Cpim apics exam 1 stuvia Study guides, Class notes & Summaries

ABC classification - Answer Process of classifying items in descending order based on annual dollar volume or some other criteria. The list is then split into 3 classes - A, B, and C. A represents 10-20% of items but 50-70% of dollar volume; B represents 20% of items and 20% of dollar volume; C represents 60-70% of items but 10-30% of dollar volume. This principle states that effort and money can be saved by applying looser controls to the low dollar volume items (C class) than the higher dollar...

The ability of a company to address the needs of and inquiries and requests from customers refers to: on-time delivery. customer service. order fill rates. customer relationship management. - Answer customer service.: Customer service is the ability of a company to address the needs of and inquiries and requests from customers. Which of the following is included in the cost of goods sold? Standard cost General and administrative expenses Revenue Overhead - Answer Overhead: The cost of...

strategic plan - Answer examines "how to marshal and determine actions to support the mission, goals, and objectives of an organization business plan - Answer a statement of long range strategy and revenue, cost, and profit objectives usually accompanied by budgets, a projected balance sheet, and a cash flow (source and application of funds) statement manufacturing planning hierarchy - Answer SMR, MPR, DSP, ECO competitive advantage - Answer the advantage a company has over its rivals ...

Inventory is the ____ of Supply Chain - Answer life blood Inventory Turns equation - Answer Annual COGS/ Avrg inventory $ Matrix structure - Answer you can have more than one boss, one product group, Team members come from different teams are also members of the product management office Centralized corp structure - Answer decisions are made at the top Appropriate response to risk (4 Parts) - Answer 1. Try to avoid risk 2. Risk acceptance 3. Risk transfer 4. Risk mitigation Imp...