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Which of the following cost elements typically would be included in the cost of carrying inventory?
The cost of carrying inventory includes several components, one of which is obsolescence. Obsolescence refers to the reduction in value of inventory over time as products become outdated or no longer useful. This is a critical cost element because it directly impacts the financial value of held inventory. Other carrying costs include storage costs, insurance, and capital costs. Options A, B, and C are costs associated with production or direct material expenses but do not fall under the typical carrying costs of inventory.
Waters, D. (2003). Inventory Control and Management.
Which of the following advantages of radio frequency identification (RFID) is the main benefit for material handling?
RFID in Material Handling: Radio Frequency Identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects.
Main Benefits:
Improved Speed and Flexibility: RFID allows for quick scanning and identification of multiple items without line-of-sight, enhancing operational efficiency.
Long Distance Readability: Beneficial but secondary to speed and flexibility in material handling.
Ability to Withstand Harsh Environments: Important for durability but not the primary benefit.
Detection of Multiple Tags: Contributes to speed and efficiency but is part of the broader advantage of improved speed and flexibility.
Conclusion: The main benefit of RFID for material handling is the improved speed and flexibility it offers, allowing for efficient and agile operations.
'RFID in Logistics: A Practical Introduction' by Erick C. Jones and Christopher A. Chung.
APICS Dictionary, 16th Edition.
Enterprise resources planning (ERP) is defined as a:
Enterprise Resource Planning (ERP) systems are comprehensive software platforms used to integrate and manage all the core business processes of an organization. Here's a breakdown of why option A is the most accurate definition:
Integration: ERP systems integrate various functions like finance, HR, manufacturing, supply chain, services, procurement, and others into one complete system to streamline processes and information across the organization.
Standardization: By standardizing processes and data, ERPs ensure consistency and accuracy across all business functions.
Process Organization: ERP systems provide a framework to organize business processes, ensuring that every department works with the same information and follows the same procedures.
Internal Knowledge Utilization: ERPs leverage internal data and processes to improve decision-making and operational efficiency.
External Advantage: The streamlined operations and improved data visibility provided by ERPs can enhance an organization's agility and competitive advantage in the marketplace.
Monk, E., & Wagner, B. (2009). Concepts in Enterprise Resource Planning. Cengage Learning.
O'Leary, D. E. (2000). Enterprise Resource Planning Systems: Systems, Life Cycle, Electronic Commerce, and Risk. Cambridge University Press.
A company has applied lean thinking and tools to its internal operations over the last several years. The company is now concerned about its ability to recover from a supply disruption. Which of the following actions would be most appropriate for the company to take to increase its resiliency?
To increase resiliency and recover from supply disruptions, arranging for multiple sources for key components is the most appropriate action. Having multiple suppliers reduces dependency on a single source, thereby mitigating the risk of supply chain interruptions due to issues such as natural disasters, political instability, or other unforeseen events affecting one supplier. Maintaining safety stock (B) and requiring suppliers to maintain safety stock (C) provide short-term buffers but do not address long-term resilience. Adding capacity (D) can help in recovery but is often more costly and complex than diversifying the supplier base.
Chopra, S., & Meindl, P. (2016). Supply Chain Management: Strategy, Planning, and Operation. Pearson.
Sheffi, Y. (2005). The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage. MIT Press.
Which of the following factors is a measure of supply chain reliability?
Perfect order fulfillment rate is a measure of supply chain reliability that indicates the percentage of orders delivered to customers without any issues. This metric encompasses several factors, including on-time delivery, complete delivery, and undamaged delivery, as well as accurate documentation. A high perfect order fulfillment rate reflects a reliable and efficient supply chain that meets customer expectations consistently.
Coyle, J.J., Langley, C.J., Novack, R.A., & Gibson, B.J. (2016). Supply Chain Management: A Logistics Perspective. Cengage Learning.
Christopher, M. (2016). Logistics & Supply Chain Management. Pearson.
