1. Which of the following statements about lot-sizing rules for MRP is true? a) The periodic order quantity (POQ) rule generates a higher level of average inventory since it creates inventory remnants. b) FOQ is a dynamic lot-sizing rule which reduces the amount of inventory, by doing a better job of matching the order quantity to the projected on-hand inventory quantity. c) The lot for lot rule minimizes inventory investment but maximizes the number of orders placed. d) In general, static lot-sizing rules introduce greater instability into the production process 2. Which one of the following is a reason to have small inventories? a) To improve customer service b) To reduce ordering costs c) To reduce equipment setup costs d) To reduce interest expense or opportunity costs 3. Which one of the following is the most likely example of dependent demand for an MRP controlled item? a) Demand for spare parts b) Demand directly from customers c) Demand from quality control department for destructive testing. d) Demand from MPS
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
1. Which of the following statements about lot-sizing rules for MRP is true?
a) The periodic order quantity (POQ) rule generates a higher level of average inventory since it creates inventory remnants.
b) FOQ is a dynamic lot-sizing rule which reduces the amount of inventory, by doing a better job of matching the order quantity to the projected on-hand inventory quantity.
c) The lot for lot rule minimizes inventory investment but maximizes the number of orders placed.
d) In general, static lot-sizing rules introduce greater instability into the production process
2. Which one of the following is a reason to have small inventories?
a) To improve customer service
b) To reduce ordering costs
c) To reduce equipment setup costs
d) To reduce interest expense or opportunity costs
3. Which one of the following is the most likely example of dependent demand for an MRP controlled item?
a) Demand for spare parts
b) Demand directly from customers
c) Demand from quality control department for destructive testing.
d) Demand from MPS
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