13% Z 18:49estions +Answers 2020.docx4The following statement/s about inventory management is/are correct:I. Managing inventory include, among others, physical stock counts on a cyclical basis.II. Up to date record-keeping on stock cards improved the ability to make good andtimely decisions about stock ordering.III. The goal of inventory control is to have the highest possible volume of stock atfacilities.A. I, Il and IIB. I and IIC. Il onlyD. None of the above.E. I and IIIn South Africa's public sector, the national medicine procurement and medicineselection functions are:I. Co-ordinated by the same committeeII. Undertaken annuallyII. Supported by legislative frameworkA. III onlyB. I, Il and IIIC. I and IIID. Il and IIIE. Il only6Which of the following inventory control models are associated with the highestinventory holding costs and require the highest stock levels:A. Scheduled purchasing (monthly intervals)B. Annual purchasingC. Perpetual purchasingD. Scheduled purchasing (3-month intervals)E. Scheduled purchasing (6-month intervals)7A public sector community health centre does not have a computerized inventorycontrol system and relies on bin cards. The following transactions should be reflectedon the stock record for Atenolol 50mg tablets, 30s:I. Monthly orders placed for Atenolol 50 mg tablets (30s) and Atenolol 100mg tablets(28s)II. Expired Atenolol 50 mg tablets (30s) written off.II. Adjustments to Atenolol 50mg tablets, tablets (30s) stock balances based on+quarterly stock counts.A. Il and III2/8

As there are multiple questions, I have answered the first one. Ans 4= ‘Inventory management’…

Answered: The following statement/s about…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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(1-b) XYZ company produces staplers and other items. The production cost per unit is $8 and the cost of setting up the production line for this is $60. The annual holding cost rate is 30%. The company works 250 days per year. The production rate for this product is 120 per day. If the annual demand is 20,000 units, i. Which batch size should the company use? ii. What is the minimum monthly cost? iii. What is the total production time allocated to this product annually?
Your new company has decided to use a periodic reviewsystem. You have learned that average weekly demand is 48units per week with a standard deviation of 8 units. You believethat your cycle-service level should be 94 percent. Lead timeis two weeks. Initially, you believe that you should do a reviewevery Friday. Determine the required safety stock and the targetinventory level.(a) How would this procedure change if the cycle-servicelevel needed to be 98 percent?(b) What is the impact of changing the review period fromevery Friday to every other Friday, assuming that thecycle-service level is 94 percent?
The efficiency of an inventory system is often measuredby the turnover ratio. (TR), defined byTR 5Cost of goods sold per yearAverage value of on hand inventorya. Does a high turnover ratio indicate an efficientinventorysystem?b. If the EOQ model is being used, determine TR interms of K, D, h, and Q.c. Suppose that D increases. Show that TR will alsoincrease. Does this make intuitive sense?
Explain what is meant by the expression “robustmodel.” Specifically, what would you tell a manager whoexclaimed, “Uh-oh, we’re in trouble! The calculated EOQis wrong; actual demand is 10% greater than estimated.”
. What can Chobani do to gauge market demand for Greek yogurt and for pafticular flavors and products in its own product line? ldentify at least three specific ideas. 3. Chobani's equipment runs for l0 hours and must be idle for four hours while being cleaned. lts plants operate day and night, all week long. What are the implications for the company's purchasing, inventory control, scheduling, and quality control functions? 234 ::";,;11,f, }i Management and Organizatron
Backorders: A company is working on its quarterly aggregate production plan. Its quarter forecasts are 6000, 1000, 2500 and 2000, respectively. Suppose that it will use a level plan with backorders (one that produces at the average demand over the four quarters). What is the ending inventory in Quarter 3? (Do not round your intermediate calculations. Round your final answer to the nearest whole number. Only enter the number. Do not enter any units.)
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Which of the following statements are true or false? 1.1 One of the objectives of purchasing and supply chain management is to maintain an optimum balance of inventory that would ensure the desired level of customer service while increasing costs. 1.2 Supply management has a major impact on the net income of the firm because it increases input costs and reduces sales revenue 1.3 The purchasing and supply function of a firm operates independently from the other enterprise functions. 1.4 Supply Management is the process of planning, organising, coordinating and controlling all the resources of the firm effectively and efficiently in order to attain the objectives of the firm as determined by management. 1.5 Strategic plans formulated at top management of purchasing and supply management are implemented or executed at top level management 1.6 In decentralized purchasing structures negotiating power is increased and volume discounts are made possible. 1.7 Steps of the strategic…
SLO-3.1 The major reason supply management can greatly improve a firm’s return on investment (ROI) is: A) the reduction of post ownership costsB) the reduction of downtime costsC) the reduction of quality costsD) the reduction of acquisition costE) every dollar saved in purchasing is = to a new dollar of profit NEWSLO-3.2 Which of the following is generally not true about supply management and the bottom line? A) Purchased items account for a large percentage of the cost of goods sold. Hence, a reduction in cost of purchased goods has a major impact on the bottom lineB) A Euro increase in sales is equivalent to a Euro decrease in materials cost in impacting the bottom lineC) Outsourcing allows firms to focus on their core competencies, which reduced potential for waste, which then can improve the bottom lineD) A dollar saved in materials cost is usually considered a dollar increase in profit, which directly translates into bottom line savingsE) Supply management can work…
A jewelry manufacturer is creating a routine order schedule for some new products: J66 and J67. J66 can be ordered any time. J67 is set up to be ordered every 4 weeks. The company is closed 2 weeks out of a 52 week year otherwise it is open. Given the following, show me the calculation (I have provided the final answer) the questions at the end: J66 acceptable stockout risk = 2.5%, lead time = 2 weeks, ordering cost =$70, annual holding cost = 30%, unit cost =$15, standard deviation = 4 units per week, and average weekly demand is 60 units. J67 acceptable stockout risk = 2.5%, lead time = 2 weeks, ordering cost =$30, annual holding cost = 30%, unit cost =$20, standard deviation = 5 units per week, and average weekly demand is 70 units. I know the reorder point for j67 is 153 units on hand. 1) Show me the math to come up with the 153 units answer. 2) What is the reorder point for the J66? (I know the answer is 306 units so show me the calculation), 3) If the J67 has 110 units on…
(2-b) A firm's demand in the next four quarters is forecast to be 400, 600, 800, and 700 units. Given that beginning inventory is 600, desired ending inventory in quarter 4 is 300, inventory holding cost is $6 per unit per quarter, and production cost is $50 per unit, calculate the cost of a level production plan.
Usha Handling Company is currently faced with an inventory rotation problem. Thisdifficulty stems from the fact that some supplies must be used prior to a stated expiration date.Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates. The company would like to reduce the double and sometimes triple handling of items. How can this goal be achieved? Are there alternative solutions which might also be effective?

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