LSCM 3960 Exam 2 Rated A+ (Verified)

LSCM 3960 Exam 2 Rated A+ (Verified) The _________ of demand, customer orders, delivery status, inventory stock levels, and production schedules provides managers with the knowledge needed to make effective situational assessments and develop appropriate responses. a. visibility b. availability c. accuracy d. accountability - Answer- Visibility Which of the below is not part of the seven Rs of logistics? a. information b. cost c. quality d. place - Answer- Quality Which of the following is NOT one of the five drivers of sustainable supply chain management practice? a. adaptability b. synchronization c. velocity d. execution - Answer- Execution ___________ is/are a major barrier to the effective use of information technology. a. cost b. people c. effective applications d. management support - Answer- People Supply chain software that provides a platform for manufacturers, distributors, and retailers to aggregate and organize item-related data such as item number, price, description, and weight is called a. business intelligence tools b. supply chain collaboration tools c. spreadsheets and database tools d. data synchronization tools - Answer- Data Synchronization tools Supply Chain software includes technologies that a. address virtually every function and task that occurs in the supply chain. b. help organizations plan, execute, and control supply chain activities in real time. c. help to maintain visibility of inventory d. all of these answers - Answer- All of these answers ERP systems a. are taking the place of SCIS systems. b. have information elements needed by SCIS applications. c. require RFID to be fully functional. d. focus primarily on manufacturing issues - Answer- have information elements needed by SCIS applications Managers have several options for software development and implementation. They include a. internal development. b. third party logistics firms. c. external software vendors. d. all of these answers - Answer- All of these answers Due to mergers and acquisitions in the software industry and ERP vendors moving into the supply chain applications market space, it is possible to purchase a. best of breed solutions from leading providers in each category b. supply chain software suites that combine planning, execution, event management, and related capabilities c. spreadsheet software with expanded capabilities d. event management tools that monitor the supply chain for events that are out of tolerance - Answer- supply chain software suites that combine planning execution, event management, and related capabilities On-demand supply chain software that is not installed on a company computer is gaining in popularity. An issue to be addressed with this purchase option is a. Functionality may not be as robust as traditional software b. Data control is an issue c. Total cost of ownership could exceed purchase cost over the long run d. All of these - Answer- All of these The most vital ingredient or component of a decision support system (DDS) is the quality of the data used as input. (T/F) - Answer- True All of the following are criteria for an expert system EXXCEPT: - Answer- There is no variability in people's ability to perform the task Data synchronization focuses: - Answer- Timely and accurate updates Which of the following is an example of the technology that supports integrated logistics systems? - Answer- Bar coding, point of sale, electronic funds transfer, and EDI By using the latest information technology it is possible to substitute information for inventory and other logistics expenses. (T/F) - Answer- True If demand and lead time are constant, only ___________ is necessary. - Answer- Cycle stock Inventory is an ASSET on the balance sheet and a(n) __________ on the income statement. - Answer- Variable expenses The objective of inventory management is to: - Answer- Increase cooperate profitability Pareto Analysis may be used to classify parts, customers, or activities. When determining the Pareto segments to classify parts, you should: - Answer- There will rarely be a clean break at the 80% (or 20%) point so your cut-off is subjective; however the general 80-20 relationship still holds. Which of the following is NOT a principle reason for holding finished goods inventory? - Answer- Prevention of production shutdowns due to parts shortages All of the following are reasons for holding inventory EXCEPT: - Answer- Inventories eliminate the variation in supply and demand. Capital cost focuses on the cost of capital tied up in ________and the resulting lost opportunity from investing that capital elsewhere. - Answer- inventory WIP inventories are: - Answer- Associated with manufacturing JIT is a _______ system - Answer- Pull Management will automatically achieve least total cost logistics by minimizing inventory carrying costs. (T/F) - Answer- False Ordering cost refers to the expense of placing an order and: - Answer- Does not include the cost of the product EOQ models exist that include adjustments for volume transportation rates and for quantity discounts. (T/F) - Answer- True A DRP system is usually coupled with a _______ system in an attempt to manage the flow and timing of both inbound materials and outbound finished goods. - Answer- MRP In the event of a "stockout" at your location, one of the things that could happen is - Answer- Extra shipping cost may be incurred Methods of decreasing inventory related costs include all of the following measures EXCEPT: - Answer- Increasing the number of expedited orders If demand and lead time are constant, only___________ is necessary. - Answer- Cycle Stock