Exam (elaborations)
GSCM 305 Exam Questions And Answers @ 2024
- Course
- Institution
GSCM 305 Exam Questions And Answers @ 2024...
[Show more]
Content preview
GSCM 305 Exam Questions And Answers @ 2024The Reorder point is the level of inventory you have when a new purchase arrives? (T/F) -
Answer False
In ABC Analysis, how is the percentage of number of inventory items separated?
A = 25%, B = 25%, C = 50%
A = 70%, B = 20%, C = 10%
A = 60%, B = 10%, C = 30%
A = 10%, B = 20%, C = 70% - Answer A = 10%, B = 20%, C = 70%
The Purchase order lead time is the amount of days that it would take us to get our
product if we ordered it today? (T/F) - Answer True
What Category in ABC analysis is Most important? - Answer A
In ABC Analysis, which inventory category needs an approximate forecast? - Answer B
What is ABC Analysis based on?
Cost
ERP Systems
Correct! Paretos Law
EOQ Model - Answer Paretos Law
Which of the following is NOT an assumption of the EOQ Model?
You are able to return all goods
Carry cost, ordering cost and unit price are constant
, Delivery is perfectly reliable and instant
Demand is uniform and known - Answer You are able to return all goods
True or False: The EOQ Model seeks to optimize the sum of the holding and ordering
cost. - Answer True
What is the formula to calculate the reorder point?
Lead Time + Daily Usage
Average Daily Usage / Inventory + Lead Time
Average Daily Usage / Lead Time
Average Daily Usage * Lead Time - Answer Average Daily Usage * Lead Time
According to the EOQ video, what two categories of cost are associated with inventory
management?
Capital cost and COGS
Time and Labor
Reorder point and finished goods
Cost of having too much or too little - Answer Cost of having too much or too little
The Naive Forecasting Model is always the best forecasting model to use. (T/F) - Answer
False
According to the Michigan State article, which of the following are important
considerations to make in demand forecasting?
Consumer confidence
Cultural trends
Seasonality
All of the above - Answer All of the above
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now