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NEW QUESTION 34
XYZ Ltd is a large retailer who offers a range of products with different margins. The warehouse manager suggests that different product groups should have different level of safety stock. The appropriate level of safety stock is typically determined by…?
- A. Choosing the level of safety stock that assures a given service level
- B. Taking the square root of the economic order quantity
- C. Expected stockout cost multiplies with product margin
- D. Carrying sufficient safety stock so as to eliminate all stockouts
Answer: A
Explanation:
Safety stock is the stock held as a contingency or insurance against disruption or unexpected de-mand. Holding safety stock reduces the risks of stockouts, when an organisation is unable to meet an order or continue production due to lack of finished goods or input materials.
For single items, an extra investment in inventory (higher levels of safety stock) will always in-crease customer service levels. Conversely, higher service levels imply larger quantities of safety stocks and an increased investment in inventory. (Procurement and Supply Chain Management – 9th Edition) However, high levels of safety stocks also increase the inventory cost. There must be a balance between inventory costs and customer service. Thus, calculating the should-be safety stock based on a determined service level has long been recommended by many professionals.
Reference:
LO 2, AC 2.2
NEW QUESTION 35
Which of the following is an assumption of economic-order-quantity model?
- A. The purchasing cost per unit is affected by the order quantity
- B. No inventory stockouts occur
- C. Demand, ordering costs, and carrying costs are uncertain
- D. The quantity ordered can vary at each reorder point
Answer: B
Explanation:
Economic order quantity (EOQ) model is the method that provides the company with an order quantity. This order quantity figure is where the record holding costs and ordering costs are mini-mized. By using this model, the companies can minimize the costs associated with the ordering and inventory holding. In 1913, Ford W.
Harris developed this formula whereas R. H. Wilson is given credit for the application and in-depth analysis on this model.
If the economic order quantity model is applied, the following assumptions should be met:
– The rate of demand is constant, and total demand is known in advance.
– The ordering cost is constant.
– The unit price of inventory is constant, i.e., no discount is applied depending on order quantity.
– Delivery time is constant.
– Replacement of defective units is instantaneous.
– There is no safety stock level, i.e., the minimum stock level is zero.
– Restocking is made by the whole batch.
Because the demand and lead time are constant, no stockout events can occur.
Reference:
LO 2, AC 2.3
NEW QUESTION 36
Which of the following statements is true?
- A. Number of independent demand items may be derived from the forecast
- B. Dependent demand items are not directly correlated with production rate
- C. All indirect supplies are independent demand items
- D. Car engine is an example of independent demand items in a car assembly plant
Answer: A
Explanation:
Dependent demand is the requirement for stock item which is directly related to and therefore de-pendent upon the rate of production (examples are: raw materials, components, energy).
Independent demand is the requirement for stock item which is not directly related to, and is therefore independent of rate of production.
‘Number of independent demand items may be derived from the forecast’: Although independent demand is called thus, it can still be influenced by economic factors external to the demand-supply model such as general consumer sentiment and consumers’ available disposal income. However, businesses that need to predict the number of products with independent demand needed to sate their customers have it easier than businesses that must calculate the demand for products with dependent demand because there are fewer factors to consider.
‘Dependent demand items are not directly correlated with production rate’: As mentioned above, dependent demand items are directly correlated with production rate.
‘All indirect supplies are independent demand items’: Though most indirect supplier are inde-pendent demand, some are determined by the production rate, i.e. energy consumption of a major machinery.
‘Car engine is an example of independent demand items in a car assembly plant’: Car engine is a component in car which is the finished good of a car assembly plant, it is a dependent demand item.
LO 2, AC 2.1
NEW QUESTION 37
Practice of unloading goods from inbound delivery vehicles and loading them directly onto out-bound vehicles is known as …?
- A. Decommissioning
- B. Automation
- C. Cross-docking
- D. Tracing and tracking
Answer: C
Explanation:
Cross-docking is the practice of unloading goods from inbound delivery vehicles and loading them directly onto outbound vehicles. By eliminating or minimizing warehouse storage costs, space requirements and inventory handling, cross-docking can streamline supply chains and help them move goods to market faster and more efficiently.
Cross-docking usually takes place in a dedicated docking terminal in a warehouse, where inbound goods are first received at a dock and sorted according to their final destinations. They are then moved to the other side of the dock via forklift, conveyor belt or other equipment and loaded on outbound vehicles.
Cross-docking works best with products that need to be transported quickly, such as food, that have already been sorted and labeled for customers, do not need quality inspections or have steady demand.
Reference:
– CIPS study guide page 16
– Cross-docking
LO 1, AC 1.1
NEW QUESTION 38
Which of the following best describes category ‘A’ in ABC analysis in inventory management?
- A. Items with high values
- B. Items that represent approximately 15% of total value
- C. Items with high uncertainty
- D. Items with low uncertainty
Answer: A
Explanation:
ABC classifications are applied to stock and its management is based loosely on the Pareto princi-ple, better known as the 80/20 rule.
The likely outcome of analysis of inventory (value importance):
– Category A – about 20% of the stock items account for about 80% of the total inventory value. Items in category A have the highest value.
– Category B – about 30% of items account for about 15% of total inventory value
– Category C – the remaining 50% of items account for 5% of the total inventory value Reference:
LO 2, AC 2.1
NEW QUESTION 39
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