Quiz 1:Mgt 417 Essay

800 words - 4 pages

Quiz 1, Logistical Inventory Control, MGT 417
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Chapters 1-2
Completed Quiz must be posted to the Dropbox no later than 8 p.m. on Tuesday, 29 October.

Each student must complete the Quiz independently with no assistance

This is an open book Quiz; you may use your text book and class PPT presentations

The Quiz consists of Fill in the Blank, Multiple Choice and True and False Questions…
Circle the Letter/True or False corresponding to your answer, fill in the blanks with your answer.

Name: Piyabalo Padaro

1. Stock consists of all the goods and materials that are stored by an organization. It is a store of items that is ...view middle of the document...

The function that has overall responsibility for moving materials through the supply chain is Logistics or supply chain management.

8. Today, organizations realize that they can benefit from using specialized companies to take over part, or all, of their logistics, leaving them free to concentrate on their core activities. This is called outsourcing with the specialized companies…third party logistics operators. The text book indicates 8 benefits, what are 4 of the benefits?

Lower fixed costs, with organizations only paying for services they use;
Specialist suppliers who have expertise and use the best systems and practices;
Third parties can combine work from several customers to get economies of scales;
Guaranteed high, and agreed, levels of customer service.

9. The text book indicates 12 inventory management activities that are entwined with logistics activities, what are four of the activities that are entwined with logistics?
Procurement or purchasing;
Inward transport or traffic;
Receiving;
Material handling

10. Inventory management decisions are classified in 3 levels of decision, match the Decision with the corresponding level of decision:

A. Strategic decisions
B. Tactical decisions
C. Operational decisions
B. are concerned with implementing the strategies over the medium term; they look at more detail, involve fewer resources and some risk.
A. are most important, have effects over the long term, use many resources and are the most risky. These set the overall direction for operations.
C. are concerned with implementing the tactics over...

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