Which of the following is a benefit of using IT systems in inventory management?

Improved tracking and monitoring of inventory

What is supply chain management?

Organising all links in the supply chain to ensure smooth production

Which of the following is a key benefit of effective supply chain management?

Reduced risk of production stoppages

What is a supply chain?

The steps involved in producing and distributing a product

The marketing strategy of a business

Which of the following is a challenge of managing a global supply chain?

Increased risk of delays and disruptions

What is the main goal of supply chain management?

To ensure smooth and efficient production and distribution

Which of the following is a key factor in successful supply chain management?

Reliable suppliers and efficient logistics

What is the impact of poor supply chain management?

Production delays and higher costs

Which of the following is a benefit of integrating IT systems into supply chain management?

Improved tracking and coordination of supply chain activities

What is the main disadvantage of a complex supply chain?

Higher risk of delays and coordination issues

Which of the following is a key consideration when managing a supply chain?

Ensuring reliability and efficiency of suppliers

Which of the following is a disadvantage of JIT inventory management?

High risk of production stoppages

Which of the following is a key requirement for JIT to be effective?

Reliable suppliers and short lead times

What is capacity utilisation?

The proportion of full capacity currently being used

What is the formula for calculating capacity utilisation?

(Current output ÷ Maximum possible output) × 100

(Current output × Maximum possible output) × 100

(Current output ÷ Number of employees) × 100

(Current output × Number of employees) × 100

What is a positive impact of operating under maximum capacity?

Ability to take sudden large orders

Paying another firm to supply components or services

Which of the following is a benefit of outsourcing?

Access to specialised expertise

Increased control over operations

What is a disadvantage of outsourcing?

Potential quality issues with subcontractors

Which of the following is a key consideration when outsourcing?

Ensuring quality and reliability of subcontractors

CAM AS UNIT 4 (part 2)

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Business

Professional Development

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40 questions

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MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is inventory?

The raw materials, work in progress, and finished goods held by a business

The total revenue generated by a business

The total cost of production

The profit margin of the product

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is a benefit of holding inventory?

Increased storage costs

Ability to meet sudden customer demand

Higher risk of inventory becoming outdated

Increased insurance costs

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is buffer inventory?

The maximum inventory a business can hold

The minimum inventory to prevent production stoppages

The total cost of inventory

The profit margin from inventory sales

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the reorder level in inventory management?

The maximum inventory level

The level at which more inventory is ordered

The total cost of inventory

The profit margin from inventory sales

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is lead time in inventory management?

The time taken to sell inventory

The time taken for inventory to arrive after ordering

The total cost of inventory

The profit margin from inventory sales

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is a cost of holding inventory?

Ability to meet demand

Rent for storage space

Flexibility in production

Reduced risk of stockouts

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the main purpose of just-in-time (JIT) inventory management?

To hold high levels of inventory

To minimise inventory holding costs

To increase storage costs

To reduce flexibility in production

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CAM AS UNIT 4 (part 2)

What is inventory?

Which of the following is a benefit of holding inventory?

What is buffer inventory?

What is the reorder level in inventory management?

What is lead time in inventory management?

Which of the following is a cost of holding inventory?

What is the main purpose of just-in-time (JIT) inventory management?

Which of the following is a requirement for successful JIT implementation?

What is the main disadvantage of just-in-case (JIC) inventory management?

Which of the following is a benefit of using IT systems in inventory management?

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