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Standards and quality practices in Production, Construction, Maintenance and Services
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Standards and quality practices in Production, Construction, Maintenance and Services
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Question 1 of 10
1. Question
1 pointsWhich of the following are the benefits of inventory control?
1. Improvement in customers relationship.
2. Economy in purchasing.
3. Elimination of the possibility of duplicate ordering. Select the correct answer using the code given below:Correct
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Question 2 of 10
2. Question
1 pointsClassifying items in A, B and C categories for selective control in inventory management is done by arranging items in the decreasing order of:
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Question 3 of 10
3. Question
1 pointsConsider the following statements:
1. ABC analysis is based on Pareto’s principle
2. FIFO and LIFO policies can be used for material valuation in materials management.
3. Simulation can be l1sed for inventory control.
4. EOQ (Economic Order Quantity) formula ignores variations in demand patternCorrect
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Question 4 of 10
4. Question
1 pointsfurniture company is maintaining a constant work force which can produce 3000 tables per quarter. The annual demand is 12000 units and is distributed seasonally in accordance with the quarterly indexes Q1 = 0.80, Q2 = 1.40, Q3 = 1.00 and Q4 = 0.80. Inventories are accumulated when demand is less than the capacity and are used up during periods of strong demand to supply the total demand. To take into account any seasonal demand the inventories on hand at the beginning of the first quarter should be at least.
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Question 5 of 10
5. Question
1 pointsThe inventory carrying cost includes.
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Question 6 of 10
6. Question
1 pointsThere are two products A and B with the following characteristics product demand (in units), order cost (in Rs./order), holding cost (in
Rs./unit/years)
A. 100 100 4
B. 400 100 1
The economic order quantities (EOQ) of product A and B will be in the ratio of:Correct
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Question 7 of 10
7. Question
1 pointsIf demand is doubled and ordering cost, unit cost and inventory carrying cost are halved, then what will be the EOQ?
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Question 8 of 10
8. Question
1 pointsAnnual demand for a product costing Rs. 100 per piece is Rs. 900. Ordering cost per order is Rs. 100 and inventory holding cost is Rs. 2 per unit per year. The economic lot size is:
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Question 9 of 10
9. Question
1 points. Which of the following cost elements are considered while determining the Economic Lot Size for purchase?
1. Inventory carrying cost 2. Procurement cost
3. Set up cost
Select the correct answer using the codes given below:Correct
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Question 10 of 10
10. Question
1 pointsWhich one of the following correctly represents inventory turnover ratio for raw materials?
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