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,Question 1
Inputs
Correct Answer
People, capital, material, money
Question 2
Outputs
Correct Answer
Services and goods
Question 3
Sustainability
Correct Answer
Defined broadly in operations and supply chain management as the ethical issues an organization faces to balance
financial performance while maintaining social responsibility standards and a responsible environmental profile.
Question 4
VIRAL
Correct Answer
Acronym - A framework for competitive advantage.
Viral, Inimitable, Rare, Aptitude, Lifespan.
The advantage must provide Value to consumers; it should be Inimitable (not easily imitated), Rare, and an
organization must have the Aptitude (capability) and Lifespan (sustainability) to earn appropriate returns on the
advantage.
Question 5
Productivity
Correct Answer
A mathematical calculation; it is the ratio of the outputs achieved divided by the inputs consumed to achieve those
outputs.
Question 6
6 Types of Inventory
Correct Answer
o Raw Materials
o Work In Progress
o Finished Goods
o Replacement Parts Inventory
o Supplies
o Transportation
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, Question 7
Raw Materials
Correct Answer
These parts and materials are obtained from suppliers and are used in the production process.
Question 8
Work-in-process (WIP)
Correct Answer
These are partly finished parts, components, sub-assemblies, or modules.
Question 9
Finished Goods
Correct Answer
Items are ready to ship to the customer. No more work is required.
Question 10
Replacement parts inventory
Correct Answer
These are maintained to replace other parts in machinery or equipment as those parts wear out
Question 11
Supplies
Correct Answer
Parts or materials are used to support the production process but not usually a component of the product. These
items, such as lubricant and cutting tools, are consumed in the production process.
Question 12
Transportation (pipeline):
Correct Answer
The portion of inventory that is in the process of being shipped through the distribution system.
Question 13
4 Types of Demand
Correct Answer
o Peak
o Seasonal
o Unexpected
o Chase
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