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OM |! 300 |! Exam |! 4 |! with |! precise |! detailed
|! answers
In |! work |! sampling, |! when |! should |! observations |! be |! taken? |! - |! Correct |! answer |! ✔At |! random |! time Kanban |! is |! not |! associated |! with: |! - |! Correct |! answer |! ✔Increased |! material |! handling Looking |! at |! vertical |! integration, |! when |! you |! consider |! backward |! integration |! you |! are |! - |! Correct |! answer |! ✔moving |! back |! in |! time |! (Apple |! going |! back |! to |! the |! orchard) Throughput |! measures |! the |! time: |! - |! Correct |! answer |! ✔that |! it |! takes |! to |! process |! one |! unit |! at |! a |! station. Which |! of |! the |! following |! is |! a |! visual |! signal |! at |! a |! machine |! that |! notifies |! support |! personnel |! about |! the |! machine: |! - |! Correct |! answer |! ✔Andon In |! lean |! production, |! the |! term |! poka |! yoke |! means: |! - |! Correct |! answer |! ✔Fool |! Proof
Method |! that |! is |! specifically |! characterized |! by |! a |! focus |! on |! continuous |! improvement, |! respect |! for |! people, |! and |! standard |! work |! practiced? |! - |! Correct |! answer |! ✔Toyota |! Production |! System |! (TPS) To |! the |! operation |! manager, |! one |! beneficial |! use |! of |! inventory |! is: |! - |! Correct |! answer |! ✔to |! ensure |! that |! item |! cost |! is |! maximized. Ergonomics |! is |! the |! study |! of: |! - |! Correct |! answer |! ✔the |! human |! interface |! with |! the |! environment |! and |! machines. What |! is |! the |! cost |! to |! prepare |! a |! machine |! or |! process |! for |! production? |! - |! Correct |! answer |! ✔Setup |! Cost In |! operations, |! VMI |! means: |! - |! Correct |! answer |! ✔Vendor |! Managed |! Inventory What |! does |! the |! Japanese |! word |! Kanban |! mean? |! - |! Correct |! answer |! ✔Card The |! term |! "3PL" |! stands |! for: |! - |! Correct |! answer |! ✔Third |! Party |! Logistics |! Company In |! lean |! production, |! Gemba |! stands |! for: |! - |! Correct |! answer |! ✔Going |! to |! the |! source
Situation |! in |! which |! suppliers |! compete |! with |! one |! another; |! greater |! responsibility: |! - |! Correct |! answer |! ✔Many |! Suppliers *Situation |! in |! which |! buyer |! forms |! strong |! intimate |! relationships |! with |! suppliers: |! - |! Correct |! answer |! ✔Few |! Suppliers Examples |! include |! Pepsi |! getting |! into |! bottling |! and |! Apple |! acting |! as |! a |! chipmaker |! but |! also |! a |! retail |! store |! owner. |! - |! Correct |! answer |! ✔Vertical |! Integration Developing |! the |! ability |! to |! produce |! goods |! or |! services |! previously |! purchased: |! - |! Correct |! answer |! ✔Vertical |! Integration Six |! Sourcing |! Strategies: |! - |! Correct |! answer |! ✔- |! Many |! suppliers
- |! Few |! suppliers
- |! Vertical |! integration
- |! Joint |! ventures
- |! Keiretsu |! networks
- |! Virtual |! Companies Cooperation |! without |! diluting |! brand |! or |! conceding |! competitive |! advantage; |! formal |! collaboration. |! - |! Correct |! answer |! ✔Joint |! Ventures
A |! middle |! ground |! between |! few |! suppliers |! and |! vertical |! integration; |! members |! expects |! long-term |! relationships |! and |! provide |! technical |! expertise |! and |! stable |! deliveries. |! - |! Correct |! answer |! ✔Keiretsu |! Networks Rely |! on |! a |! variety |! of |! supplier |! relationships |! to |! provide |! services |! on |! demand; |! exceptionally |! lean |! performance, |! low |! capital |! investment, |! flexibility, |! and |! speed. |! - |! Correct |! answer |! ✔Virtual |! Companies A |! risk |! of |! a |! supply |! chain |! is |! having |! fewer |! suppliers |! which |! _______________. |! - |! Correct |! answer |! ✔leads |! to |! increased |! dependence Companies |! reduce |! supply |! chain |! risk |! through |! risk |! and |! mitigation |! tactics |! such |! as: |! - |! Correct |! answer |! ✔- |! Innovative |! planning
- |! Diversified |! supplier |! base
- |! Prepared |! responses |! for |! negative |! events _______________- |! occurs |! when |! orders |! are |! relayed |! through |! the |! supply |! chain |! increasing |! at |! each |! step. |! - |! Correct |! answer |! ✔Bullwhip |! Effect One |! of |! the |! main |! opportunities |! for |! managing |! an |! integrated |! supply |! chain: |! Accurate |! _____ |! data: |! - |! Correct |! answer |! ✔Pull
Formula: |! Inventory |! Turnover |! = |! - |! Correct |! answer |! ✔(C.O.G.S./Inventory |! Investment) Weeks |! of |! Supply |! = |! - |! Correct |! answer |! ✔Inventory |! Investment/(Annual |! C.O.G.S./52 |! Weeks) Objective |! of |! inventory |! management: |! - |! Correct |! answer |! ✔strike |! a |! balance |! between |! inventory |! investment |! and |! customer |! service. ABC |! Analysis |! - |! Correct |! answer |! ✔Class |! A |! - |! high |! annual |! dollar |! volume Class |! B |! - |! medium |! annual |! dollar |! volume Class |! C |! - |! low |! annual |! dollar |! volume _______________ |! demand |! - |! the |! demand |! for |! item |! is |! independent |! of |! the |! demand |! for |! any |! other |! item |! in |! inventory |! - |! Correct |! answer |! ✔Independent |! Demand __________ |! - |! the |! demand |! for |! item |! is |! dependent |! upon |! the |! demand |! for |! some |! other |! item |! in |! the |! inventory |! - |! Correct |! answer |! ✔Dependent |! Demand _________ |! Costs |! - |! the |! costs |! of |! holding |! or |! "carrying" |! inventory |! over |! time. |! - |! Correct |! answer |! ✔Holding/Carrying
_________ |! Costs |! - |! the |! costs |! of |! placing |! an |! order |! and |! receiving |! goods. |! - |! Correct |! answer |! ✔Ordering _________ |! costs |! - |! cost |! to |! prepare |! a |! machine |! or |! process |! for |! manufacturing |! an |! order |! - |! Correct |! answer |! ✔Setup The |! Optimal |! Order |! Quantity |! is |! when |! Ordering |! Cost |! = |! _____________________ |! - |! Correct |! answer |! ✔Holding |! Cost Optimal |! order |! quantity |! occurs |! when |! holding |! cost |! and |! ________ |! are |! equal. |! - |! Correct |! answer |! ✔Setup |! cost Q |! = |! - |! Correct |! answer |! ✔Number |! of |! pieces |! ordered Q |! = |! - |! Correct |! answer |! ✔Optimal |! number |! of |! pieces |! per |! order |! (EOQ) D |! - |! Correct |! answer |! ✔Annual |! demand |! in |! units |! for |! the |! inventory |! items S |! = |! - |! Correct |! answer |! ✔Setup |! or |! ordering |! cost |! for |! each |! order H |! = |! - |! Correct |! answer |! ✔Holding |! or |! carrying |! cost |! per |! unit |! per |! year Formula: |! Annual |! Setup |! Cost |! = |! - |! Correct |! answer |! ✔(D/Q)S
Waste |! is |! anything |! that |! does |! not |! add |! ____ |! from |! the |! customer |! point |! of |! view |! - |! Correct |! answer |! ✔Value Ohno's |! 7 |! Wastes: |! - |! Correct |! answer |! ✔Overproduction Queues Transportation Inventory Motion Overprocessing Defective |! products The |! 5Ss |! - |! Correct |! answer |! ✔- |! Sort/segregate |! - |! when |! in |! doubt, |! throw |! it |! out
- |! Simplify/straighten |! - |! methods |! analysis |! tools
- |! Shine/sweep |! - |! clean |! daily
- |! Standardize |! - |! remove |! variations |! from |! processes
- |! Sustain/self-discipline |! - |! review |! work |! and |! recognize |! progress The |! problem |! with |! inventory |! is |! that |! it |! _________ |! variability |! - |! Correct |! answer |! ✔Hides ___________ |! reduce |! shipping |! costs |! but |! increase |! inventory |! holding |! and |! do |! not |! reflect |! actual |! sales |! - |! Correct |! answer |! ✔Lot |! Sizes
A |! sequence |! of |! kanbans |! _______ |! material |! through |! the |! process |! (card) |! - |! Correct |! answer |! ✔Pulls In |! lean |! quality, |! because |! lead |! times |! are |! shorter, |! quality |! problems |! are |! _______ |! ______. |! - |! Correct |! answer |! ✔exposed |! sooner Build |! an |! organizational |! culture |! and |! value |! system |! that |! stresses |! improvement |! of |! all |! processes, |! _________. |! - |! Correct |! answer |! ✔Kaizen Stopping |! the |! system |! because |! of |! a |! defect |! is |! called |! __________. |! - |! Correct |! answer |! ✔Jidoka _______________ |! walks |! to |! see |! work |! being |! performed; |! "where |! value |! is |! created" |! - |! Correct |! answer |! ✔Genba A |! supply |! chain |! ends |! with A. suppliers. B. manufacturers. C.
