CPPB TEST - DOMAIN V COMPLETELY Answered!

LAST-IN FIRST OUT (LIFO) - ANSWER Utilized in Private Sector. Due to taxes, it is beneficial to use the latest received item JUST-IN-TIME (JIT) INVENTORY - ANSWER Inventory system in which companies manufacture or purchase goods just in time for use. Technique focused on the inventory reduction and value- added activity. SCRAP - ANSWER Consist 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 - ANSWER Non-metallic scrap that has some market value RUBBISH - ANSWER Refuse that does not have any market value but must be disposed of OBSOLETE SUPPLIES/EQUIPMENT - ANSWER It is made up of items that are out of date, no longer in use or are effectively unusable EXCESS - ANSWER Materials no longer needed by the current owner but designated for transfer to another unit within the entity. SURPLUS EQUIPMENT - ANSWER Refers to government equipment that is no longer needed by the agency and is designated for disposal outside of a government organization. ASSET MANAGEMENT - ANSWER Part of an integrated procurement planning model. Managing organization's physical infrastructure from acquisition through disposition by maintaining an accurate accounting. SUPPLY CHAIN MANAGEMENT (SCM) - ANSWER Supply 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) - ANSWER Properly managing carrying costs will determine how to rotate inventory. Keep the inventory fresh and usable. Using the inventory as received. INVENTORY MANAGEMENT - ANSWER Purchase and storage of goods in order to have