Inventory correct answers According to APICS, "those stocks or items used to support production, supporting activities, and customer service
cycle stock correct answers Components or products that are received in bulk by a downstream partner, gradually used up, and then replenished again in bulk...
OMGT 6213 Final || WITH 100% PASSED ANSWERS.
Inventory correct answers According to APICS, "those stocks or items used to support
production, supporting activities, and customer service
cycle stock correct answers Components or products that are received in bulk by a
downstream partner, gradually used up, and then replenished again in bulk by the upstream
partner.
safety stock correct answers Extra inventory that a company holds to protect itself against
uncertainties in either demand or replenishment time.
Anticipation Inventory correct answers inventory that is held in anticipation of customer
demand
hedge inventory correct answers According to APICS, a "form of inventory buildup to buffer
against some event that may not happen. Hedge inventory planning involves speculation
related to potential labor strikes, price increases, unsettled governments, and events that could
severely impair the company's strategic initiatives."
transportation inventory correct answers Inventory that is moving from one link in the supply
chain to another.
smoothing inventory correct answers Inventory that is used to smooth out differences
between upstream production levels and downstream demand
inventory drivers correct answers business conditions that force companies to hold inventory
supply uncertainty correct answers the risk of interruptions in the flow of components from
upstream suppliers
Demand Uncertainty correct answers the risk of significant and unpredictable fluctuations in
downstream demand
Independent Demand Inventory correct answers Inventory items whose demand levels are
beyond a company's complete control
Dependent demand inventory correct answers inventory items whose demand levels are tied
directly to a company's planned production of another item
Periodic Review System correct answers An inventory system that is used to manage
independent demand inventory where the inventory level for an item is checked at regular
intervals and restocked to some predetermined level.
service level correct answers A term used to indicate the amount of demand to be met under
conditions of demand and supply uncertainty
Continous Review System correct answers an inventory system used to manage independent
demand inventory. The inventory level for an item is constantly monitored, and when the
reorder point is reached, and order is released
, Economic Order Quantity (EOQ) correct answers The order quantity that minimizes annual
holding and ordering costs for an item
logistics management correct answers According to the Council of Supply Chain
Management Professionals (CSCMP), "that part of supply chain management that plans,
implements, and controls the efficient, effective forward and reverse flow and storage of
goods, services and related information between the point of origin and the point of
consumption in order to meet customers' requirements."
sustainability correct answers performing activities in a manner that meet the needs of the
present without compromising the ability of future generations to meet their needs
direct truck shipment correct answers a shipment made directly, with no additional stops,
changing of trucks, or loading of additional cargo
less than truckload shipment correct answers a smaller shipment, often combined with other
loads to reduce costs and improve truck efficiencies
Multimodal Solution correct answers A transportation solution that seeks to exploit the
strengths of multiple transportation modes through physical, information, and monetary flows
that are as seamless as possible
Roadrailer correct answers A specialized rail car the size of a standard truck trailer that can
be quickly switched from rail to ground transportation by changing the wheels
Warehousing correct answers Any operation that stores, repackages, stages, sorts, or
centralizes goods or materials. Organizations use warehousing to reduce transportation costs,
improve operational flexibility, shorten customer lead times, and lower inventory costs.
consolidation warehousing correct answers A form of warehousing that pulls together
shipments from a number of sources in the same geographic area and combines them into
larger and more economical loads
cross docking correct answers A form of warehousing in which large incoming shipments are
received and then broken down into smaller outgoing shipments to demand points in a
geographic area. Cross-docking combines the economies of large incoming shipments with
the flexibility of smaller local shipements.
Break-bulk warehousing correct answers a specialized form of cross-docking in which the
incoming shipments are from a single source or manufacturer
hub-and-spoke system correct answers A form of warehousing in which strategically placed
hubs are used as sorting or transfer facilities. The hubs are typically located at convenient,
high- traffic locations. The "spokes" refer to the routes serving the destinations associated
with the hubs.
Postponement warehousing correct answers A form of warehousing that combines classic
warehouse operations with light manufacturing and packaging duties to allow firms to put off
final assembly or packaging of goods until the last possible moment
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