23) An inventory.
11) Products that are waiting to be sold to customers are known as A) finished goods inventory. B) work-in-process inventory. C) make-to-stock inventory. D) make-to-order inventory. 12) Inventory that is completed and placed into inventory for sale at a later date is known as A) buffer inventory. B) work-in-process inventory. C) make-to-stock inventory. D) make-to-order inventory. 13) Products sent directly.
1) The EOQ inventory model helps determine the quantity to order to minimize costs. 2) Because price isn't a factor in the EOQ formula, quantity discounts won't affect EOQ calculations. 3) In the EOQ quantity discount model, the optimum order quantity will always be found on the lowest total cost curve. 4) In.
6) The exponential smoothing forecasting technique is a form of weighted moving average. 7) The double exponential smoothing technique requires the use of two smoothing constants. 8) The Mean Absolute Deviation (MAD) is equal to the square root of the Mean Squared Error (MSE). 9) A smoothing constant of 0.2 will cause the.
6) In ABC inventory analysis, C items typically represent about 15 percent of the number of items but 80 percent of the usage. 7) In a continuous review inventory system, the order size is the same for each order. 8) The periodic review inventory model requires a continuous monitoring of inventory levels. 9).
21) What is the Mean Absolute Percent Deviation (MAPD) if the sum of the absolute forecast error over 12 periods is 174 and the cumulative demand over the same 12 periods is 1500? A) 8.62% B) 11.60% C) 12.5% D) 19.75% 22) Which of the following forecast error measures will help determine whether or not.
Use the following information to answer the following question(s). ABC Tools has annual sales of $50 million, annual materials cost of $28 million, and net income of $5 million. 6) If a new purchasing agent is able to reduce the cost of materials by 10 percent, what would be the addition to.
1) The first step in the supplier management process is to select the supplier. 2) When precision in the final product is not important, the supply manager is most likely to use simple specifications in the procurement of the product. 3) When it is important that all items of the product being.
11) When determining the Economic Order Quantity (EOQ) with quantity discounts, which cost is included in addition to the costs considered in the basic EOQ formulation? A) Cost of packing the item B) Safety stock cost C) Per-unit cost of the item D) Inventory cycle count cost Use the information below to answer the following.
1) The two important inventory decisions in managing inventory for independent demand items are how much to order and which vendor to use. 2) In managing inventory for independent demand items, the phrase "timing" refers to the decision query "when to place an order." 3) Demand that is calculated from a parent.
16) Demand that is calculated from a parent item is called ________. 17) In managing inventory for independent demand items, the two important decision queries that need to be answered are ________. 18) A repetitive procedure for counting inventory on a regular basis is known as ________. 19) Inventory systems in which orders.
12) The first step in the process of designing and implementing a supplier scorecard is to ________. 13) The final step in the process of designing and implementing a supplier scorecard is to ________. 14) Discuss the process of designing and implementing a supplier scorecard. .
1) When new products show a steady increase in sales, a low alpha value for the smoothing constant should be used in conjunction with the exponential smoothing technique in order to minimize forecast errors. 2) The double smoothing technique adds twice the forecast error to last period's actual demand to arrive.
6) Classic Car Dealers has an average of 150 cars in inventory. They sold 3000 cars this past year. Assuming 365 days in a work year, how many days' worth of inventory do they carry on average? A) 10 days B) 15 days C) 18 days D) 25 days 7) If a firm has annual.
6) Identifying key projects to work on occurs before the critical supplier is identified for the supplier development process. 7) Which of the following suppliers is not a prime candidate to be chosen as part of the supplier development process? A) Provides a large volume of products B) Is a source of competitive advantage C).
1) Removing the seasonal component from a historical demand (de-seasonalizing) can be accomplished by dividing each data point by its appropriate seasonal index. 2) If a pattern appears like cycles or seasonality when a dependent variable is plotted against time, one should use time series analysis instead of regression analysis. 3) Seasonal.
