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GSCM 305 Exam Questions And Answers @ 2024
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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
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