Abc classification - Study guides, Class notes & Summaries

A.R.M. 400 Exam Practice Exam 2023 With Correct Answers… When communicating a decision up the organization's chain of command, consulting with outside experts can help a risk management professional do which one of the following? A. Seek feedback from stakeholders B. Stay focused on the organization's objectives C. Define the organization's risk appetite D. Enhance stakeholders' confidence in the process D Which of the following risk management program goals is an essential goal f...

ISDS 3001 Final Exam Questions with Correct Answers Outsourcing is a form of specialization that allows the outsourcing firm to focus on its key success factors. T/F - Answer-True A fast-food retailer that acquired a spice manufacturer would be practicing backward integration. T/F - Answer-True What is the practice of keeping a product generic as long as possible before customizing? A.backward integration B.vendor-managed inventory C.forward integration D.keiretsu E.postponement - A...

Drones may be equipped with cameras that relay data in real-time Which one of the following uses infrared light to detect nearby objects? - Answer- Lidar AMRM Insurance Company sells insurance in Virginia, North Carolina, South Carolina, and Georgia. The company has compiled a policyowner data base that can be used to send text messages when hurricanes approach. The company provides early warnings, storm updates from the National Weather Service, and hurricane safety measures. The company ...

Using ABC classification for cycle counting, A items are counted every week, B items are counted quarterly, and C items are counted annually. There are 2,000 A items, 5,000 B items, and 20,000 C items. How many items are counted each day in total if there are 50 working weeks in the year translating to 250 workdays in the year? A. 574 units B. 404 units C. 395 units D. 560 units D. 560 units To determine the total number of items to count, multiply the number of items by the number of time...

The classification of a group of items in decreasing order of annual dollar volume (price multiplied by projected volume) or other criteria. This array is then split into three classes, called A, B, and C. The A group usually represents 10% to 20% by number of items and 50% to 70% by projected dollar volume. The next grouping, B, usually represents about 20% of the items and about 20% of the dollar volume. The C class contains 60% to 70% of the items and represents about 10% to 30% of t...

ABC classification correct answers Process of classifying items in descending order based on annual dollar volume or some other criteria. The list is then split into 3 classes - A, B, and C. A represents 10-20% of items but 50-70% of dollar volume; B represents 20% of items and 20% of dollar volume; C represents 60-70% of items but 10-30% of dollar volume. This principle states that effort and money can be saved by applying looser controls to the low dollar volume items (C class) than the higher...

ABC Classification ANSWER: a method for determining level of control and frequency of review of inventory items Acceptable Quality Level (AQL) ANSWER: The small percentage of defects that consumers are willing to accept. Acceptable Sampling ANSWER: The process of randomly inspecting a sample of goods and deciding whether to accept the entire lot based on the results Action Bucket ANSWER: The current time period Action Notices ANSWER: Output from an MRP system that identifies th...

ABC Classification ANSWER: a method for determining level of control and frequency of review of inventory items Acceptable Quality Level (AQL) ANSWER: The small percentage of defects that consumers are willing to accept. Acceptable Sampling ANSWER: The process of randomly inspecting a sample of goods and deciding whether to accept the entire lot based on the results Action Bucket ANSWER: The current time period Action Notices ANSWER: Output from an MRP system that identifies th...

ABC CLassification CORRECT ANSWER The classification of a group of items in decreasing order of annual dollar volume or other criteria Advanced Planning and Scheduling (APS) CORRECT ANSWER Techniques that deal with analysis and planning of logistics and manufacturing during short, intermediate, and long-term time periods Advance ship notice (ASN) CORRECT ANSWER An electronic data interchange (EDI) notification of shipment of product. Andon CORRECT ANSWER A sign board with signal lights ...

ABC Classification correct answers a method for determining level of control and frequency of review of inventory items Acceptable Quality Level (AQL) correct answers The small percentage of defects that consumers are willing to accept. Acceptable Sampling correct answers The process of randomly inspecting a sample of goods and deciding whether to accept the entire lot based on the results Action Bucket correct answers The current time period Action Notices correct answers Output fro...