OMGT 6213 Final | UPDATED Questions with 100% Verified Answers
Question:
What is inventory?
Answer:
Stocks or items used to support production (raw materials and
work in process items), supporting activities (maintenance,
repair, and operating supplies), and customer service (finished
good and spare parts)
Question:
What is inventory management?
Answer:
-An asset on the balance sheet (return on assets)
-Efficient (Direct Cost) and effective (Direct Service Levels)
management of inventories is a key factor of success
Question:
What are the two most common types of inventory?
Answer:
Cycle stock (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 (extra inventory that a company holds to protect itself
against uncertainties in either demand or replenishment time)
Question:
The role or inventory: production -> _________________
Answer:
cycle stocks
Question:
The role of inventory: uncertainty & risk ->
___________________
, Answer:
Safety stocks
Question:
The role of inventory: time -> __________________
Answer:
In-transit & WIP stocks
Question:
The role of inventory: seasonality/speculative ->
______________________________
Answer:
Seasonal, hedge, and anticipatory stocks
Question:
1) Role of inventory: Demand of supply uncertainties
Answer:
-Safety stock and hedge inventory are used to guard against
interruptions in supply or spikes in demand or price
-Reduce by improving forecasting methods, attack poor
supplier quality
Question:
2) Role of inventory: Downstream demand and Upstream
capacity mismatches
Answer:
-smoothing inventory is used to allow more efficient use of
capacity in meeting volatile demand
-reduce by varying capacity to better meet demand or
influence demand to better match capacity or both
Question:
Question:
What is inventory?
Answer:
Stocks or items used to support production (raw materials and
work in process items), supporting activities (maintenance,
repair, and operating supplies), and customer service (finished
good and spare parts)
Question:
What is inventory management?
Answer:
-An asset on the balance sheet (return on assets)
-Efficient (Direct Cost) and effective (Direct Service Levels)
management of inventories is a key factor of success
Question:
What are the two most common types of inventory?
Answer:
Cycle stock (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 (extra inventory that a company holds to protect itself
against uncertainties in either demand or replenishment time)
Question:
The role or inventory: production -> _________________
Answer:
cycle stocks
Question:
The role of inventory: uncertainty & risk ->
___________________
, Answer:
Safety stocks
Question:
The role of inventory: time -> __________________
Answer:
In-transit & WIP stocks
Question:
The role of inventory: seasonality/speculative ->
______________________________
Answer:
Seasonal, hedge, and anticipatory stocks
Question:
1) Role of inventory: Demand of supply uncertainties
Answer:
-Safety stock and hedge inventory are used to guard against
interruptions in supply or spikes in demand or price
-Reduce by improving forecasting methods, attack poor
supplier quality
Question:
2) Role of inventory: Downstream demand and Upstream
capacity mismatches
Answer:
-smoothing inventory is used to allow more efficient use of
capacity in meeting volatile demand
-reduce by varying capacity to better meet demand or
influence demand to better match capacity or both
Question:
