Quiz 6

1. These are those materials that are part of the production of the product but do not make a difference to the final product.

2. The interval between receiving the purchased parts and transforming them into final products varies from industries to industries depending upon the cycle time of manufacture.

3. It means producing maximum variety of products from the minimum variety of materials, parts, tools and processes.

4. It is concerned with the costs added due to inefficient or unnecessary specifications and features.

5. It is a function, which aims for integrated approach towards the management of materials in an industrial undertaking.

6. It refers to a precise statement that formulizes the requirements of the customer.

7. It is a system that assures the continuous availability of all types of materials in right quantities and of requisite quality, but without blocking excessive investment in raw materials and inventories.

8. It is a document which shows list of materials required, unit consumption location code for a given product.

9. Weighted average method, exponential smoothening and time series models are examples of this technique.

10. It is the process a business or organization uses to acquire goods or services to accomplish its goals.