Cpim Bscm Dc Practice Exam Mod 1 Form a

Retailers define inventory as intended sellable assets consisting of goods that are available for resale to customers. Manufacturers also maintain three components of inventory. These include “finished goods” which are goods that have been completed and are awaiting sales. Manufacturers may also have “work in process inventory” made up of goods being manufactured but not yet completed. The third category of inventory is “raw materials,” consisting of goods that are to be used in producing products. Overall, inventory should include all costs that are both ordinary and necessary to put the goods in place and in condition for their resale. For many companies, what they have in inventory represents a major

Select an existing production organization. Analyze the organization’s current vision, mission, business strategy, operation strategy, supply chain, total quality management, just-in-time philosophy, forecasting method, statistical technique, facility location, work design, project life cycle, and project management. Note: You will need this information in order to complete this and subsequent assignments.

B. the reduction in the amount of inventory needed by manufacturing firms due to technological improvements in inventory management.

|  In most cases, demand for products or services can be broken into several components. Which of the following is considered a component of demand?

Schenck, J., McInerney, J. 1998. Applying vendor-managed inventory to the apparel industry. Automat. I.D. News 14(6) 36-38

Benetton is well known for the practice of assembling all white sweaters and waiting to dye them much closer to the time of sale. This is an example of what?

Good-producing firms have actual inventory that needs to be accounted for. Zappos does have inventory that need to be accounted for but that is not their biggest job. For Zappos capacity is their largest inventory. Zappos cannot tell how many accessories items they will need at a given time, but they must have enough space and items to get them by. Also the employees are involved with this. Zappos needs to make sure that they have enough people at the call center as well as the shipping and stocking departments. Zappos has done well with this considering how successful they have

Since the warehouses hold finished goods and is considered to be an inventory, therefore it is crucial to minimise the capacity of the warehouses to achieve greater financial success. Appendix (2) shows that the average queue size of both warehouses is nearly 16 units whereas the maximum capacity of the warehouses is 50 units, thus the capacity of the warehouses are efficiently used. Average queue time of the available warehouses is another factor that must be taken in the prior considerations. An average of 34 hours is spent to deliver orders from warehouses to customers and this can be nearly 30% of the whole time spent in system. The rule of thumb declares that once the goods are manufactured, it must be delivered as

b. Operations Management – successful reduction of Gaps inventory carrying costs by keeping inventory in near by distribution centers, which could be quickly shipped to stores.

Q5. She first will need to know what upper management is willing to let her have as an inventory base. She may need to have a better inventory management system and not a bigger inventory. She needs to educate herself on the different ways to manage supply, for example: the (JIT) just in time method. There will be some times that there will not be any other way around get the product to the customer but to ship by air. She has to really focus on the inventory that is going to be needed to produce the parts that is needed for the upcoming

Just-In-Time inventory (JIT) is part of a production system whereby a firm vastly reduces inventory from its production processes so that utilization of production inputs and delivery of finished products are accomplished without incurring significant holding costs. While JIT inventory systems are quite attractive for this reason, they are a double-edged sword. And though a JIT system might even be a necessity given the inventory demands of certain business types,

Which of the following will more likely locate near their customers? a. an automobile manufacturer b. an aluminum manufacturer c. an insurance company headquarters d. a medical clinic e. all of the above will tend to locate near their customers Which of the following statements concerning the operations management decision is relevant to services? a. There are many objective quality standards. b. The customer is not involved in most of the process. c. The work force's technical skills are very important. d. Labor standards vary depending on customer requirements. e. Ability to inventory may allow the leveling of the output rates. Which of these organizations is likely to have the most important inventory decisions? a. a marketing research firm b. a lobbying agency c. a management consulting firm d. a

The second term defined is inventory, which is the amount of money the manufacturing plant has spent on things they anticipate to sell. Traditionally inventory is defined as a list of materials or parts in stock on hand for use. The Goal’s definition is more accurate because it takes into account other costs of the inventory not just the material itself. There are raw materials, work in process inventory, and finished goods inventory. In the Goal they accounted for the holding costs to store finished products not yet sold as inventory.

Having inventory available the moment it is demanded by the customer or required for production, with the proper specifications, and at the best cost for the desired quality, sustains

INSTRUCTIONS TO STUDENT 1. This Question paper consists of 9 pages with TWO SECTIONS. 2. Attempt ALL questions in Section A and B. The marks for each question are given. 3. Answer Section A in the OMR Form provided, and answer Section B in the Answer Booklet provided.