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Week 11: Medium Term Decisions

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Quiz on Week 11: Medium Term Decisions, created by Ade Sauer on 13/11/2020.
Ade Sauer
Quiz by Ade Sauer, updated more than 1 year ago
Ade Sauer
Created by Ade Sauer over 3 years ago
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Resource summary

Question 1

Question
What is the core philosophy behind lean?
Answer
  • Lean simply means just-in-time
  • Lean deals with the speedy production and delivery of good and services
  • Lean is concerned with the elimination of waste
  • Lean views inventory as useful

Question 2

Question
Which of these is not an inventory type?
Answer
  • Work in process (WIP)
  • Components
  • Raw materials
  • Economic order quantity

Question 3

Question
Using lean principles will typically not reduced a company's lead time.
Answer
  • True
  • False

Question 4

Question
According to the lecture videos, the company will usually define value.
Answer
  • True
  • False

Question 5

Question
Which of these is not a tool used to achieve a lean workplace?
Answer
  • VSM
  • 5S
  • Kanban
  • Kuflow
  • Kaizen

Question 6

Question
In a traditional push system, throughput time will usually increase as work-in-process increases.
Answer
  • True
  • False

Question 7

Question
Which of the following is one of the differences between a push and a pull system?
Answer
  • A push system keeps operators and materials busy, while a pull system keeps operators unbusy and materials busy
  • A push system keeps operators and materials unbusy, while a pull system keeps operators busy and materials unbusy
  • A push system keeps operators unbusy and materials busy, while a pull system keeps operators and materials busy
  • A push system keeps operators busy and materials unbusy, while a pull system keeps operators and materials unbusy

Question 8

Question
Which tool is used in lean systems to establish pull?
Answer
  • VSM
  • 5S
  • Kanban
  • Kuflow
  • Kaizen

Question 9

Question
When conducting production planning, which of the following is considered internal to the company?
Answer
  • Competitor's behaviour
  • Market demand
  • Inventory levels
  • Raw material availability
  • Economic conditions

Question 10

Question
Which of these is not an internal strategy used by companies to match supply with demand?
Answer
  • Hire and fire
  • Subcontracting
  • Changing production rates
  • Using excess inventory
  • Offering promotions

Question 11

Question
Which of the following is not a cost associated with inventory?
Answer
  • Ordering costs
  • Obsolescence costs
  • Shrinkage costs
  • Economic costs
  • Opportunity costs

Question 12

Question
Which of the following is not a reason companies keep inventories?
Answer
  • To hedge against uncertain demand
  • To hedge against uncertain supply
  • To economize on ordering costs
  • To economize on holding costs
  • For smoothening production

Question 13

Question
In inventory management it is important to know how much to order and when to order. These two concepts are referred to as?
Answer
  • Economic Reorder Quantity and Order Point
  • Economic Reorder Point and Order Quantity
  • Economic Order Quantity and Reorder Point
  • Economic Order Point and Reorder Quantity

Question 14

Question
In deriving the formula which calcuates Q*: Q* = sqrt(2 * D * S / H) which of the following is not an assumption we make?
Answer
  • Demand is known
  • Replenishment is immediate or at least known
  • The only relevant costs are ordering costs, demand costs and holding costs
  • Demand is constant

Question 15

Question
Rob, 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)
Answer
  • 677 cars and 263 cars
  • 8 cars and 263 cars
  • 8 cars and 4167 cars
  • 677 cars and 4167 cars

Question 16

Question
Alicia'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?
Answer
  • 3 units
  • 159 units
  • 50 units
  • 30 units

Question 17

Question
Bob 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)
Answer
  • Bob will order for more trucks when he has 355 trucks in his inventory
  • Bob will order for more trucks when he has 145 trucks in his inventory
  • Bob will order for more trucks on the 106th day of the year
  • Bob will order for more trucks before 106 days

Question 18

Question
Which lean tool is used to seek perfection?
Answer
  • VSM
  • 5S
  • Kanban
  • Kuflow
  • Kaizen

Question 19

Question
In a pull system the production line is controlled by the first operation.
Answer
  • True
  • False

Question 20

Question
Reorder point is typically defined in terms of quantity, and sometimes in terms of time.
Answer
  • True
  • False
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