Supply chain exam 3 - personalized study plan

chapter 11

​"Any idle resource held for future use -

those stocks or items used to support production​ (raw materials), supporting activities​ (drill bits) and customer service​ (finished goods, spare​ parts)" is the definition of

inventory

The type of demand which comes from outside the​ organization, is​ unpredictable, and usually forecasted is

independent

The type of demand which is tied to the production of another item​ (table legs are an​ example) is

dependent

A company which produces​ electricity, like Progress​ Energy, is considering buying extra coal to hold in inventory. They want to buffer against a potential strike at a major coal producer which would likely result in a significant price increase.

hedging

​Scholastic, the book​ publisher, has their​ suppliers, book​ printers, manufacture millions of Harry Potter books ahead of time so customers can have instant availability on the launch date. This type of inventory is

anticipation

A company which sources raw materials and components from overseas will hold extra inventory of these items due to a mismatch between the timing of customer demand and supply chain lead times.

transportation

A computer manufacturer receives​ 20,000 computer mice in bulk from an upstream​ supplier, gradually uses them up over​ time, then receives another bulk shipment of​ 20,000 computer mice.

This type of inventory is

cycle stock

The owner of a vending machine company has weekly stops to check the soda machine at NC State. She checks the inventory levels and fills the machine back up to its full restocking level.

She is using which of the following types of independent demand inventory​ systems?

periodic review system

Mr. Drucker uses a periodic review system to manage the inventory in his dry goods store. He likes to maintain 15 sacks of sugar on his shelves based on the annual demand figure of 225 sacks. It costs​ $2 to place an order for sugar and costs​ $1 to hold a sack in inventory for a year. Mr. Drucker checks inventory one day and notes that he is down to 9​ sacks; how much should he​ order?

6 stacks

The​ R&H Mercantile tracks the use of boxes of macaroni and cheese​ (using a periodic inventory​ system) and has concluded that demand during lead time is normally distributed with a mean of 60 boxes and a standard deviation of 24 boxes.​ R&H Mercantile has been using 91 as a reorder point.

What is the likelihood that they will run out of inventory before the next shipment​ arrives?

about 10%

A company makes​ tools, such as hammer and tape measures. One of their primary raw materials is steel and if they run out of steel they cannot make tools. The inventory level for steel is constantly monitored and when the reorder point is​ reached, an order is released for the economic order quantity.

The tool company uses which of the following independent demand inventory systems for​ steel?

continuous review system

​"An extreme change in the supply position upstream in a supply chain generated by a small change in demand downstream in the supply​ chain" is the definition of

the bull whip effect

​_______________ is holding a safety stock in a single location instead of multiple locations. Several locations then share these inventories to lower overall holding costs.

inventory pooling

Managers must decide where in the supply chain to hold inventory. In​ general, the decision about where to position inventory is based on two general truths ​(check two

​answers)​:

A.

The flexibility of inventory decreases as materials move down the supply chain.

B.

The cost and value of inventory increase as materials move up the supply chain.               

C.

The flexibility of inventory decreases as materials move up the supply chain.

D.

The cost and value of inventory increase as materials move down the supply chain.

The cost and value of inventory increase as materials move down the supply chain.

he flexibility of inventory decreases as materials move down the supply chain

The bullwhip effect says that

the farther upstream the supply​ chain, the greater the impact of a small disturbance downstream.

The cost and value of inventory increase as materials move down the supply chain. One way operations and supply chain managers counteract the negative aspect of this fact is by

inventory pooling

Chapter 12

MRP can be performed based on three​ concepts; which one of the following is NOT​ necessary?

job sequencing rules

True or false: The critical ratio is the ratio of the due date to the time it takes to perform a job

false

​_______________ is a​ time-phased planning approach similar to MRP that uses planned orders at the point of demand​ (customer, warehouse,​ etc.) to determine forecasted demand at the source level​ (often a​ plant)

distribution requirements planning

True or false: Distribution requirements planning is a supply chain approach to material requirements planning.

true

Distribution requirements planning helps to synchronize supply chain partners at the

master schedule level

Chapter 13

Any activity that does not add value to the good or service in the eyes of the consumer is

waste

"A philosophy of manufacturing based on planned elimination of all waste and on continuous improvement of​ productivity" is the definition of

just–in–time​(JIT)

Projects and​ routine, process​ work, share the feature of a defined ending point.

False

Which of the following is one of the 8 forms of​ waste?

waiting

What would we expect from a JIT plant as compared to a plant that does not use​ JIT?

more deliveries of inventory

A company puts on their Lean thinking caps and decides to attack their own processes. Where should they begin their troubleshooting​ efforts?

with the first problem that surfaces as inventory is removed from the system

Lean Six Sigma simply combines the organizational elements and tools of Six Sigma with​ Lean's focus on waste reduction.

True

_______________ seeks to minimize the level of resources required to carry out all supply chain activities

Lean supply chain management

Lean supply management implies that it is not enough for a firm to only manage the activities that occur within its walls.

True

Chapter 14

​"A temporary endeavor undertaken to create a unique​ product, service, or​ result" is the definition of

project

​"The application of​ knowledge, skills, tools and techniques to project activities to meet project​ requirements" is the definition of

project management

Which of the following statements about projects is​ best?

projects have a defined ending point

The association that actively promotes excellence in project management is

the Project Management Institute

In the​ _______________, project planners develop a broad description of what the project is and what its scope will be.

concept

If project planners believe the project is​ feasible, they proceed to the project

definition phase

The​ _______________ entails preparing detailed plans that identify​ activities, time and budget​ targets, and the resources needed to complete each task.

planning phase

In the​ _______________, the organization actually starts to execute the project plan.

performance phase

The​ _______________ is the​ "wrap-up" phase of project management.

postcompletion phase