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UARK SCMT 2103 check your understandings (Exam 1) Questions with solutions
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UARK SCMT 2103 check yourunderstandings (Exam 1)
The objective of Walmart's early network design strategy was to: - answer Locate stores
close to a Distribution Center
Which of the following is a theme throughout the course? - answer How logistics and
supply chain management can be used to create a competitive advantage
The management of the flow and storage of inventory, such that total costs are
minimized and customer service targets are achieved is referred to as: - answer
Logistics
Which of the following is a fundamental concept of logistics management? - answer
There are tradeoffs among many of the logistics costs and customer service targets.
A process is an ordered set of _____. - answer activities
The term ____________________ today refers to a firm that supplies logistics and
possibly other supply chain management services. - answer third-party logistics (3PL)
providers
Economies of scale is defined as a reduction in ________ when volumes are increased.
- answeraverage cost per unit
Which of the following benefits did Walmart achieve from their early network design
strategy? - answerReduction in transportation costs from the DCs to the stores
Reduction in safety stock at the stores
Reduction in in-transit stock to the stores
Lower cost per store for the DCs to serve the stores
Responsiveness in the 4 R's of supply chain competition is defined as being able to
_________________. - answerchange logistics and supply chain management activities
quickly
, Safety stock is _______________. - answerthe expected number of units on hand just
before a replenishment is received and available for use or sale
Which of the following products would you expect to require the most safety stock?
Product A: Standard Deviation of Sales = 18, Standard Deviation of Lead Time = 23
Product B: Standard Deviation of Sales = 20, Standard Deviation of Lead Time = 20
Product C: Standard Deviation of Sales = 30, Standard Deviation of Lead Time = 31
Product D: Standard Deviation of Sales = 29, Standard Deviation of Lead Time = 15 -
answerProduct C
Which of the following are measures of reliability of a logistics process? -
answerStandard deviation & Coefficient of variation
Resilience in the 4 R's of supply chain competition is defined as being able to
_________________. - answerdeal with unexpected disruptions in the supply chain
Which of the following products would you expect to require the most safety stock?
Product A: Standard Deviation of Sales = 30, Standard Deviation of Lead Time = 30
Product B: Standard Deviation of Sales = 25, Standard Deviation of Lead Time = 15
Product C: Standard Deviation of Sales = 20, Standard Deviation of Lead Time = 20
Product D: Standard Deviation of Sales = 20, Standard Deviation of Lead Time = 25 -
answerProduct A
Ron's Sports operates 365 days a year. Annual inventory turns of basketballs is 10.
How many days of supply does that represent? - answer37
Average inventory last year was $200,000 and turns were 6. What was cost of goods
sold last year? - answer$1,200,000
A distribution center has 110,000 pounds of grain and the forecast is 1,000 pounds of
grain per day. What is the estimate of the days of supply? - answer110
The inventory holding cost factor is 25% and the average inventory next year is
expected to be $185,000. What is the expected inventory holding cost? -
answer$46,250
Which of the following formulae calculate annual inventory turns? - answerUnits sold in
a year / average number of units in inventory
A company operates 365 days a year. Annual inventory turns is 12. How many days of
supply does that represent? - answer30
Average inventory last year was $160,000 and turns were 7. What was cost of goods
sold last year? - answer$1,120,000
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