CPIM Part 1 Exam Questions With 100% Correct Answers 2024

CPIM Part 1 Exam Questions With 100% Correct Answers 2024 Supply Chain Management - answerThe design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand, and measuring performance globally Value Chain Analysis - answerAn examination of all links a company uses to produce and deliver its products and services, starting from the origination point and continuing through delivery to the final customer. Risk Management - answerThe identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control Operations Management - answerThe planning, scheduling, and control of the activities that transform inputs into finished goods and services Materials Management - answerThe grouping of management functions supporting the complete cycle of material flow Manufacturing Planning and Control (MPC) - answerHigh-level planning, master scheduling, material requirements planning (MRP), and execution control along with the related check on available capacity Strategic Plan - answerThe plan for how to marshal and determine actions to support the mission, goals, and objectives of an organization Business Plan - answerA statement of long-range strategy and revenue, cost, and profit objectives usually accompanied by budgets, a projected balance sheet, and a cash flow statement What if Analysis - answerThe process of evaluating alternate strategies by answering the consequences of changes to forecasts, manufacturing plans, inventory levels, and so forth Tactical Plan - answerThe set of functional plans (sales plan, production plan, marketing plan) synchronizing activities across functions that specify production levels, capacity levels, staffing levels, funding levels, for achieving the intermediate goals and objectives to support the organization's strategic plan Balanced Scorecard - answerA list of financial and operational measurements used to evaluate organizational or supply chain performance Participative Design/Engineering - answerThe simultaneous participation of all the functional areas of the firm in the product design activity Manufacturing Process - answerThe series of operations performed upon material to convert it from the raw material or a semi-finished state to a state of further completion Manufacturing Philosophy - answerThe set of guiding principles, driving forces, and ingrained attitudes that helps communicate goals, plans, and policies to all employees and that is reinforced through conscious and subconscious behavior within the manufacturing organization VATI Analysis - answerIn the theory of constraints, a procedure for determining the general flow of parts and products from raw materials to finished goods Product Life Cycle - answerThe stages a new product goes through from beginning to end PLC - Introduction - answerSales are very low during this phase due to customers not having awareness of the product and high initial costs of production PLC - Growth - answerProduct rapidly gains market share, stress is put on manufacturing and distribution based on initial forecasts vs. actual demand. Unit costs drop because of increased production PLC - Maturity - answerMany customers already have the product, the market is ripe with competing products. Products may be enhanced in order to keep customer's interest PLC - Decline - answerDemand for the product is diminishing quickly. In order to profit the item must be switched to a less expensive production environment Project Management - answerThe use of skills and knowledge in coordinating the organizing, planning, scheduling, directing, controlling, monitoring, and evaluating of prescribed activities to ensure that the stated objectives of a project, manufactured good, or service are achieved Gantt Chart - answerThe earliest and best-known type of planning and control chart, especially designed to show graphically the relationship between planned performance and actual performance over time Intermittent Production - answerA form of manufacturing in which the jobs pass through the functional departments in lots, and each lot may have a different routing Nesting - answerThe act of combining several small processes to form one larger process Product Layout or Flow Process Layout - answerA system that is set up for a limited range of similar products