Quiz
Week 11: Medium Term Decisions
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Questions in this quiz (20)
1What is the core philosophy behind lean?
- ALean simply means just-in-time
- BLean deals with the speedy production and delivery of good and services
- CLean is concerned with the elimination of waste
- DLean views inventory as useful
2Which of these is not an inventory type?
- AWork in process (WIP)
- BComponents
- CRaw materials
- DEconomic order quantity
3Using lean principles will typically not reduced a company's lead time.
- ATrue
- BFalse
4According to the lecture videos, the company will usually define value.
- ATrue
- BFalse
5Which of these is not a tool used to achieve a lean workplace?
- AVSM
- B5S
- CKanban
- DKuflow
- EKaizen
6In a traditional push system, throughput time will usually increase as work-in-process increases.
- ATrue
- BFalse
7Which of the following is one of the differences between a push and a pull system?
- AA push system keeps operators and materials busy, while a pull system keeps operators unbusy and materials busy
- BA push system keeps operators and materials unbusy, while a pull system keeps operators busy and materials unbusy
- CA push system keeps operators unbusy and materials busy, while a pull system keeps operators and materials busy
- DA push system keeps operators busy and materials unbusy, while a pull system keeps operators and materials unbusy
8Which tool is used in lean systems to establish pull?
- AVSM
- B5S
- CKanban
- DKuflow
- EKaizen
9When conducting production planning, which of the following is considered internal to the company?
- ACompetitor's behaviour
- BMarket demand
- CInventory levels
- DRaw material availability
- EEconomic conditions
10Which of these is not an internal strategy used by companies to match supply with demand?
- AHire and fire
- BSubcontracting
- CChanging production rates
- DUsing excess inventory
- EOffering promotions
11Which of the following is not a cost associated with inventory?
- AOrdering costs
- BObsolescence costs
- CShrinkage costs
- DEconomic costs
- EOpportunity costs
12Which of the following is not a reason companies keep inventories?
- ATo hedge against uncertain demand
- BTo hedge against uncertain supply
- CTo economize on ordering costs
- DTo economize on holding costs
- EFor smoothening production
13In inventory management it is important to know how much to order and when to order. These two concepts are referred to as?
- AEconomic Reorder Quantity and Order Point
- BEconomic Reorder Point and Order Quantity
- CEconomic Order Quantity and Reorder Point
- DEconomic Order Point and Reorder Quantity
14In deriving the formula which calcuates Q*:
Q* = sqrt(2 * D * S / H)
which of the following is not an assumption we make?- ADemand is known
- BReplenishment is immediate or at least known
- CThe only relevant costs are ordering costs, demand costs and holding costs
- DDemand is constant
15Rob, a car salesman, sold 8,000 cars last year and typically buys his cars from auto auctions. Getting new cars from an auto auction takes 12 days to arrive at a cost of $20,000 per shipment. If it costs Rob $700 per car per year to keep a car in his shop, calculate his EOQ and ROP respectively.
(Assume there are 366 days per year)- A677 cars and 263 cars
- B8 cars and 263 cars
- C8 cars and 4167 cars
- D677 cars and 4167 cars
16Alicia's used clothes store wants to know the best order size when replenishing. She has estimated that the annual demand for their used clothes is 5000 units. The total cost to hold all of the annual demand is $60,000 and she estimates that each order costs $30 to replace. Using EOQ, how many units of used clothes should Alicia order each time?
- A3 units
- B159 units
- C50 units
- D30 units
17Bob is a truck retailer based in Spain. His annual demand is 500 trucks. As an enthusiastic supply chain manager, he found after a series of calculations that his reorder point is 145 units of trucks. What does this mean?
(Assume there are 365 days in a year)- ABob will order for more trucks when he has 355 trucks in his inventory
- BBob will order for more trucks when he has 145 trucks in his inventory
- CBob will order for more trucks on the 106th day of the year
- DBob will order for more trucks before 106 days
18Which lean tool is used to seek perfection?
- AVSM
- B5S
- CKanban
- DKuflow
- EKaizen
19In a pull system the production line is controlled by the first operation.
- ATrue
- BFalse
20Reorder point is typically defined in terms of quantity, and sometimes in terms of time.
- ATrue
- BFalse
Information
- Description
- Quiz on Week 11: Medium Term Decisions, created by Ade Sauer on 13/11/2020.
- Author
- Ade Sauer
- Language
- English
- Views
- 277
- History
- Created on 13 Nov 2020 · updated on 27 Nov 2020
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- 5.0 out of 5 · 1 rating Rate this quiz