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Exam-3-sample-with-key 11-28-10

Exam-3-sample-with-key 11-28-10 - SAMPLE QUESTIONS...

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SAMPLE QUESTIONS REPRESENTATIVE OF THOSE TO BE USED IN THE FINAL EXAM (revised 11-23-11) Pages 2-12 are multiple choice questions. Page 13 contains the multiple choice answer key. Pages 14 and 15 have the solutions for the numerical multiple-choice questions. Pages 16 and beyond contain an aggregate planning (SOP) problem with solution. There will be two types of numerical problems on the Final; SOP (sales and operations planning/aggregate planning—Chapter 13) and inventory reorder point and safety stock—Chapter 12. The problems will be presented in the same format as appears in these samples. Some reference will be made to the waiting line formulas (from the text book supplement Advanced Decision Support Tools). The format of such references will be similar to that shown in these samples. In addition, you can also review the questions at the textbook web site. If you should come across an answer to a web site question that you think is in error, please let me know and I’ll take a look.
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1. The __________ technique is best utilized to manage inventories of individual items that experience independent demand. a. MRP b. Fixed Quantity (Reorder Point) System c. exponential smoothing d. master planning e. aggregate planning 2. Which choice(s) correctly complete the following statement? A distributor manages its inventory using the Reorder Point technique and statistically determined safety stock. If the lead time for a particular item is increased, then the service level for that item (Hint: Look at the safety stock and reorder point formulas; these will be provided on the actual exam along with a copy of the probability table) I. will be reduced if the amount of safety stock is left unchanged II. requires an increase in safety stock to maintain the current service level III. can be maintained at its current level with less safety stock. IV. will increase if the amount of safety stock is left unchanged. V. has no relationship to lead-time. a. II & III d. I & V b. I & II e. II & IV c. III & IV 3. A distributor receives some products from a particular manufacturer with a promised lead-time of five days. Actual experience reveals that this lead-time can be relied upon; there has been little, if any, variation from the five-day promise. Due to some major highway construction in their area, the manufacturer informs the distributor that the lead-time will increase to seven days. The distributor has determined that variation in actual customer demand from forecast approximates a normal probability distribution. The lead-time change will not affect this. The distributor uses the reorder point technique (continuous review system) and statistically determined safety stock to manage its inventories. Which of the following will be true concerning potential impacts upon the distributor's inventory of the affected products? I.
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Exam-3-sample-with-key 11-28-10 - SAMPLE QUESTIONS...

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