BM2 Units 2&3 Vocab Review

What is the term for raw materials, work-in-progress, and finished goods held by a business?

• Assets

• Inventory

• Supplies

• Logistics

Which of the following is a type of inventory used to separate different stages of production?

• Cycle inventory

• Decoupling inventory

• Buffer inventory

• Transit inventory

What type of inventory includes pens, toner cartridges, and printer paper?

• MRO goods

• Finished goods

• Transit inventory

• Work-in-process

A risk that involves natural disasters or injuries is categorized as a:

• Strategic risk

• Hazard risk

• Operational risk

• Financial risk

What is the purpose of the ADKAR model in risk management?

• Managing budgets

• Inventory planning

• Supporting organizational change

• Scheduling staff

Which inventory type refers to goods that are in the process of being manufactured but not yet finished?

• Finished goods

• Raw materials

• MRO goods

• Work-in-process

What is the likelihood that a risk event will occur called?

• Impact

• Mitigation

• Probability

• Avoidance

A system where inventory is received just before it is needed in production is called:

• Perpetual inventory

• Periodic inventory

• Just-in-Time inventory

• Predictive inventory

Which risk response strategy involves transferring the impact of risk to another party?

• Avoidance

• Transference

• Acceptance

• Mitigation

What kind of risk may result from poor product development or information management?

• Operational risk

• Hazard risk

• Strategic risk

• Financial risk