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OM 300 Nunnelly Exam 3 Questions And Answers Rated A+
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OM 300 Nunnelly Exam 3 Questions And Answers Rated A+ One use of inventory is A. to tightly synchronize production and distribution processes. B. to provide a hedge against inflation. C. to tightly synchronize a firm's production with its customers' demand. D. to ensure that item cost is maxim...

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  • September 1, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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OM 300 Nunnelly Exam 3 Questions And Answers
Rated A+
One use of inventory is

A. to tightly synchronize production and distribution processes.

B. to provide a hedge against inflation.

C. to tightly synchronize a firm's production with its customers' demand.

D. to ensure that item cost is maximized. ANS B



The objective of inventory management is to

A. decouple various parts of the production process.

B. provide a selection of goods for anticipated customer demand.

C. take advantage of quantity discounts.

D. strike a balance between inventory investment and customer service. ANS D



Which of the following types of inventory describes inventory that has been purchased but not processed?

A. maintenance/repair/operating supply inventory

B. finished-goods inventory

C. work-in-process inventory

D. raw material inventory ANS D



What is the cost to prepare a machine or process for production?

A. setup cost

B. ordering cost

C. holding cost

D. preparation cost ANS A



The difference between the basic EOQ model and the production order quantity model is that

A. the production order quantity model does not require the assumption of instantaneous delivery.

B. the production order quantity model does not require the assumption of known, constant demand.

C. there are no holding costs in the production order quantity model.

, D. the EOQ model does not require the assumption of known, constant lead time. ANS A



Extra units that are held in inventory to reduce stockouts are called

A. just-in-time inventory.

B. demand variance.

C. reorder point.

D. safety stock. ANS D



What is the major difference in focus between a location decision in the service sector vs. the manufacturing sector?

A. The focus in manufacturing is on revenue maximization, while the focus in service is on cost minimization.

B. The focus in service is on revenue maximization, while the focus in manufacturing is on cost minimization.

C. The focus in manufacturing is on labor, while the focus in service is on raw materials.

D. There is no difference in focus. ANS B



Which of the following statements is NOT true regarding location decisions?

A. Location decisions are important because location has a major impact on the overall risk and profit of the
company.

B. Location decisions to support a low-cost strategy require particularly careful consideration.

C. Location often has the power to make or break a company's business strategy.

D. Once management is committed to a specific location, many costs become relatively easy to reduce. ANS D



What term refers to the location of competing companies near each other?

A. clustering

B. centralizing

C. neighboring

D. battling ANS A



Which of the following is NOT an example of tangible costs?

A. depreciation

B. labor

C. utilities

D. public transportation facilities ANS D

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