Cycle inventories are used to:Select one:A. reduce the number of setups.B. protect against disruptions due to unplanned events.C. avoid an anticipated change in supply, demand, or price, and protect against disruptions due tounplanned events.D. accommodate different rates or patterns of demand.E. avoid an anticipated change in supply, demand, or price.

Businesses use cycle inventories as a form of inventory management strategy to manage their stock of…

Answered: Cycle inventories are used to: Select…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Needed to be solved correclty in 30 minutes and get the thumbs up please show neat and clean work please provide correct solution
A regional manufacturer of table lamps plans on using a manual kanban information system. On average the firm produces 1,200 lamps monthly. Production leadtime is 18 days, and the firm plans to have 15 percent buffer stock. Assume 20 working days per month.b. What is the maximum WIP inventory the company can expect to have usingthis system?
The Northridge Company tends to keep the inventory low. At the same time, it is important to respond to demand quickly, since a customer who wants a product K is very likely to get one from a competitor if Northridge Company doesn’t have one available immediately. Northridge Company’s current policy to produce the product K is to produce 100 per week, which is the average demand. Even this is a problem, as the production manager has pointed out, since the equipment is also used for other products and the lot size of 300 would be much more efficient. He said he is currently set up the production for product K for the next week and states that he has capacity available to produce 300 at a time next week. The following lists the forecasts and actual customer orders for the next 12 weeks. Week 1 2 3 4 5 6 7 8 9 10 11 12 Forecast 90 120 110 80 85 95 100 110 90 90 100 110 Customer Orders 105 97 93 72 98 72 53 21…
Backup stock kept as a buffer is known as safety stock a. True b. False
Discuss ways (at least 3) in which a company can reduce the need for inventories?
Cards are the easiest option for low volume tracking of a few products that are all in the same place. Select one: a. False. b. True.
Strategic alliances are most appropriate for suppliers of ________ inventory types. Group of answer choices Critical Leverage Routine None of these answers
Responsive supply chains react quickly to market demands by positioning inventories and capacities in order to hedge against uncertainty in demand . Select one : a . False b . True
Just-in-time inventory is one of the major developments in operations management. Identify a company that is currently using JIT. Describe how JIT is supporting their business strategy and the future operations of the company. Your report should include how JIT is used to deliver products or services in just the right quality and quantity and at the right time. Uniform Plant Loading is an important concept of JIT. Your report should include the application of this concept in support of operations for your selected company. It should also include the description of some JIT supplier relationship techniques that can reduce inventory while meeting the demands from the customers. Select a company that is using JIT. Your company can be a local, national or international company. Describe how JIT is supporting their business strategy or mission statement and future operations. Discuss how JIT is used to deliver products or services in just the right quality and quantity and at the right…
Describe briefly the A-B-C approach to inventory control.
Reduction in inventories can results in a significant increase in return on investment (ROI) O a. True O b. False
In each of the following, name the term defined or answer the question. Answers are listed at the bottom. This means producing only what is needed when needed and no more. A period of time during which the production schedule cannot be changed. Producing a mix of products that matches demand as closely as possible. A production control system that uses a signaling device to regulate the flow of material. If the lead time for an item is exactly five days, the demand is a constant four units per day, and the shipment container contains two units, how many kanban card sets would be needed? (Assume 0 percent safety stock.) A firm wants to justify smaller lot sizes economically. Management knows that it cannot change the cost to carry one unit in inventory because this is largely based on the value of the item. To justify asmaller lot size, what must it do?

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