EXAM 4 OM NORTHAM EXPECTED QUESTIONS
WITH VERIFIED ANSWERS
Question 1.
Natural Variations
ANSWER
common causes; affects virtually all production processes
Question 2.
Costs of Quality: External failure costs
ANSWER
defects discovered after delivery
Question 3.
Forecasting
ANSWER
process of predicating a future event
Question 4.
Inventory Model: Ordering Cost
ANSWER
the costs of placing an order and receiving goods
,Question 5.
Functions of inventory
ANSWER
1. provide a selection of goods for anticipated demand & to separate the firm from
fluctuations in demand
2. To separate various parts of the production process
3. To take advantage of quantity discounts
4. To hedge against inflation
Question 6.
Types of inventories: Work-in-process
ANSWER
Undergone some change but not completed
Question 7.
Process Capability
ANSWER
a measure of the relationship between the natural variation of the process and the design
specifications
Question 8.
Bottleneck
ANSWER
a limiting factor or constraint; has the lowest effective capacity in a system
Question 9.
Management of Projects: Scheduling
ANSWER
relate people, money, and suppliers to specific activities and activities to each other
, Question 10.
Inventory Management
ANSWER
to strike a balance between inventory investment and customer service
Question 11.
Types of inventories: Finished Goods
ANSWER
Completed product awaiting shipment
Question 12.
Strategy
ANSWER
an organization's action plan to achieve the mission
Question 13.
Just-in-Time (JIT)
ANSWER
reduced inventory; "pull" system of production scheduling, production only when signaled
Question 14.
Toyota Production System (TPS)
ANSWER
Emphasizes continuous improvement, respect for people, and standard work practices
WITH VERIFIED ANSWERS
Question 1.
Natural Variations
ANSWER
common causes; affects virtually all production processes
Question 2.
Costs of Quality: External failure costs
ANSWER
defects discovered after delivery
Question 3.
Forecasting
ANSWER
process of predicating a future event
Question 4.
Inventory Model: Ordering Cost
ANSWER
the costs of placing an order and receiving goods
,Question 5.
Functions of inventory
ANSWER
1. provide a selection of goods for anticipated demand & to separate the firm from
fluctuations in demand
2. To separate various parts of the production process
3. To take advantage of quantity discounts
4. To hedge against inflation
Question 6.
Types of inventories: Work-in-process
ANSWER
Undergone some change but not completed
Question 7.
Process Capability
ANSWER
a measure of the relationship between the natural variation of the process and the design
specifications
Question 8.
Bottleneck
ANSWER
a limiting factor or constraint; has the lowest effective capacity in a system
Question 9.
Management of Projects: Scheduling
ANSWER
relate people, money, and suppliers to specific activities and activities to each other
, Question 10.
Inventory Management
ANSWER
to strike a balance between inventory investment and customer service
Question 11.
Types of inventories: Finished Goods
ANSWER
Completed product awaiting shipment
Question 12.
Strategy
ANSWER
an organization's action plan to achieve the mission
Question 13.
Just-in-Time (JIT)
ANSWER
reduced inventory; "pull" system of production scheduling, production only when signaled
Question 14.
Toyota Production System (TPS)
ANSWER
Emphasizes continuous improvement, respect for people, and standard work practices
