CPPB TEST - DOMAIN V with correct solutions 2024

LAST-IN FIRST OUT (LIFO) correct answersUtilized in Private Sector. Due to taxes, it is beneficial to use the latest received item JUST-IN-TIME (JIT) INVENTORY correct answersInventory system in which companies manufacture or purchase goods just in time for use. Technique focused on the inventory reduction and value- added activity. SCRAP correct answersConsist of ferrous and non-ferrous metal as well as non-metallic scrap such as wood, paper, plastic and other materials that do not meet requirements or standards and cannot be worked economically WASTE correct answersNon-metallic scrap that has some market value RUBBISH correct answersRefuse that does not have any market value but must be disposed of OBSOLETE SUPPLIES/EQUIPMENT correct answersIt is made up of items that are out of date, no longer in use or are effectively unusable EXCESS correct answersMaterials no longer needed by the current owner but designated for transfer to another unit within the entity. SURPLUS EQUIPMENT correct answersRefers to government equipment that is no longer needed by the agency and is designated for disposal outside of a government organization. ASSET MANAGEMENT correct answersPart of an integrated procurement planning model. Managing organization's physical infrastructure from acquisition through disposition by maintaining an accurate accounting. SUPPLY CHAIN MANAGEMENT (SCM) correct answersSupply chain includes all internal functions and external suppliers who identify needs for materials and satisfy these needs for materials equipment and services. FIRST-IN/FIRST-OUT (FIFO) correct answersProperly managing carrying costs will determine how to rotate inventory. Keep the inventory fresh and usable. Using the inventory as received. INVENTORY MANAGEMENT correct answersPurchase and storage of goods in order to have the items available when they need. Key Elements: - Lead times