Summary Quiz 3
26 questions | 25 minutes | 80% correct required to pass
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Question 1 of 26
1. Question
1 point(s)Which category of inventory in “ABC Analysis” makes up the majority of SKUs with cumulatively low value?
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Question 2 of 26
2. Question
1 point(s)Which of these part classification groups has the lowest, most erratic demand / use?
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Question 3 of 26
3. Question
1 point(s)BOM stands for_______
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Question 4 of 26
4. Question
1 point(s)What does the “R” in MRP stands for?
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Question 5 of 26
5. Question
1 point(s)The functions of typical MRP systems include….. Select 3
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Question 6 of 26
6. Question
1 point(s)For a given demand rate, making fewer, larger orders will result in holding ______ inventory levels.
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Question 7 of 26
7. Question
1 point(s)The two primary decisions when purchasing inventory are “how much to order” and “_____ to order it”
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Question 8 of 26
8. Question
1 point(s)What does EOQ stand for?
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Question 9 of 26
9. Question
1 point(s)The EOQ formula aims to find the order quantity that minimises _______
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Question 10 of 26
10. Question
1 point(s)True or False: Simple EOQ does not account for any price discounts based on quantity.
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Question 11 of 26
11. Question
1 point(s)Which of these is NOT a variable in the EOQ formula?
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Question 12 of 26
12. Question
1 point(s)Larger production batch sizes causes higher WIP levels, lower changeover frequency and ……. Select 2 more
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Question 13 of 26
13. Question
1 point(s)What does EBQ stand for?
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Question 14 of 26
14. Question
1 point(s)True or False: One limitation of EOQ is that it takes no consideration of re-ordering lead times.
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Question 15 of 26
15. Question
1 point(s)The “Price Break Model” is a more sophisticated extension of the EOQ because it considers_____
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Question 16 of 26
16. Question
1 point(s)If you completely fill up your car with fuel to “full” every Monday, what type of “re order system” are you effectively using?
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Question 17 of 26
17. Question
1 point(s)What does the P of ROP stand for?
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Question 18 of 26
18. Question
1 point(s)A “continuous review” method to monitor inventory levels usually requires ____ & ____ . Select 2
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Question 19 of 26
19. Question
1 point(s)A periodic review system is better suited to ____ & ____ types of parts / inventory. Select 2
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Question 20 of 26
20. Question
1 point(s)“Pull” is a production / order control principle where the signal to make / order more comes from _____ .
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Question 21 of 26
21. Question
1 point(s)A passive inventory control option requires ____ manual decision making compared to an active system.
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Question 22 of 26
22. Question
1 point(s)Which of these are examples of passive inventory control systems? Select 2
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Question 23 of 26
23. Question
1 point(s)_______ offers protection against supply and demand variation.
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Question 24 of 26
24. Question
1 point(s)A simple calculation for safety stock is: SS = _____ Demand during a _____ Replenishment Time – Typ. Demand during Typ. Replenishment Time
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Question 25 of 26
25. Question
1 point(s)If a data set has a higher “standard deviation”, then it has _____ variability.
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Question 26 of 26
26. Question
1 point(s)A very useful excel formula in calculating safety stock using statistics is ______.
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