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NEW QUESTION 32
Extra units that are held in inventory to reduce the risks of stock-out are called…?
- A. Reorder point
- B. Safety stock
- C. Just-in-time
- D. Demand variance
Answer: B
Explanation:
The safety stock (or buffer stock) is the stock level that limits stock shortages due to unforeseen events (forecasts not in line with demand, longer than expected supply time, etc…) Demand variance is the degree to which the demand in a fixed period deviates from the average demand of the same period.
A reorder point is the unit quantity on hand that triggers the purchase of a predetermined amount of replenishment inventory.
The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules.
Reference:
LO 2, AC 2.1
NEW QUESTION 33
Which of the following is essential to effective implementation of just-in-time?
- A. No need for smoothing production
- B. Strong links between the suppliers and the buying organisation
- C. Larger warehouse for larger amount of inventory
- D. Regular machine changeovers
Answer: B
Explanation:
For JIT manufacturing to succeed, companies must have steady production, high-quality workmanship, glitch-free plant machinery, and reliable suppliers.
JIT production systems cut inventory costs because manufacturers do not have to pay storage costs. Manufacturers are also not left with unwanted inventory if an order is canceled or not fulfilled.
Reference:
– Just in Time (JIT)
– CIPS study guide page 122-124
LO 2, AC 2.3
NEW QUESTION 34
Which of the following is often created by each business and commonly used for the purpose of inventory management?
- A. SKU
- B. ISBN
- C. FDA product code
- D. Harmonised system
Answer: A
Explanation:
Organisations often create their own stock keeping unit (SKU) numbering system, which may or may not have a meaningful structure. Stock keeping unit is a number that is assigned to a product for the purpose of inventory management and is of tracking. In other words, a stock keeping unit is a unique identifier assigned to each product for easier and more efficient record keeping.
An FDA (US Food and Drug Administration) product code describes a specific product and contains a combination of five to seven numbers and letters. The product code submitted with each FDA line item should match the actual product name and/or invoice description of the product.
The International Standard Book Number is a numeric commercial book identifier which is in-tended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products.
Reference:
LO 1, AC 1.2
NEW QUESTION 35
Which of the following is the most suitable container of fasteners (screws, nails, nuts and bolts,…)?
- A. Tote box
- B. Bar rack
- C. Stock cage
- D. Pallet
Answer: A
Explanation:
Tote box is the reusable storage box. These can be open or have lids or flaps to close them and come in a large variety of sizes and weight loadings.
A tote is ideal for holding and hauling items such as: tools, fasteners, bark dust, dry cement, cords, wires, smaller boxes,…
Pallets are the platform structures designed to support a load and be lifted using the forks (typically seen on forklift trucks and other equipment). These are in a variety of standard sizes and can be made of many materials including plastics, resin, board or timber. Pallets are not containers, but support platforms.
Bar racks are designed to store bars and pipes
Stock cages are available in many sizes and can hold single items or groups of items
Reference:
LO 1, AC 1.1
NEW QUESTION 36
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