L4M7 V2

A manufacturer is making a plan for strategic safety stock. To do so, they must analyse the probability of a stock out occurring and the cost impacts if it does. Which of the following are typical costs the manufacturer may incur in 'out of stock' event? Select TWO that apply.A...

Which of the following are main objectives of warehouse operations? Select TWO that apply.A . To ensure stock available when customers demandB . To create sufficient space for redundant stockC . To minimise stock loss and deteriorationD . To generate check digits for a product codeE . To maintain the...

A supermarket calculates that the average holding cost for an item is $1.50 per cubic meter per day. A beer pallet which has volume of 0.5 cubic meter will be stored for 5 days. What is the holding cost of this beer pallet?A . $4.00B . $4.50C . $4.25D ....

Which of the following best describe the function of MRP?A . Planning and controlling of production and financeB . Planning and monitoring of inventory resourcesC . Planning and monitoring of production resources onlyD . Planning and controlling of production and inventoryView AnswerAnswer: D Explanation: Material requirement planning (MRP) is a...

Among different types of costs associated with inventory, the opportunity cost of the investment tied up in inventory belongs to which of the following?A . Acquisition costsB . Purchase priceC . Holding costsD . Costs of stockoutsView AnswerAnswer: C Explanation: Direct and indirect costs of holding inventory include the following:...

Autonomous maintenanceA . 1 and 3 onlyB . 2 and 4 onlyC . 1 and 2 onlyD . 2 and 3 onlyView AnswerAnswer: B Explanation: Total productive maintenance (TPM) is an innovative concept in the manufacturing industry that evolved from the idea of preventive maintenance to adopt practices of productive...

Environmental impact of excess packagingA . 2 and 3 onlyB . 2 and 4 onlyC . 1 and 3 onlyD . 1 and 4 onlyView AnswerAnswer: D Explanation: ISO 18602:2013 is about Packaging and the environment - Optimization of the packaging system. ISO 18602:2013 specifies requirements and a procedure for...

To test the product durabilityA . 1 and 2 onlyB . 3 and 4 onlyC . 2 and 3 onlyD . 1 and 4 onlyView AnswerAnswer: C Explanation: It would be really convenient if we could just hand our products directly to the customers, but that’s not possible. Packaging needs...

Which of the following are main objectives of warehouse operations? Select TWO that apply.A . To ensure stock available when customers demandB . To create sufficient space for redundant stockC . To minimise stock loss and deteriorationD . To generate check digits for a product codeE . To maintain the...

The amount of inventory available at the start of an accounting period is known as...?A . Buffer stockB . Work-in-progressC . Opening stockD . Closing stockView AnswerAnswer: C Explanation: Opening stock is the starting amount of inventory that a business has at a fixed moment in time. This could be...