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UNIVERSITY OF ALABAMA, OM 300, CHILCUTT FINAL (ACTUAL) 2024 QUESTIONS AND ANSWERS
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UNIVERSITY OF ALABAMA, OM 300, CHILCUTT FINAL (ACTUAL) 2024 QUESTIONS AND ANSWERS
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UNIVERSITY OF ALABAMA, OM 300, CHILCUTTFINAL (ACTUAL)
4 Functions of Inventory - ANSWERS-1. provide a selection of goods for
anticipated customer demand and to separate the firm from fluctuations in that
demand
2. decouple various parts of the production process
3. take advantage of quantity discounts
4. hedge against inflation
Types of Inventory - ANSWERS-- Raw Materials
- WIP Inventory
- MRO Inventory
- Finished Goods
Just-in-time (JIT) - ANSWERS-continuous and forced problem solving via a focus
on throughput and reduced inventory
Toyota Production System (TPS) - ANSWERS-focus on continuous improvement,
respect for people, and standard work practices
, Lean operations - ANSWERS-eliminates waste through continuous improvement
and focus on exactly what the customer wants
Kanban - ANSWERS-The Japanese word for card, which has come to mean
"signal"; a kanban system moves parts through production via a "pull" from a
signal.
Andon - ANSWERS-Japanese term for a signaling system announcing problems
encountered and assistance requested, often implemented as sets of lights over
workstations.
Kaizen - ANSWERS-a focus on continuous improvement
Gemba - ANSWERS-going to where the work is actually performed
Jidoka - ANSWERS-The Japanese term for the practice of stopping the production
line when a defect occurs.
Third Party Logistics (3PL) - ANSWERS-Outsourcing logistics activities to a
provider, which tends to bring added innovation and expertise to the logistics
system
Maintenance/repair/operating (MRO) Inventory - ANSWERS-maintenance, repair,
and operating materials
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