Podcast
Questions and Answers
What is the most effective way to reduce stockouts of critical, inexpensive items in a manufacturing process?
What is the most effective way to reduce stockouts of critical, inexpensive items in a manufacturing process?
- Standardize the items
- Initiate a vendor-managed inventory (VMI) program for the items (correct)
- Increase minimum inventory levels for the items
- Assign personnel to manage the items
A company has $3,000 in inventory and an asset turnover ratio of 1.8. What is the total sales volume for the company?
A company has $3,000 in inventory and an asset turnover ratio of 1.8. What is the total sales volume for the company?
- $5,400
- $25,000
- $15,000
- $9,000 (correct)
What is the most appropriate measure of product and service quality?
What is the most appropriate measure of product and service quality?
- Internal inspection
- Warranty claims (correct)
- Product performance
- Customer perception
A company sells 60 units of product in a year, with an average quantity on hand of 10 units. How many days of product inventory does the company have?
A company sells 60 units of product in a year, with an average quantity on hand of 10 units. How many days of product inventory does the company have?
What is the primary benefit of implementing a cross-docking system?
What is the primary benefit of implementing a cross-docking system?
Which metric is most closely related to inventory management?
Which metric is most closely related to inventory management?
What type of inventory strategy gives the customer who provides point-of-sale data the sole decision-making authority regarding order quantities?
What type of inventory strategy gives the customer who provides point-of-sale data the sole decision-making authority regarding order quantities?
What is a benefit of using bar code labels for product identification in the supply chain?
What is a benefit of using bar code labels for product identification in the supply chain?
What do inventory parameters established using analytic inventory techniques typically balance?
What do inventory parameters established using analytic inventory techniques typically balance?
What type of metrics would a firm use if it wanted to use return on investment (ROI), return on assets (ROA), and economic value added (EVA)?
What type of metrics would a firm use if it wanted to use return on investment (ROI), return on assets (ROA), and economic value added (EVA)?
What is a key benefit of using vendor-managed replenishment?
What is a key benefit of using vendor-managed replenishment?
What is the primary goal of using analytic inventory techniques?
What is the primary goal of using analytic inventory techniques?
What is the primary reason for a manufacturer to hold inventory of key components?
What is the primary reason for a manufacturer to hold inventory of key components?
What is the term for the inventory a distributor maintains for slow-moving items at a central distribution center?
What is the term for the inventory a distributor maintains for slow-moving items at a central distribution center?
What is the benefit of increasing inventory turns from four to six for a company with an annual cost of goods sold of $350 million and an inventory carrying cost of 18%?
What is the benefit of increasing inventory turns from four to six for a company with an annual cost of goods sold of $350 million and an inventory carrying cost of 18%?
What is continuous improvement best described as?
What is continuous improvement best described as?
What is an important factor to consider in the make-or-buy decision?
What is an important factor to consider in the make-or-buy decision?
When would using an independent service provider for logistics be most appropriate?
When would using an independent service provider for logistics be most appropriate?
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