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Over the past 90 days, a buying company's manufacturing engineers have reported an increase in the number of defective parts received from a key supplier. The engineers report that there are three different types of defects occurring, and that they are all being discovered during production. The supplier states that it does not have enough resources to assess the root cause of the three types of defects all at one time. Which of the following should the buying firm do in this instance?
Working with engineering to assess the impact of each defect type on customers helps prioritize corrective actions effectively. Addressing the defect with the highest customer impact first ensures that resources are focused on the most critical issues, improving product quality and customer satisfaction.
In preparation for a new product launch, a company reviews the production capabilities of several regional plants in comparison with anticipated demand. Plant A is expected to have the highest demand, but consistent supply of parts is less reliable there than in other locations. The firm locates a supplier near the plant, which, although qualified, currently does not have enough space to store the large volume of finished parts Plant A will need for production. However, this supplier plans to expand.
To support plant operations during new product ramp-up, which of the following is MOST likely to be effective?
Engaging a warehouse provider near Plant A to hold safety stock is the most effective solution. This approach allows for immediate access to necessary inventory without straining Plant A's space, ensuring continuous production during ramp-up. It also mitigates risks associated with the supplier's current storage limitations. Reference: Inventory management and logistics strategies.
Which of the following refers to an agreement between a buyer and supplier in which vendor-owned inventory is stored on the buyer's floor until it is used in production?
Consignment refers to an agreement where vendor-owned inventory is stored on the buyer's premises until it is used. The supplier retains ownership until the items are consumed, reducing the buyer's upfront inventory costs and risks associated with holding stock.
A firm engaging in low-cost country sourcing wants to assume the least amount of risk when importing goods into its own country. Which of the following Incoterms 2020 rules would be MOST useful in achieving this goal7
In the context of low-cost country sourcing and minimizing risk when importing goods, the selection of appropriate Incoterms 2020 rules is crucial.
DAP (Delivered at Place) is the most suitable Incoterm for a firm wanting to assume the least amount of risk. Under DAP, the seller is responsible for all costs and risks associated with delivering the goods to a specified destination, which includes transportation, export customs clearance, and any other logistical arrangements until the goods are made available for unloading at the buyer's location. This significantly reduces the buyer's risk as the seller handles most of the transportation and logistics.
Other Incoterms, such as:
CFR (Cost and Freight): The seller pays for the cost and freight to bring the goods to the port of destination. However, the risk is transferred to the buyer once the goods are loaded on the vessel.
CPT (Carriage Paid To): Similar to CFR, but can be used for any mode of transport. The seller covers transport costs to a specified destination, but the risk transfers to the buyer upon handing over the goods to the first carrier.
EXW (Ex Works): The buyer assumes all risks and costs from the seller's premises onward, making it the highest risk for the buyer.
Incoterms 2020 by the International Chamber of Commerce (ICC)
'A Guide to Incoterms 2020' by the International Trade Centre (ITC)
Which of the following ensures that project requirements are being met within project constraints?
Scope management ensures project requirements align with constraints, preventing scope creep and maintaining project focus. It involves defining, controlling, and validating project scope. Reference: PMI. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide).
