Inventory Management Learning Block 3 Practice Questions Flashcards Preview

Supply Chain Management > Inventory Management Learning Block 3 Practice Questions > Flashcards

Flashcards in Inventory Management Learning Block 3 Practice Questions Deck (10)
Loading flashcards...
1
Q

Inventory control is defined as:

A

Managing the supply, storage, and accessibility of materials to meet customer’s needs

2
Q

To aid in inventory control, inventory personnel often utilize Pareto’s principle, which asserts that:

A

When analyzing a large group of items, most of the activity will be concentrated in a relatively small number of items

3
Q

Warehouse Management Systems (WMS) are computer systems that utilize specialized inventory software used to:

A

Track inventory levels, orders, sales, and deliveries

4
Q

Cross-docking is utilized to:

A

Sort and ship manufacturing components, customer orders, or other products as they are received, without ever being stored

5
Q

The primary purpose of semi-permanent storage is for the:

A

Storage of buffer or safety stock

6
Q

Good record keeping is a reflection of the:

A

Overall inventory system

7
Q

Counting the entire inventory at the same time is defined as:

A

Physical inventory

8
Q

Many warehouses use RFID technology and place microchips on products to:

A

Identify and track items in an inventory control system

9
Q

Cycle counting is defined as which process?

A

Systematic counting of each item carried in stock at least once per year at a planned interval or frequency

10
Q

Inventory control systems provide control for SKUs (stock keeping units), which are defined as:

A

Items that are exactly identical in form, fit, and function

Decks in Supply Chain Management Class (40):