Exam (elaborations)
oscm 373 questions with complete solutions graded A+ passed
- Course
- Institution
oscm 373 questions with complete solutions graded A+ passed
[Show more]
Content preview
oscm 373ISO stands for _____. - correct answer ✔✔International Organization for Standardization
Which of the following determinants of quality refers to the inclusion or exclusion of certain product or
service features? - correct answer ✔✔Quality of design
What secondary outcomes would result from fewer production or service problems in a business with
good/excellent quality? - correct answer ✔✔- Higher profits
- Higher Productivity
- Fewer customer complaints
Inventory management objective: - correct answer ✔✔strike a balance between inventory investment
(cost) and customer service
types of inventory - correct answer ✔✔Raw Material, WIP, MRO, Finished Goods
Raw Materials Inventory - correct answer ✔✔purchased but not yet processed
Work-in-process (WIP) inventory - correct answer ✔✔undergone some processing (change) but not
completed
maintenance, repair, and operating (MRO) inventory - correct answer ✔✔necessary to keep machinery
and processes productive
finished goods - correct answer ✔✔completed product awaiting shipment
Functions of Inventory - correct answer ✔✔1. To provide a selection of goods for anticipated demand
and to separate the firm from fluctuations in demand
,2. To decouple or separate various parts of the production process
3. To take advantage of quantity discounts
4. To hedge against inflation
the material flow cycle - correct answer ✔✔input --> wait for inspection --> wait to be moved --> move
time --> wait in queue for operator --> setup time --> run time --> output
Reducing flow time (cycle time) results in ____. - correct answer ✔✔Lower WIP
operations manager - correct answer ✔✔should establish a system for managing inventory
Inventory Management System components - correct answer ✔✔1. Inventory classification system (ABC
analysis)
2. Inventory records tracking & accuracy
ABC analysis - correct answer ✔✔Divides inventory into three classes based on annual dollar volume
Used to establish policies that focus on the few critical parts and not the many trivial ones
ABC analysis classes: - correct answer ✔✔Class A - high annual dollar volume/value
Class B - medium annual dollar volume
Class C - low annual dollar volume
ABC Analysis Criteria - correct answer ✔✔1. High shortage or holding cost
, 2. Anticipated engineering changes
3. Delivery problems
4. Quality problems
Policies based on ABC Analysis - correct answer ✔✔1. more emphasis on supplier development for A
item
2. Tighter inventory control for A item
3. More forecasting for A items
Annual value = - correct answer ✔✔Avg inventory(units) x Value ($ per unit)
Periodic System - correct answer ✔✔regular (periodic) counts of inventory on hand
- lack of control between review
- two bin system: place order when first bin is empty
Perpetual System - correct answer ✔✔tracks receipts and subtractions on a continuing basis
- may be semi-automated
cycle counting - correct answer ✔✔audits to verify inventory record accuracy
often used with ABC analysis
Cycle Counting Advantages - correct answer ✔✔1. Eliminates shutdowns and interruptions
2. Eliminates annual inventory adjustment
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 kirus27. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now