Cpic Study guides, Class notes & Summaries

economic order quantity formula - Answer Annual Carrying Cost=Annual Ordering Cost (order quantity/2) x cost per unit x carrying cost percentage=Annual Demand/Lot-Size Quantity x Cost per Order EOQ=Square Root (2AS/Ci)=Square Root of [(2 x Annual Demand x Cost per Order)/{Cost per Unit x Carrying Cost %)] 5 S's of Lean - Answer sort, set in order, shine, standardize, and sustain Hoshin planning - Answer Japanese strategic planning process in which a company develops up to four visio...

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inventory investment - Answer the dollars that are in all levels of inventory semifinished goods - Answer products that have been stored in an incomplete state and are awaiting final operations that will adapt them to different uses or customer specifications MRO supplies - Answer items used in eneral support of operations and maintenance, such as maintenance suppllies, spare parts, and consumables used in the manufacturing process and support operations independent demand - Answer the ...

14 Points - Answer W. Edwards Deming's 14 management practices to help companies increase their quality and productivity A3 Method - Answer A means of compactly describing a business process Abnormal Demand - Answer Demand in any period that is outside the limits established by management policy Absorption Costing - Answer An approach to inventory valuation in which variable costs and a portion of fixed costs are assigned to each unit production. Acceptable Quality Level (AQL) - Ans...

ABC classification - Answer Process of classifying items in descending order based on annual dollar volume or some other criteria. The list is then split into 3 classes - A, B, and C. A represents 10-20% of items but 50-70% of dollar volume; B represents 20% of items and 20% of dollar volume; C represents 60-70% of items but 10-30% of dollar volume. This principle states that effort and money can be saved by applying looser controls to the low dollar volume items (C class) than the higher dollar...

APIC's CPIM Part 1 Practice Exams Questions With 100% Correct Answers. The ability of a company to address the needs of and inquiries and requests from customers refers to: on-time delivery. customer service. order fill rates. customer relationship management. -Answer-customer service.: Customer service is the ability of a company to address the needs of and inquiries and requests from customers. Which of the following is included in the cost of goods sold? Standard cost General and ...

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APIC'S CPIM Part 1 Post Test (Q & A) Already Passed!!

APICS CPIM Part 1 Questions and Answers Pareto Chart -Answer-graphical tool used for ranking causes from most to least significant TQM: Employee Involvement -Answer-TQM is everyone's responsivbility and this means everyone needs to commit to not only doing their jobs but improving. Cross-training, training on quality, training problem solving and root cause analysis achieve this goal Voice of the Customer -Answer-The actual customer descriptions in words for the functions and features the...

APICS CPIM Part 1 Section A Exam Questions And Answers 100% Solved Which of the following is a planned series of actions or operations that advances a material or procedure from one stage of completion to another? work-in-process. task. process. project. - answerC. process Which of the following entities or conditions impacts demand by providing expectations that products will be sold at a fair price, that higher quality is required, that delivery lead time is negligible, that before- ...