B.
e-procurement. C. postponement. D. single |! stage |! control |! of |! replenishment. |! - |! Correct |! answer |! ✔A Three |! criteria |! for |! designing |! distribution |! networks |! to |! meet |! customer |! expectations |! are: A. rapid |! response, |! low |! cost, |! and |! service. B. low |! cost, |! product |! choice |! and |! service. C. rapid |! response, |! product |! choice, |! and |! service. D. low |! cost, |! rapid |! response |! and |! product |! choice. |! - |! Correct |! answer |! ✔C Three |! common |! measures |! of |! supply |! chain |! performance |! are: A. percentage |! invested |! in |! inventory, |! inventory |! turnover, |! and |! weeks |! of |! supply.
B.
percentage |! invested |! in |! inventory, |! debt/equity |! ratio, |! and |! weeks |! of |! supply. C. percentage |! invested |! in |! inventory, |! inventory |! turnover, |! and |! debt/equity |! ratio. D. debt/equity |! ratio, |! inventory |! turnover, |! and |! weeks |! of |! supply. |! - |! Correct |! answer |! ✔A One |! use |! of |! inventory |! is A. to |! provide |! a |! hedge |! against |! inflation. B. to |! tightly |! synchronize |! a |! firm's |! production |! with |! its |! customers' |! demand. C. to |! ensure |! that |! item |! cost |! is |! maximized. D. to |! tightly |! synchronize |! production |! and |! distribution |! processes. |! - |! Correct |! answer |! ✔A The |! objective |! of |! inventory |! management |! is |! to
Policies |! based |! on |! ABC |! analysis |! might |! include |! investing A. extra |! care |! in |! forecasting |! for |! C |! items. B. more |! in |! supplier |! development |! for |! A |! items. C. the |! most |! time |! and |! effort |! verifying |! the |! accuracy |! of |! records |! for |! B |! items. D. more |! in |! inventory |! security |! for |! C |! items. |! - |! Correct |! answer |! ✔B Which |! of |! the |! following |! does |! NOT |! belong |! to |! ordering |! costs? A. interest |! payments B. order |! processing C. clerical |! support D. cost |! of |! supplies |! - |! Correct |! answer |! ✔A Which |! of |! the |! following |! does |! NOT |! belong |! to |! holding |! costs?
A.
order |! processing B. storage |! costs C. insurance |! on |! inventory D. pilferage, |! scrap, |! and |! obsolescence |! - |! Correct |! answer |! ✔A What |! is |! the |! cost |! to |! prepare |! a |! machine |! or |! process |! for |! production? A. setup |! cost B. preparation |! cost C. ordering |! cost D. holding |! cost |! - |! Correct |! answer |! ✔A The |! difference |! between |! the |! basic |! EOQ |! model |! and |! the |! production |! order |! quantity |! model |! is |! that A.
A.
motion B. energy C. queues D. transportation |! - |! Correct |! answer |! ✔B 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? A. procrastination |! system B. pull |! system C. requisition |! system D. push |! system |! - |! Correct |! answer |! ✔B What |! is |! the |! formula |! for |! determining |! the |! number |! of |! kanban |! cards |! or |! containers?
A.
EOQ |! / |! Size |! of |! container B. (Demand |! during |! lead |! time |! / |! Size |! of |! container) |! + |! Safety |! stock C. (Demand |! during |! lead |! time |! + |! Safety |! stock) |! / |! Size |! of |! container D. (EOQ |! + |! Safety |! stock) |! / |! Size |! of |! container |! - |! Correct |! answer |! ✔C Which |! of |! the |! following |! is |! NOT |! a |! Lean |! inventory |! tactic? A. reduce |! setup |! time B. reduce |! lot |! size C. use |! group |! technology D. use |! a |! push |! system |! to |! move |! inventory |! - |! Correct |! answer |! ✔D Which |! of |! the |! following |! words |! means |! continuous |! improvement |! in |! Japanese? A.
