- All Exams Instant Download
XYZ Ltd organises a meeting in order to decide on the safety stock level of a strategic material which is used in XYZ latest product - DMD. To do this, they must forecast the future demand for this new product. In the meeting, external consultants are invited to join with cross-functional team. Each person of the group anonymously replies to questionnaires and subsequently receives feedback in the form of a statistical representation of the "group response," after which the process repeats itself. The goal is to reduce the range of responses and arrive at something closer to expert consensus. XYZ Ltd is using which forecasting method?
XYZ Ltd organises a meeting in order to decide on the safety stock level of a strategic material which is used in XYZ latest product - DMD. To do this, they must forecast the future demand for this new product. In the meeting, external consultants are invited to join with...
Which of the following is NOT an improvement available in ERP II in compare with ERP?
Which of the following is NOT an improvement available in ERP II in compare with ERP?A . ERP II systems are closed and silo-working B. ERP II enables the organisation to collaborate with trading partners across the supply chain C. ERP II crosses all sectors and segments of business, including...
The amount of inventory available at the start of an accounting period is known as...?
The amount of inventory available at the start of an accounting period is known as...?A . Buffer stock B. Work-in-progress C. Opening stock D. 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...
Variability of lead time
Variability of lead timeA . 1 and 3 only B. 1 and 2 only C. 2 and 4 only D. 3 and 4 onlyView AnswerAnswer: D Explanation: Safety stock is also known as buffer stock. As this name suggests, this type of stock provides some kind of 'buffer', which means...
Which of the following best describes the relationship between a service level and safety stock?
Which of the following best describes the relationship between a service level and safety stock?A . A safety stock is not always required to achieve a required service level B. A service level decreases in proportion to a decrease in safety stock C. When safety stock is zero the service...
Which type of codes can a barcode laser scanner (linear scanner) read?
Which type of codes can a barcode laser scanner (linear scanner) read?A . Numerical code B. QR code C. Aztec code D. 1D barcodeView AnswerAnswer: D Explanation: One-dimensional (or 1D) barcodes systematically represent data by varying the widths and spacings of parallel lines. These include some of the most traditional...
Finished goods
Finished goodsA . 1, 3 and 4 B. 1, 2 and 4 C. 2, 3 and 4 D. 2, 3 and 4View AnswerAnswer: A Explanation: The normal breakdown in a manufacturing organisation would be raw materials, components, work in progress and finished goods. Following are the different types of inventory:...
Which pillar of sustainability would include the practice of ASI Ltd?
ASI Ltd is known for its commitment to sustainability. ASI builds railroad ties and pilings using recycled plastic bottles and industrial waste instead of standard materials such as wood, steel, and cement. This practice helps the company save 15% in compare with traditional material purchases. Which pillar of sustainability would...
Which software system would help XYZ management team achieve the above objective?
XYZ Ltd has been adopting MRP system for years. The system helps the company improve efficiency greatly and generates huge cost-savings. However, MRP system is only limited to production process management and XYZ management team would like to have better insights into re-sources required across the organisation as a whole....
In the periodic review system, the order quantity is the same for each order. Is this statement true?
In the periodic review system, the order quantity is the same for each order. Is this statement true?A . No, the next order quantity must be larger than the previous one B. No, the inventory position at each review point differs from each other C. Yes, in periodic review system...