6) At the end of June (and using the historical data up to and including the month of June), a manager develops the following equation to predict monthly sales: Y = 25,000 + 125x. What is the forecast for the month of September using this linear trend line equation? A) 25,250 B).
6) Producing extra inventory during periods of low demand, which is then consumed during periods of high demand is known as A) production smoothing. B) production hedging. C) production buffering. D) production stocking. 7) In fixed time period inventory models, inventory is reordered A) as required. B) when stock reaches a predetermined level. C) at regular time intervals. D).
6) In inventory models, a quantity discount will lower the reorder point. 7) What will be the effect on total ordering costs (calculated over multiple orders) in an inventory system as the size of each order increases? A) It will increase. B) It will decrease. C) It will remain unchanged. D) Order size has no.
1) Production smoothing is balancing the cost of set-ups with inventory carrying costs. 2) Service level is the probability that an item will be available in stock for order fulfillment. 3) In fixed time period inventory models, inventory is reordered when it reaches a predetermined stock level. 4) Inventory that is kept at.
21) Best Home Cabinets orders wood, their main raw material, from their supplier once every week. The inventory model they are using is known as a ________ model. 22) Inputs to production that take the form of either fundamental supplies or subassemblies and components received from suppliers are known as ________. 23).
1) A forecast is an assertion about the future whose outcome is known. 2) Demand that is calculated from a parent item is called independent demand. 3) In the context of demand management, the loss and replacement of customers is known as churn. 4) The practice of hotels and resorts offering off-season discounts.
6) The bullwhip effect indicates that the variation in demand will be higher with the retailer as compared to the manufacturer in a supply chain. 7) What is the bullwhip effect in supply chains? A) It is the point at which the total cost is equal to the total revenue. B) It is.
1) The main objective of the portfolio model is to determine cost discount targets for different suppliers. 2) In the strategic sourcing framework, the margin on a particular item for a supplier is known as the profit impact. 3) In the portfolio model, depending on the sourcing strategy, an item is assigned.
6) The document which contains the specifications of what is needed and details the information that must be submitted by a supplier is known as A) request for quotation. B) bid specification. C) preferred supplier contractor. D) statement of work. 7) A survey administered to suppliers to determine fit with purchaser needs is known as A).
11) In ABC inventory analysis, items that account for only up to 10% of the revenue but for a majority of the inventory items are classified as A) A items. B) B items. C) C items. D) none of the above. 12) In ABC inventory analysis, items that account for sixty percent of the revenue.
1) The rate at which firms use up their inventory is known as economic inventory rate. 2) Inventory turnover is the average inventory divided by total sales. 3) If a firm turns over inventory once a week, they would have 7 days' worth of inventory on hand. 4) Vendor-managed inventory is always consignment.
11) Forecasts based on judgment and opinion do not include which of the following? A) Customer surveys B) Delphi method C) Averaging techniques D) Greenfield forecasting 12) Which of the following is not a step in the forecasting process? A) Identify the purpose for our forecast B) Determine the time horizon for the forecast C) Determine feasible capacity.
16) Which forecasting method is commonly used by going to the market to get information for new product launches? A) Delphi method B) String method C) Time series forecasting D) Grassroots forecasting 17) The average rate of change in a time series data is known as ________. 18) Long-term, repetitive patterns in a time series that.
15) Discuss the concept of win-win negotiations in supplier selection. .
17) What is the role of supply management on the product development and design process? .
11) If a firm turns over inventory once a week, they would have ________ inventory turns per year. 12) Best Tools turns over inventory once every month and its annual cost of goods sold is $180 million. The amount of average inventory they carry is ________. 13) Stock that is owned by.
11) What kind of supplier relationship is recommended when the item is a non-critical item and the importance of technology is low? A) Transactional B) Long-term C) Strategic D) Collaborative 12) The first step in the supplier management process is to ________. 13) Documentation that tells buyers what to buy and the suppliers what is required.
