5. Which of the following is not one of the four main types of inventory? a. raw
ID: 445950 • Letter: 5
Question
5. Which of the following is not one of the four main types of inventory?
a. raw material inventory
b. work-in-process inventory
c. maintenance/repair/operating supply inventory
d. safety stock inventory
e. All of these are main types of inventory.
6. A master production schedule contains information about
a. quantities and required delivery dates of all subassemblies
b. quantities and required delivery dates of final products
c. inventory on hand for each subassembly
d. inventory on hand for each final product
e. scheduled receipts for each final product
7. The objective of scheduling is to
a. maximize quality
b. minimize cost
c. minimize response time
d. prioritize and allocate demand to capacity
e. minimize lead time
8. Which of the following is not a goal of JIT partnerships?
a. removal of unnecessary activities
b. removal of in-plant inventory
c. removal of in-transit inventory
d. obtain improved quality and reliability
e. All of the above are goals of JIT partnerships
Explanation / Answer
5. (d) Safety Stock inventory
4 main types of inventories are Raw Material, Work in Progress, Finished good and maintenance/repair/operating supply inventory. Safety stock can be defined as any amount of additional inventory held under any of this category.
6. (b) Quantities and required delivery dates of final products
All others are part of the Material Requirement Planning.
7. (d) Prioritize and allocate demand to capacity
Scheduling is done to allign capacities inorder to cater the demand, generated either by forecast or by customer orders, at a right time .
8. (d) obtain improved quality and reliability
JIT is an inventory strategy by means of which companies increases efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs. This strategy does not emphasize on Quality of a product.
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