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Questions and Answers
In supply-chain management, what is the primary consideration when deciding whether to make or buy a component?
In supply-chain management, what is the primary consideration when deciding whether to make or buy a component?
- The quality of the component
- The cost of manufacturing the component (correct)
- The lead time for making or buying the component
- The availability of suppliers for the component
When implementing Just-In-Time (JIT) in inventory management, what is the key factor in determining when to re-order items?
When implementing Just-In-Time (JIT) in inventory management, what is the key factor in determining when to re-order items?
- The quantity of items in stock
- The price fluctuation of the items
- The location of the suppliers
- The lead time for item delivery (correct)
What is the primary focus of material requirements planning (MRP) in supply-chain management?
What is the primary focus of material requirements planning (MRP) in supply-chain management?
- Forecasting future market demand
- Selecting the best suppliers for materials
- Managing the inventory storage facilities
- Determining the quantity and timing of materials to be purchased (correct)
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Study Notes
Supply-Chain Management
- When deciding whether to make or buy a component, the primary consideration is identifying the most cost-effective and efficient option for the organization.
Inventory Management
- In Just-In-Time (JIT) implementation, the key factor in determining when to re-order items is reaching the re-order point, which is the minimum stock level that triggers a new order.
Material Requirements Planning (MRP)
- The primary focus of MRP is to ensure that the correct materials are procured and available at the right time to meet production schedules, reducing inventory levels and optimizing supply-chain efficiency.
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