APICS Question and answers 100% correct 2024/2025 Inventory Management - correct answer The branch of business management concerned with planning and controlling inventories.
Inventory Planning - correct answer The activities and techniques of determining the desired level of items, whether ...
APICS - CLTD Certification (Module 6)
Inventory Management - correct answer ✔The branch of business
management concerned with planning and controlling inventories.
Inventory Planning - correct answer ✔The activities and techniques of
determining the desired level of items, whether raw materials, work in
process, or finished products.
Inventory Control - correct answer ✔The activities and techniques of
maintaining the desired levels of items, whether raw materials, work in
process, or finished products.
Inventory - correct answer ✔Those stocks or items used to support
production (raw mats and work-in-process items), supporting activities
(maintenance, repair, and operating supplies), and customer service (finished
goods and spare parts).
Work in Process (WIP) - correct answer ✔A good or goods in various stages
of completion throughout the plant, including all material from raw mats that
has been released for initial processing up to completely processed material
awaiting final inspection and acceptance as finished goods inventory.
Maintenance, Repair, and Operating (MRO) Supplies - correct answer
✔Items used in support of general operations and maintenance such as
maintenance supplies, spare parts, and consumables used in the
manufacturing process and supporting operations.
Decoupling - correct answer ✔Creating independence between supply and
use of material.
, Economy of Scale - correct answer ✔A phenomenon whereby larger
volumes of production reduce unit cost by distributing fixed costs over a larger
quantity.
Level of Service - correct answer ✔A measure (usually expressed as a
percentage) of satisfying demand through inventory or by the current
production schedule in time to satisfy the customers' requested delivery dates
and quantities.
Stockout - correct answer ✔A lack of materials, components, or finished
goods that are needed.
On-Time Schedule Performance - correct answer ✔A measure (percentage)
of meeting the customer's originally negotiated delivery request date.
Stockout Percentage - correct answer ✔A measure of the effectiveness with
which a company responds to actual demand or requirements.
Inventory Shrinkage - correct answer ✔Reductions of actual quantities of
items in stock, in process, or in transit, caused by scrap, theft, deterioration,
evaporation, and so forth.
Return on Assets (ROA) = - correct answer ✔Net Profit for Previous Year /
Total Assets
Lot Size - correct answer ✔The amount of a particular item that is ordered
from the plant or a supplier or issued as a standard quantity to the production
process.
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