6) What is the percent improvement in the defect rate this quarter compared to the prior quarter? A) 37% B) 15% C) 25% D) 59% 7) What are the scorecard points received by this supplier for the percentage PPM improvement in this quarter? A) 0 B) 5 C) 10 D) 15 Use the information below to answer the following question(s). A.
1) The Delphi approach involves the use of a series of questionnaires to achieve a consensus forecast. 2) The average rate of change in a time series data is known as churn. 3) A long-term, repetitive pattern in a time series that is often macroeconomic in nature is known as trend. 4) Variation.
6) A collaborative relationship with the supplier is usually recommended for the procurement of an item for which the supply risk is high. 7) Switching costs are usually high in collaborative supplier relationships. 8) Which is the first step in the supplier management process? A) Identify needs B) Select supplier C) Develop supplier D) Provide feedback 9).
11) A forecast method is generally said to be accurate when the errors exhibit an identifiable pattern. 12) Bias exists when the forecast tends to be greater or less than the actual demand. 13) In measuring the forecast accuracy, bias is measured by the cumulative sum of forecast errors. 14) What will be.
1) The first step in the supplier development process is to identify opportunities for development. 2) Cross-functional teams are an integral part of the supplier development process. 3) The supplier development process is the sole responsibility of mid-level management. 4) Engineering personnel are typically included as members of a cross-functional supplier development team. 5).
Use the information below to answer the following question(s): A retailer operating a network of home improvement stores has annual sales of $800 million, annual cost of goods and materials purchased of $500 million, and net income of $125 million. 11) If a newly implemented strategic sourcing process is able to reduce.
16) What is the strategic impact of the quality of purchased goods and services for a firm? .
16) What will be the forecast for the month of October using an exponential smoothing technique and a smoothing constant of 0.2, if the demand during the months of August and September was 200 and 220 respectively and the forecast for the month of August was 180? A) 185.6 B) 191.2 C) 198.7 D).
11) The document which contains the specifications of what is needed and details the information that must be submitted by a supplier is known as ________. 12) A survey administered to suppliers to determine fit with purchaser needs is known as ________. 13) A meeting that the negotiation team holds soon after.
11) An assertion about the future whose outcome you have not yet seen is called a ________. 12) Demand that is calculated from a parent item is called ________. 13) A proactive balancing of scarce business resources with demand is known as ________. 14) In the context of demand management, the loss and.
1) The document which contains the specifications of what is needed and details the information that must be submitted by a supplier is known as supplier self-assessment. 2) A request for proposal (RFP) is used when the firm knows exactly what they need, whereas a request for quote (RFQ) is used.
16) Building up inventory in anticipation of unforeseen global supply chain interruptions is known as ________. 17) The period between placing and receiving an order is known as ________. 18) Producing extra inventory during periods of low demand, which is then consumed during periods of high demand, is known as ________. 19) Hallmark.
1) The first step in the process of designing and implementing a supplier scorecard is to develop the performance measures. 2) The final step in the process of designing and implementing a supplier scorecard is to educate the supplier on performance measures and implications. 3) A supplier scorecard is used for price.
16) Which one of the following is not an assumption of the basic EOQ model? A) Demand is unknown and variable B) Lead times are fixed and constant C) Inventory holding cost is based on average inventory D) There are no backorders 17) Compute the reorder point when weekly demand is 100 units, lead time.
16) The kind of supplier relationship that is usually recommended when the item is a critical item and supply risk is high is a ________ relationship. 17) The kind of supplier relationship that is usually recommended when the item is a non-critical item and the importance of technology is low is.
1) Purchased goods and services typically make up under 50% of a firm's cost of goods sold. 2) A dollar saved in cost of materials purchased is a dollar added to the pre-tax profit. 3) The impact of sourcing materials or services with improved quality is usually reduced profitability for the firm. 4).
6) Menchie's Landscaping service routinely provides lawn fertilization services to their customers. It has been forecasted that they will be fertilizing 250 customer lawns in the upcoming season. Each lawn requires an average of 20 lbs. of fertilizer. What term can be used to describe the demand for the fertilizer? A).
