gcu-mgt455-week-7-quiz

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__________________ is a continuing reconciliation of
inventory with inventory records.

Bottleneck analysis

ABC analysis

Work-in-process management

Cycle Counting

Economic order quantity (EOQ) analysis

Lead time for one of Montegut Manufacturing’s fastest moving
products is 4 days. Daily demand during this period is 100 units per day. What
would be an appropriate re-order point?

25 units

600 units

100 units

400 units

One of the functions of inventory is to:

consistently purchase the least expensive and lowest quality
material.

not take advantage of quantity margins.

lease warehouse space in instead of purchasing it.

take advantage of quantity discounts.

What is the value of the bullwhip measure for a company with
a variance of demand equal to 450, and a variance of orders equal to 400?

0.889

1.125

22.5

0.044

50

A given operation uses the POQ model. Annual setup costs have been computed to be
$1000. What is the annual holding cost?

$1,000

cannot determine

$1,500

$1,750

In the basic EOQ model, if D=6000 per year, S=$100, H=$5 per
unit per year, the economic order quantity is approximately:

24

490

310

141

100

$2,000

Consider a firm with an annual net income of $20 million,
revenue of $60 million and cost of goods sold of $25 million. If the balance
sheet amounts show $2 million of inventory and $500,000 of property, plant
& equipment, how many weeks of supply does the firm hold?

3.20

0.08

2.60

4.16

12.50

__________________ are inventories devoted to keeping
machinery and processes productive.

ABC inventory

Finished-Goods inventory

MRO (Maintenance/Repair/Operating) inventory

Work-in-process (WIP) inventory

Raw Material inventory

The assumptions of the production order quantity model are
met in a situation where annual demand is 3650 units, setup cost is $50,
holding cost is $12 per unit per year, the daily demand rate is 10 and the
daily production rate is 100. The production order quantity for this problem is
approximately:

548

144

184

365

139

_________________ has been purchased but not processed.

Work-in-process (WIP) inventory

Finished-Goods inventory

ABC inventory

MRO (Maintenance/Repair/Operating) inventory

Raw Material inventory

A container of bolts, currently located in Houston, TX,
needs to be delivered to a facility in Sioux Falls, SD. The standard ground shipment method takes
three days. However, for an additional
charge of $30.00, the container can be sent by two-day air. The holding cost per day for this type of
item has been estimated at $21.09. Which
shipping option is more economical?

both shipments are more economical

neither shipment is more economical

two-day air shipment

standard three day ground shipment

• Guemmer
Specialty Foods can produce their famous cherry pies at a rate of 1650 cases
per day (this is the daily production rate). The firm distributes the pies to
regional stores and restaurants at a steady rate of 250 cases per day (this is
the daily demand rate). The cost of each production setup is $320. Annual holding costs are $11.50 per case per
year. Annual demand is 62,500
cases. Assume 250 working days per
year. Assume the POQ (Production Order
Quantity) model is used by Guemmer Specialty Foods.

Refer to Scenario 5.
What is the number of production runs per year?

o

20.23

o

250

o

55.23

o

30.87

__________________ divides on-hand inventory into three
classifications on the basis of annual dollar volume.

Raw Material analysis

MRO (Maintenance/Repair/Operating) analysis

ABC analysis

Work-in-process (WIP) analysis

Finished-Goods analysis

A given operation uses the POQ model. Annual holding cost has been computed to be
$500. What is the annual setup cost?

$2,000

$500

cannot determine

$1,000

$750

Guemmer Specialty Foods can produce their famous cherry pies
at a rate of 1650 cases per day (this is the daily production rate). The firm
distributes the pies to regional stores and restaurants at a steady rate of 250
cases per day (this is the daily demand rate). The cost of each production
setup is $320. Annual holding costs are
$11.50 per case per year. Annual demand
is 62,500 cases. Assume 250 working days
per year. Assume the POQ (Production
Order Quantity) model is used by Guemmer Specialty Foods.

Refer to Scenario 5.
What is the optimal Production Order Quantity (POQ)?

320.33

1650

250

2024.70

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