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A food processing manufacturer must be able to trace the ingredients they use and the food manufactured from those ingredients. Which of the following systems provides the opportunity for efficient traceability?
With D is the annual demand (units), S is cost per order, H is annual carrying cost per unit; the formula for Economic Order Quantity is....?
LO 2, AC 2.3
When deciding on the storage facilities and locations, an organisation needs to assess the current situation comprehensively and forecast the future demands. Quantitative analysis is the best method for these activities. Is this statement true?
Decisions regarding stores and warehouse locations involve a complex range of issues that are unique to each business. Most storage facilities and location decisions are based on a combination of qualitative and quantitative analysis.
Qualitative analysis uses subjective judgment to analyze a situation based on non-quantifiable in-formation, such as potential markets for new products, forecast on possible risks that may happen, etc.
Quantitative analysis (QA) is a technique that uses mathematical and statistical modeling, meas-urement, and research to understand behavior. Quantitative analysts represent a given reality in terms of a numerical value. This may include the following:
- Cost analysis for the current premises and future predictions based on current premises
- Cost analysis for routine operations
- Current inventory performance measures: lead times, service levels, rate of stock turn, stock-outs in a given period and stock cover
To get a big picture of current situation and future demands, organisation should combine both qualitative and quantitative methods so that useful information is achieved and well-informed decisions are made.
LO 1, AC 1.1
Zemora Clothing Inc. receives high-priced garments with devices hidden inside the lining to avoid possible fraudulent removal from the shop. These tags are activated upon arrival at stores, and security alerts are triggered if a garment is removed or taken out of the store without payment. Which of the following order tracking technology is used by this company?
Radio Frequency Identification (RFID) enables real-time tracking of items and is commonly used for security in retail to prevent theft. The tags are activated within a specified range, and alarms trigger when items exit without deactivation. RFID in asset management helps in tracking high-value items, ensuring security and reducing loss.
Which of the following is an acquisition cost under the concept of the total cost of ownership?
Acquisition costs include all expenses incurred to bring an asset to its operational state, such as installation and commissioning. These costs are essential to the total cost of ownership (TCO) in whole-life asset management, helping organizations understand the full initial investment required to make the asset usable.
