FREE AND STUDY GAMES ABOUT INVENTORY EXAM

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FREE AND STUDY GAMES ABOUT INVENTORY EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -222 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: What are the inventory management personnel tasks?

Answer:

Classify, label, maintain inventory and keep accurate records, including location for easy retrieval

Question 2: What is the key inventory cost?

Answer:

The amount of dollars invested in inventory

Question 3: What can accurate demand planning prevent?

Answer:

both oversupply and undersupply of inventory Question 4: What is the important to use the Pareto's principles to rank inventory?

Answer:

Because it enables the separation of the vital few from the trivial many

Question 5: Inventory managers can take advantage of Pareto's principles?

Answer:

True

Question 6: What is SCM is about?

Answer:

SCM is about integrating supply and demand within across multiple companies and organizations

Question 7: What else WMS is used for?

Answer:

In manufacturing is used to generate work orders, work center routings, bills of materials, and other manufacturing documents

Question 8: What is the QR (Quick Response) - Minimal Inventory Storage?

Answer:

It means that when a customer purchases a product in a store the scanned barcode sends an electronic message throughout the store's inventory system

Question 9: What is called the difference between the Min-Max?

Answer:

Economic Order Quantity (EOQ)

Question 10: Inventory control crosses several functional boundaries?

Answer:

True

Question 11: Perpetual vs Periodic Accounting

Answer:

Perpetual system normally accounts for all transactions and is associated with computer system.Periodic system requires someone to physically count what is on hand when information is needed and it is associated with manual systems

Question 12: What is the formula of Mean Absolute Percent Error?

Answer:

Forecasted - Actual / Actual x 100 (expressed in percentage), at the end get the average

Question 13: What is the metric days of supply?

Answer:

It measures the amount of days' use of inventory is on hand Question 14: The procedures for establishing and conducting cycle counts are similar to the procedures for taking a periodic physical inventory

Answer:

True

Question 15: What is promotional stock?

Answer:

Inventory held to respond QUICKLY to marketing promotions or price incentives

Question 16: What are the forecast models used?

Answer:

Simple Moving Average and Weighted Moving Average

Question 17: What are the other names of shipping container code? (SCC)

Answer:

ITF-14, SCC-14, Master Carton Code and UPC (Universal Product Code)

Question 18: What are the consequences of inaccurate inventory?

Answer:

Over or under-ordering replenishment inventory

Question 19: Is measuring inventory performance important?

Answer:

Yes, it does play an important role in determining where future courses of action should be taken

Question 20: Companies today use IMS that have integrated IMSoftware

Answer:

True

Question 21: What is the consequence of too little inventory?

Answer:

Lost sales and lost customers Question 22: What is the type of technology that uses radio waves frequency to identify objects automatically (track and manage inventory)

Answer:

RFID

Question 23: What is shrinkage?

Answer:

Loss of material through handling damage, theft, or neglect

Question 24: What are carrying (STOCKING) costs?

Answer:

Buildings (warehouses), utilities, systems to track inventory and labor to manage the tracking systems.Borrowed funds

Question 25: What slotting systems do?

Answer:

Develop recommendations for redeploying inventory in the warehouse to reduce picking time and improve efficiency

Question 26: Can you summarize the Pareto rule

Answer:

20% of the items held in stock account for approximately 80% of the total value of inventory Question 27: What the inventory carrying cost or inventory service cost relates to?

Answer:

Taxes and insurance

Question 28: Cite two examples of postponement

Answer:

Dell computers and paint stores