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business
introduction to materials management
Introduction To Materials Management 8th Edition Steve Chapman , Tony Arnold , Ann Gatewood , Lloyd Clive - Solutions
Describe and give the advantages and disadvantages of (a) moving averages and (b) exponential smoothing.
What is a seasonal index? How is it calculated?
What is meant by the term deseasonalized demand?
What is meant by the term tracking the forecast? In which two ways can forecasts go wrong?
What is bias error in forecasting? What are some of the causes?
What is random variation?
What is the mean absolute deviation (MAD)? Why is it useful in forecasting?
What action should be taken when unacceptable error is found in tracking a forecast?
What is the P/D ratio? How can it be improved?
How would a manufacturer with a P/D ration less than 1 schedule production? How would this affect inventories?
What might it mean if a forecasting method has no bias yet has a large MAD?
What are four objectives of warehouse operation?
Describe the eight warehouse activities as they would apply to a supermarket. Include in your description where each activity takes place and who performs the activity.
What are cube utilization and accessibility?
Why is stock location important in a warehouse? Name and describe four basic systems of stock location and give examples of each system from a retail setting.
Describe fixed and random systems for assigning locations to SKUs.
Name and describe three order-picking systems.
What is the difference between working stock and reserve stock?
What are the four steps in any transaction?
What are some of the results of poor inventory accuracy?
Six causes of poor inventory accuracy are discussed in the text. Name and describe each.
How should inventory accuracy be measured? What is tolerance? Why is it necessary?
What is the basis for setting tolerance?
What are the four major purposes of auditing inventory accuracy?
In taking a physical inventory, what are the three factors in preparation? Why is good preparation essential?
What are the four steps in taking a physical inventory?
Describe cycle counting. On what basis can the count frequency be determined?
Why is cycle counting a better way to audit inventory records than an annual physical inventory?
When are some good times to count inventory?
What information is typically stored in a bar code or RFID tag?
Give three examples where RFID would be preferred over a bar code.
How do bar codes and RFID reduce costs in the supply chain?
What is consignment inventory?
What is vendor-managed inventory?
How does vendor-managed inventory differ from consignment inventory?
What is a planned order? How is it created?
From where does the gross requirement of a component come?
Who is responsible for releasing an order? Describe what happens to the inventory records and to PAC and purchasing.
What is a scheduled receipt? From where does it originate?
What is an open order? How does it get closed?
What is the meaning of the term low-level code? How is the low-level code of an MPS part represented?
What are the responsibilities of a material requirements planner?
Give two examples of processes with inherent scrap. Hint, the use of natural products often involves some scrap.
What would make the planned order release for an item different from the planned order receipt?
What are exception messages? What is their purpose?
What is a transaction message? Why is it important?
What are the three important factors in managing the material requirements plan? Why is each important?
Describe the problems that might come from using an incorrect bill of material in MRP.
Describe how MRP might be used to plan for a change in design for a product.
What are the five objectives of purchasing?
list the seven steps in the purchasing cycle.
describe the purposes, similarities, and differences among purchase requisitions, purchase orders, and requests for quotation.
What are the responsibilities of the purchasing department in follow-up?
describe the duties of the receiving department upon receipt of goods.
Besides functional specifications, what other specifications must be determined? Why is each important?
name two sources of specifications.
What is the difference between sole sourcing and single sourcing?
describe the advantages and disadvantages of the following ways of describing functional requirements. Give examples of when each is used.a. By brand.b. By specification of physical and chemical characteristics, material and method of manufacture, and performance.
What are the advantages of using standard specifications?
Why is it important to select the right supplier and to maintain a relationship with that supplier?
name and describe the three types of sourcing.
describe the factors that should be used in selecting a supplier.
What is the bullwhip concept?
Type of product is a factor that influences the approach to negotiation. name the four categories of products and state what room there is for negotiation.
What are five savings that can result from adopting a supply chain management approach?
A company would like to reduce the amount of lead time in some of their soldered electronics.How can the purchasing department contribute to this endeavor?
describe which of the 3 rs has the most beneficial impact on the environment.
What are the responsibilities of inventory management?
What is aggregate inventory management? With what is it concerned?
What are decision rules? Why are they necessary?
According to the flow of material, what are the four classifications of inventories?
Why is less inventory needed in a line-flow manufacturing system than in lot or batch manufacturing?
What is the basic purpose of inventories? In what five areas do they provide a buffer?
Describe the function and purpose of the following kinds of inventories:a. Anticipation.b. Fluctuation.c. Lot size.d. Transportation.
Describe how inventories influence each of the following:a. Customer service.b. Plant operations.
What are the five costs associated with inventories?
Name and describe the categories of inventory-carrying costs.
Name and describe the categories of ordering costs found in a factory.
What are stockout costs and capacity-associated costs? What is their relationship to inventories?
What are the balance sheet equation and the income statement equation?
What is the purpose of cash flow analysis?
What do inventory turns and days of supply measure?
What is the basic premise of ABC analysis? What are the three steps in making an ABC inventory analysis?
What are the five steps in the procedure for classifying inventory by annual dollar usage?
Using the items in your own kitchen, classify them in to A, B, and C categories. Are you practicing good control based on ABC classification? How?
What is the difference between FIFO and LIFO?
During times of inflation why does the value of inventory change between FIFO and LIFO evaluations?
What are the two basic questions in inventory management that are discussed in the text?
What are decision rules? What is their purpose?
What is an SKU?
What is the lot-for-lot decision rule? What is its advantage? Where would it be used?
What are the four assumptions on which economic order quantities are based? For what kind of items are these assumptions valid? When are they not?
Under the assumptions on which EOQs are based, what are the formulas for average lot size and the number of orders per year?
What are the relevant costs associated with the two formulas? As the order quantities increase, what happens to each cost? What is the objective in establishing a fixed order quantity?
Define each of the following in your own words and as a formula:a. Annual ordering cost.b. Annual carrying cost.c. Total annual cost.
What is the economic order quantity (EOQ) formula? Define each term and give the units used.How do the units change when monetary units are used?
What are the relevant costs to be considered when deciding whether to take a quantity discount?On what basis should the decision be made?
What is the period order quantity? How is it established? When can it be used?
How do each of the following influence inventory lot-size decisions?a. Lumpy demand.b. Minimum orders.c. Transportation costs.d. Multiples.
A company working toward lean will have smaller lot sizes when compared to using traditional methods. Discuss how this will affect the costs associated with inventory. What are the controllable and the uncontrollable costs?
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