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Inventory Control (CLT) - Chapter 5 Questions And Answers With Complete Solutions 100% Correct
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Inventory Control (CLT) - Chapter 5 Questions And Answers With Complete Solutions 100% Correct
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Inventory Control (CLT) - Chapter 5 QuestionsAnd Answers With Complete Solutions 100%
Correct
Inventory Control Fundamentals - ANSWER Process of identifying materials,
managing storage space and racking and controlling materials
Three basic types of Inventory - ANSWER Raw materials - consist of component
inventory used to feed into production or manufacturing lines
WIP (Work-in-process) - made up of partially finished goods between steps in the
manufacturing process
Finished Goods - consist of inventory that comes to the warehouse or distribution
center packaged and ready for shipment
Aggregate Inventory Management - ANSWER Involves total inventory
movement rather than moving individual items
This is the inventory used for calculating inventory turn
Inventory Turn - ANSWER Metric for assessing competitiveness, project profits
and determine profitability
Item Inventory - ANSWER Deals with inventory at the item level
, Warehouse Management System (WMS) - ANSWER - Provides inventory data
such as quantity, location, status and other relevant information
- Provides real time information on location and quantity of inventory available
- Used in generating pick list and gives direction to material handlers, order
pickers, shipping and receiving personnel
Just-in-time (JIT) Inventory - ANSWER The concept of having at hand the
necessary units in the necessary quantities at the necessary time
Not the right approach for every type of operation
Developed by the Japanese to mimic the principle of JIT manufacturing
Underlying concepts of JIT - ANSWER - Minimize inventory
- Produce only the exact number of units needed at the required time
- Understand that producing one extra piece is just as bad as needing one extra
piece
- Considers anything over minimum amount as waste
- Respond quickly to changes in demand
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