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NEW QUESTION 42
GSC Ltd is a manufacturer of car parts. To accommodate growing demands of electric cars, the company is developing a new component which requires different type of steel. The project team estimates that the component will be ready for production in 1.5 years. Until then, they need to keep the production busy.
After checking the inventory records, the production team sees that the company has 3 months of stock. The lead time for each batch is two months. Which of the following should be a priority ac-tion of the company?
- A. Make a call-off order to current supplier
- B. Create new specification to new supplier
- C. Standardise the specification
- D. Create new specification to current supplier
Answer: A
Explanation:
The scenario is very long with many distracting data. Students need to read carefully and use their experience to solve this problem.
The company is developing a new component which requires different type of material. But this component will not be available for mass production in 1.5 years. This means the company still needs to produce the current components with current materials until the development is finished. They must continue purchase the materials from current supplier through call-off orders. This situation is an example of straight re-buy.
Reference:
LO 1, AC 1.1
NEW QUESTION 43
Which of the following specific markets is most likely to have product shortage by nature?
- A. Financial
- B. Construction
- C. Services
- D. Retail
- E. Agriculture
Answer: E
Explanation:
Products used in agriculture can be subject to shortage due to natural disasters.
Reference:
LO 2, AC 2.1
NEW QUESTION 44
Sealines Inc is developing its fleet of cargo ships. The company is planning to build a new ship powered by natural gas. Brian, the procurement manager at Sealines, suggests the project team to develop a through-life specification before engaging with the supplier. Is this a correct approach?
- A. Yes, decommissioning and disposal costs will not be accounted in this approach
- B. No, a ship is used only once, through-life management is unnecessary
- C. No, the company just needs to select the lowest bidder
- D. Yes, this approach will lower the total cost of ownership
Answer: D
Explanation:
Through-life management is a approach applied to capital asset. According to Ward and Graves, Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer. According to CIPS study guide, through-life management comprises of 6 parts:
1. Design
2. Manufacture
3. Installation
4. In-service support
5. Decommission and disposal
6. Customer support
In this scenario, the company is planning to procure a ship, which is a capital asset. Through life management is a good approach. Sealines can start with developing through-life specification. This approach may have several benefits:
– It lowers the costs over the whole life of the asset
– It lowers the risks as there is a single company accountable for costs and service over the life of the asset
– A closer match between the asset delivered and the users’ needs
– Development of capability over the life of the asset as the supplier continues to get experience of the users’ needs and can adapt services to meet them.
Reference:
– CIPS study guide page 130-131;
– Through-life management: The provision of total customer solutions in the aerospace industry, by Yvonne Ward and Andrew Graves LO 3, AC 3.2
NEW QUESTION 45
Which of the following statements is the best definition of ‘value engineering?
- A. Value achieved by an engineering department
- B. Producing good value products right first time.
- C. Building value into a new product from design stage onwards
- D. Analysing perceived value after the product is available for sale
Answer: C
Explanation:
Value Engineering (VE) is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evaluation and analysis. This takes place before any capital is invested in tooling, plant or equipment.
This is very significant, because according to many reports, up to 80% of a product’s costs (throughout the rest of its life-cycle), are locked in at the design development stage. This is under-standable when you consider the design of any product determines many factors, such as tooling, plant and equipment, labour and skills, training costs, materials, shipping, installation, maintenance, as well as decommissioning and recycle costs.
LO 3, AC 3.4
NEW QUESTION 46
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