APICS Question and answers 100% correct 2024/2025 Inventory Management - correct answer The branch of business management concerned with planning and controlling inventories.
Inventory Planning - correct answer The activities and techniques of determining the desired level of items, whether ...
APICS - CLTD Certification (Module 6)
Inventory Management - correct answer ✔The branch of business
management concerned with planning and controlling inventories.
Inventory Planning - correct answer ✔The activities and techniques of
determining the desired level of items, whether raw materials, work in
process, or finished products.
Inventory Control - correct answer ✔The activities and techniques of
maintaining the desired levels of items, whether raw materials, work in
process, or finished products.
Inventory - correct answer ✔Those stocks or items used to support
production (raw mats and work-in-process items), supporting activities
(maintenance, repair, and operating supplies), and customer service (finished
goods and spare parts).
Work in Process (WIP) - correct answer ✔A good or goods in various stages
of completion throughout the plant, including all material from raw mats that
has been released for initial processing up to completely processed material
awaiting final inspection and acceptance as finished goods inventory.
Maintenance, Repair, and Operating (MRO) Supplies - correct answer
✔Items used in support of general operations and maintenance such as
maintenance supplies, spare parts, and consumables used in the
manufacturing process and supporting operations.
Decoupling - correct answer ✔Creating independence between supply and
use of material.
, Economy of Scale - correct answer ✔A phenomenon whereby larger
volumes of production reduce unit cost by distributing fixed costs over a larger
quantity.
Level of Service - correct answer ✔A measure (usually expressed as a
percentage) of satisfying demand through inventory or by the current
production schedule in time to satisfy the customers' requested delivery dates
and quantities.
Stockout - correct answer ✔A lack of materials, components, or finished
goods that are needed.
On-Time Schedule Performance - correct answer ✔A measure (percentage)
of meeting the customer's originally negotiated delivery request date.
Stockout Percentage - correct answer ✔A measure of the effectiveness with
which a company responds to actual demand or requirements.
Inventory Shrinkage - correct answer ✔Reductions of actual quantities of
items in stock, in process, or in transit, caused by scrap, theft, deterioration,
evaporation, and so forth.
Return on Assets (ROA) = - correct answer ✔Net Profit for Previous Year /
Total Assets
Lot Size - correct answer ✔The amount of a particular item that is ordered
from the plant or a supplier or issued as a standard quantity to the production
process.
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 Carzola98. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
