Vertical integration Mattress Wholesalers, Inc. Is constantly trying to reduce inventory in its supply chain. Last year, cost of goods sold was $7. 53 million and inventory was $1. 52 million. This year, costs of goods sold is $8. 64 million and inventory investment is $1. 63 million. A) What was its weeks of supply last year? 10. 50 weeks b) What is its weeks of supply this year? 9. 81 weeks c) Is Mattress Wholesalers making progress in its inventory reduction effort? Since the number of weeks that cover the supply has decreased, Mattress Wholesalers is making progress in its inventory-reduction effort.
Which of the following would reduce distribution risk? Careful selection, monitoring and effective contracts with penalties A lawnmower assembly plant uses a variety of nuts, bolts, screws, and other fasteners in its operation. Its supplier delivers these items directly to the point of use on the assembly line and ensures that there are always sufficient quantities of fasteners to maintain the production schedule. This is an example of Vendor-managed inventory Which of the following statements is NOT one of the differentiation strategy sections? SE buffer stocks to ensure speedy supply Three common measures of supply chain performance are: Percentage invested in inventory, inventory turnover, and weeks of supply Trucking Is increasingly using computers to manage its operations Three criteria for designing distribution networks to meet customer expectations are: Rapid response, product choice, and service What is a supply chain designed to optimize both forward and reverse flows? Closed-loop supply chain Which of the following statements is NOT one of the response strategy Gather and communicate market research data
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Which of the following mitigation tactics could reduce economic risk? Purchasing contracts that address price fluctuations The do-it-yourself plucked a gallon can of base paint from the shelf of the local hardware….. This scenario is a prime example of Postponement The advantage of having many potential suppliers is their willingness to Offer lower prices in the short term The cost to produce the goods or services sold for a given period is referred to as Cost of goods sold Which of the following statements is NOT true? A closed-loop supply chain is a designed to optimize only reverse flows
Which of the following strategies is part collaboration, part purchasing from few suppliers, and part vertical integration? Keiretsu networks Airfreight Is a fast-growing mode of shipping Which of the following statements is NOT true regarding channel assembly? Channel assembly sends individual components, modules, and finished products, to the distributor. Prior to embarking on supply chain design, operations managers must first consider “make-or-buy” and outsourcing decisions A response strategy requires suppliers be selected based primarily on Capacity, speed, and flexibility
Which of the following statements is NOT generally an implication stemming from an increase in the number of facilities? Decreased total logistics cost With regard to the cost-based price model negotiation strategy, which of the following is true? Prices are based upon supplier costs What is the cost to prepare a machine or process for production? Setup cost Which of the following does NOT belong to ordering costs? Interest payments What is a system for ordering items that have little or no value at the end Of a sales period? Single-period inventory model One use of inventory is To provide a hedge against inflation
A system that triggers ordering on a uniform time basis is called A fixed-period system A statistical model applicable when product demand or any other variable is not known but can be specified by means of a probability distribution is referred as A probabilistic model BBC analysis divides an organization’s on-hand inventory into three classes based upon Annual dollar volume Cynthia Knot’s oyster bar buys fresh Louisiana oysters for $5 per pound 125. 6 pounds of oysters each day For seasonal products, the service level should be set to equal Shortage cost/ (overage cost + shortage cost)
Which of the following is NOT a type of inventory? MR. Inventory record accuracy would be decreased by Increasing stockroom accessibility A system that keeps track of each withdrawal or addition to inventory continuously is A perpetual inventory system Henries Chorea’s bakery prepares all its cakes between 4 am and 6 am The optimal stocking level for the bakery is 27 cakes The objective of inventory management is to Strike a balance between inventory investment and customer service Inventory control models assume that demand for an item is Either independent of or dependent on the demand for other items
Which of the following types of inventory describes inventory that has been purchased but not processed? Raw material inventory A single-period inventory model is NOT applicable for Furniture The appropriate level of safety stock is typically determines by Choosing the level of safety stock that assures a given service level In the single-period inventory model, the overage cost is Cost per unit – salvage value per unit Which of the following does NOT belong to holding costs? Order processing SIT has an internal focus while lean production begins with an external focus Customers
The ass developed by the Japanese do NOT include Safety Which of the following attributes is NOT for lean operations? Increase space requirements Which of the following is NOT one of Tactics One’s seven wastes? Energy Which of the following words means continuous improvement in Japanese? Kamikaze Services throughout the world use SIT, TIPS, and Lean Which of the following is NOT a SIT quality tactic? Cross-train workers to add flexibility Virtually every restaurant deals with its suppliers on A SIT basis Which of the following is NOT a SIT inventory tactic? Use a push system to move inventory
The Japanese call the practice of stopping production when a defect occurs Kodak Which of the following activities does NOT need to be virtually eliminated for a lean organization? Cross-training If there is any distinction between SIT, TIPS, and lean operations, it is that lean operations emphasize understanding the customer Which of the following statements is true regarding lean sustainability? Lean and sustainability both seek to maximize resource and economic efficiency TEX Dastard’s company wants to establish Kansas to feed a newly established work cell. Needs 17 Kansas Maggie Anomaly Motorcycle Corp..
Kanata Container size= 71 main shafts Number of Kansas= 11 Kansas What is a concept that results in material being produced only when requested and moved to where it is needed just as it is needed? Pull system In SIT partnerships, suppliers have several concerns. Which of the following is NOT such a concern? Customers’ infrequent engineering changes A manufacturer took the following actions to reduce inventory. Which Of these is generally not accepted as a SIT action? It picked the supplier that offered the lowest price based on quantity discounts Great Lakes Barge and Baggage Company makes, among other things, eatery-operated bilge pumps.