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NEW QUESTION 22
Which of the following should be considered when an organisation plans for disposing obsolescent and redundant stock? Select TWO that apply.

• A. ABC analysis
• B. Takt time
• C. Financial costs
• D. Environmental issues
• E. Economic order quantity

Answer: C,D

Explanation:
If the planning and mitigation measures fail and redundant or obsolete stock is identified, it needs to be removed from the current inventory location as quickly as possible. There are some methods to deal with these types of stock. The worst case scenario is disposal to landfill, which is inadvisable if it can be avoided, both from environment point of view and the financial costs of such disposal.
For example, the problem of obsolete pesticides remains extremely serious and urgent. Many of the stocks identified continue to deteriorate thereby giving rise to an ever escalating source of severe pollution and posing a threat to human health, the environment and development in particular. To reduce the impact of obsolete pesticides on environment, FAO initiated a project in Yemen in which a total of 262 tonnes of obsolete pesticides were removed from 20 different sites and successfully disposed of between March and June 1996. The major field operation was completed in six weeks during which period almost all obsolete pesticides were brought to a central location and subsequently shipped to the United Kingdom for incineration.
Reference:
LO 2, AC 2.1

NEW QUESTION 23
Resevoir Inc runs several oil refineries across the country. These refineries require heavy invest-ment, particularly in maintenance, repair and operating (MRO) inventory. But the inventory turno-ver rate of these MRO items are low, while some items have expired date, which increases the risks of obsolescence. Which of the following methods can address the issues of these MRO items?

• A. Vendor-owned stock
• B. Larger safety stock
• C. Just in case
• D. Forrester effect

Answer: A

Explanation:
Where stock turn (inventory turnover) is low and there are potential risks of redundancy or obsolescence, the buying organisation may adopt vendor owned stock. In this system, a supplier (vendor) maintains a stock of items ready to be used at the point of customer consumption. The supplier owns the stock until it is used by the purchaser; only then is the purchaser invoiced for it.
Just in case and larger safety stock would significantly increase the stock level, which may cause redundancy or obsolescence.
Forrester effect (or Bullwhip effect) is a distribution channel phenomenon in which forecasts yield supply chain inefficiencies. It refers to increasing swings in inventory in response to shifts in customer demand as one moves further up the supply chain.
Reference:
LO 2, AC 2.2

NEW QUESTION 24
Which of the following best describes the relationship between a service level and safety stock?

• A. A service level decreases in proportion to a decrease in safety stock
• B. A safety stock is not always required to achieve a required service level
• C. When safety stock is zero the service level always equals zero.
• D. A service level increases in proportion to an increase in safety stock

Answer: B

Explanation:
Holding extra stocks will always improve customer service levels, or at least reduce the risk of them falling. This implies that if an organisation aims at higher service levels, they should have larger safety stock. However, increasing safety stock is not the only solution to improve service level. The widespread adoption of just-in-time (JIT) techniques particularly in the automotive industry has greatly reduced costs with increased service levels as well as the additional benefit of increased problem visibility.
The correct answer should be 'A safety stock is not always required to achieve a required service level'.
Reference:
LO 2, AC 2.2

NEW QUESTION 25
In just in time production system, when is an upstream production triggered?

• A. After the management team forecasts the future demands
• B. When downstream operations summon the upstream production
• C. When the inventory level reaches the reorder point
• D. When the production workers are idle

Answer: B

Explanation:
Along with Jidoka, Just-in-time (JIT) production is one of the pillars of the two Toyota Production System. It is a production method that fundamentally changed the way large-scale production oc-curred in the 20th century, and is the basis for Lean Manufacturing (Lean for short), which is the school of thought many modern companies have modeled themselves after.
JIT production is often called a pull system because instead of using traditional push production where scheduling is done based on historical data and demand forecasting, production is scheduled based on actual customer orders. Rather than predicting demands from customers, the JIT method requires that actual customer demand exists. Production doesn't begin before an order triggers it. This system not only reduces the amount of extra inventory, but also reduces the amount of work in progress at one time.
Reference:
- Just-in-Time Production
- CIPS study guide page 122-127
LO 2, AC 2.3

NEW QUESTION 26
Objective forecasting techniques must be based on which of the following?
1. Opinions
2. Figures
3. Facts
4. Jugdement

• A. 1 and 2 only
• B. 3 and 4 only
• C. 2 and 3 only
• D. 1 and 4 only

Answer: C

Explanation:
Subjective forecasting uses qualitative methods (surveys, opinions) which relay on perception and opinion. Objective forecasting uses quantitative methods (facts and figures). Both methods have to make assumption about how closely (or not) the future will resemble the present and the past. Forecasting is never exact.
Reference:
LO 2, AC 2.3

NEW QUESTION 27
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