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WorksheetsINVENTORY MANAGEMENT QUIZ 2
Total questions: 45
Worksheet time: 28mins
The expense incurred by creating and processing purchase orders?
Purchasing Costs
Inventory Costs
Holding Costs
Ordering Costs
Warehouse Costs, Utilities, Employee Salaries, and Inventory Costs relating to obsolescence.
Holding Costs
Purchasing Costs
Ordering Costs
Inventory Costs
The most common approach to understanding how much item to order when stocks need replenishing is through ______________.
EOQ or Economic Order Quantity
Purchase Orders
Ordering Costs
Reorder Level
CARRYING COSTS + ORDERING COSTS = __________
Total Annual Costs
Total Annual Consumption
Rate of Demand
Inventory Carrying Costs
Solve for the TAC:
If Q = 100
CC = 7200
OC = 1250
8450
8640
8560
8340
The most popular inventory classification. This technique classifies items using the item demand/usage value.
RRS or XYZ
SDE
ABC
FSN
Constitutes the 60% to 70% of company’s total purchase expenditure and only constitute around 10 to 15% of the total number of items in stock.
CLASS D ITEMS
CLASS B ITEMS
CLASS C ITEMS
CLASS A ITEMS
The goal of this analysis is to understand which parts have steady usage and which parts have unpredictable demand. It is a way to classify inventory items according to variability of their demand. It is also known as the RRS analysis
GOLF ANALYSIS
SDE ANALYSIS
XYZ ANALYSIS
FSN ANALYSIS
It categorizes stock under three heads based on its importance and necessity for an organization for production or any of its other activities. Mainly used for spare parts identification.
SDE
VDE
VED
LED
What does VED means?
Vital, Essential, Desirable
Valuable, Essential, Desirable
Value, Easy, Difficult
Vital, Easy, Difficult
What are the MRP inputs?
FORECASTED DEMAND AND CUSTOMER ORDERS
OPERATIONAL CAPACITY AND MACHINE CONSTRAINTS
INVENTORY LEVELS
BILL OF MATERIALS
ALL OF THE ABOVE
It appears in a hierarchical format, with the highest level displaying the finished product and the bottom level showing individual components and materials.
BOM
DOM
GOM
LOM
Refers to any inconsistencies between the actual quantity or type of physical inventory and what is on the recorded transaction.
Inventory Transaction
Inventory Records
Inventory Accuracy
Inventory Inaccuracy
What are the types of transaction records?
Manual Systems
Warehouse Management Systems
Computerized Systems
All of the Above
The most efficient way of identifying materials, components, assemblies and other items stocked by an organization
Stock-Keeping Units
Stock-calling units
Scanning-Item Records
Standard Inventory Coder
Assigns a 6 to 10 digit code to each item. The first few digits usually indicate the classification to which the item belongs to. The subsequent digits indicate the subclass, and the number of the item from the hierarchy.
Sequential System
Mnemonic System
Structural Code
Structured System
Element of an Item Identification Code
(a)
Elements of an Item Identification Code
(a)
Most companies struggle due to a deficiency in one or both of these, which leads to data elements like item descriptions or item codes prone to inconsistencies or errors.
Inventory Data
Inventory Record Database
Master Data
Item Description
To verify the accuracy of stock records and to support the value of stock shown in the balance sheet by physical verification.
(a)
An objective of a warehouse manager
Preserve the quality, value, and security of the stored items
Maximize errors in dispatches
Minimise the cost of warehouse operations
Maximise the servicing of orders on time and in full
The principles of a good warehouse layout are applicable to whatever items are stored. Inventory turnover can be improved with an (a)
Components of a warehouse
DYNAMIC STORAGE
STATIC STORAGE
MHE PARKING
STAGING AREA
OFFICES
Types of warehouse material flows
J Layout
I Layout
T Layout
U Layout
Identify which type of warehouse this product should be stored.
General Purpose Warehouse
Special Purpose Warehouse
Shed or Semi-covered Storage
Open Storage Space
Identify which type of warehouse this product should be stored.
General Purpose Warehouse
Special Purpose Warehouse
Shed or Semi-covered Storage
Open Storage Space
Identify which type of warehouse this product should be stored.
General Purpose Warehouse
Special Purpose Warehouse
Shed or Semi-covered Storage
Open Storage Space
Identify which type of warehouse this product should be stored.
General Purpose Warehouse
Special Purpose Warehouse
Shed or Semi-covered Storage
Open Storage Space
Identify which type of warehouse this product should be stored.
General Purpose Warehouse
Special Purpose Warehouse
Shed or Semi-covered Storage
Open Storage Space
It is an inevitable part of every manufacturing plant
Transport Equipment
Storage Systems
Downtime
Materials Handling
What type of equipment is this?
Transport Equipment
Positioning Equipment
Storage Equipment
Load Formation Equipment
What type of equipment is this?
Transport Equipment
Storage Equipment
Load Formation Equipment
Positioning Equipment
What type of equipment is this?
Transport Equipment
Load Formation Equipment
Positioning Equipment
Storage Equipment
What type of equipment is this?
Transport Equipment
Load Formation Equipment
Positioning Equipment
Storage Equipment
What type of equipment is this?
Transport Equipment
Positioning Equipment
Storage Equipment
Load Formation Equipment
Programs in warehousing to prevent any catastrophic loss of valuable assets and items by proper inspections, control of operations and processes, maintenance, good housekeeping, and elimination of unsafe practices.
(a)
A principle used and followed in designing an effective and efficient warehouse layout
ACT Approach
Fast Approach
Fact Principle
Fish Method
By arranging pallet racks in wide rows and stocking items with regard to their velocity, the interference can be significantly lowered. This will enable you to build quick-pick areas.
Flow
Accessibility
Space
Throughput
Everything should fit together precisely so you can make the most of your finite space.
Space
Throughput
Flow
Accessibility
The prediction, projection, or estimation of the occurrences of uncertain future events or level of activity based on past behaviors, experiences, and events.
(a)
This is a structured technique to reach a consensus with a panel of experts without gathering them in a single location.
(a)
Simplest forecasting method setting the upcoming forecast equal to the most recent period’s demand
(a)
Using the simple moving average formula, calculate the forecast for the month of JUNE.
January: 5 units
February: 10 units
March: 9 units
April: 12 units
May: 13 units
(a)
Demand patterns that repeat themselves every year
(a)
First name of your trainer
(a)
