Apics cpim Study guides, Class notes & Summaries

ABC classification - ANS Process of classifying items in descending order based on annual dollar volume or some other criteria. The list is then split into 3 classes - A, B, and C. A represents 10-20% of items but 50-70% of dollar volume; B represents 20% of items and 20% of dollar volume; C represents 60-70% of items but 10-30% of dollar volume. This principle states that effort and money can be saved by applying looser controls to the low dollar volume items (C class) than the higher do...

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ABC classification - The classification of a group of items in decreasing order of annual dollar volume (price multiplied by projected volume) or other criteria. This array is then split into three classes [...]. The [first] group usually represents 10 percent to 20 percent by number of items and 50 percent to 70 percent by projected dollar volume. The next grouping [...] usually represents about 20 percent of the items and about 20 percent of the dollar volume. The [third] class contains 60 per...

APICS CPIM Part 1 Section A Q & A with A Guaranteed Pass Which of the following is a planned series of actions or operations that advances a material or procedure from one stage of completion to another? work-in-process. task. process. project. -Answer-C. process Which of the following entities or conditions impacts demand by providing expectations that products will be sold at a fair price, that higher quality is required, that delivery lead time is negligible, that before- and after-s...

Pareto Chart - graphical tool used for ranking causes from most to least significant TQM: Employee Involvement - TQM is everyone's responsivbility and this means everyone needs to commit to not only doing their jobs but improving. Cross-training, training on quality, training problem solving and root cause analysis achieve this goal Voice of the Customer - The actual customer descriptions in words for the functions and features the customer desires Total Quality Management bas...

ABC classification correct answers Process of classifying items in descending order based on annual dollar volume or some other criteria. The list is then split into 3 classes - A, B, and C. A represents 10-20% of items but 50-70% of dollar volume; B represents 20% of items and 20% of dollar volume; C represents 60-70% of items but 10-30% of dollar volume. This principle states that effort and money can be saved by applying looser controls to the low dollar volume items (C class) than the higher...

APICS CPIM Part 1 Questions and Answers Pareto Chart -Answer-graphical tool used for ranking causes from most to least significant TQM: Employee Involvement -Answer-TQM is everyone's responsivbility and this means everyone needs to commit to not only doing their jobs but improving. Cross-training, training on quality, training problem solving and root cause analysis achieve this goal Voice of the Customer -Answer-The actual customer descriptions in words for the functions and features the...

14 Points correct answers W. Edwards Deming's 14 management practices to help companies increase their quality and productivity A3 Method correct answers A means of compactly describing a business process Abnormal Demand correct answers Demand in any period that is outside the limits established by management policy Absorption Costing correct answers An approach to inventory valuation in which variable costs and a portion of fixed costs are assigned to each unit production. Acceptab...

strategic plan correct answers examines "how to marshal and determine actions to support the mission, goals, and objectives of an organization business plan correct answers a statement of long range strategy and revenue, cost, and profit objectives usually accompanied by budgets, a projected balance sheet, and a cash flow (source and application of funds) statement manufacturing planning hierarchy correct answers SMR, MPR, DSP, ECO competitive advantage correct answers the advantage a ...

economic order quantity formula - Answer Annual Carrying Cost=Annual Ordering Cost (order quantity/2) x cost per unit x carrying cost percentage=Annual Demand/Lot-Size Quantity x Cost per Order EOQ=Square Root (2AS/Ci)=Square Root of [(2 x Annual Demand x Cost per Order)/{Cost per Unit x Carrying Cost %)] 5 S's of Lean - Answer sort, set in order, shine, standardize, and sustain Hoshin planning - Answer Japanese strategic planning process in which a company develops up to four visio...