APICS EXAM 1 2024/2025 WITH 100% ACCURATE SOLUTIONS, Exams of Nursing

Download APICS EXAM 1 2024/2025 WITH 100% ACCURATE SOLUTIONS and more Exams Nursing in PDF only on Docsity!

APICS EXAM 1 2024/2025 WITH 100%

ACCURATE SOLUTIONS

Inventory is the ____ of Supply Chain - Precise Answer ✔✔life blood Inventory Turns equation - Precise Answer ✔✔Annual COGS/ Avrg inventory $ Matrix structure - Precise 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 - Precise Answer ✔✔decisions are made at the top Appropriate response to risk (4 Parts) - Precise Answer ✔✔1. Try to avoid risk

2. Risk acceptance
3. Risk transfer
4. Risk mitigation Implement and monitor plan

Job enlargement - Precise Answer ✔✔giving people more work to do Job enrichment - Precise Answer ✔✔giving workers more authority Job Rotation - Precise Answer ✔✔changing positions to provide broader perspective (ex LDP Program) Business planning - Precise Answer ✔✔Done by product families and translated into synchronized functional plans Current assets - Precise Answer ✔✔assets that can be spent/ used in less than one year Inventory ratio (aka activity ratio) - Precise Answer ✔✔COGS/ Avrg Inventory Fixed assets examples - Precise Answer ✔✔gross property, plant and equipment Payback period - Precise Answer ✔✔cost of investment/ annual cash savings Manufacturing costs (aka direct costs) - Precise Answer ✔✔DM, DL, MOH

Product cost is recognized when - Precise Answer ✔✔products are sold Period costs - Precise Answer ✔✔accrued at time of purchase, not included in COGS Variable costing is what kind of tool - Precise Answer ✔✔lean.. shows fixed OH on your income statement Job-Order costing - Precise Answer ✔✔this is made to order environment Process costing - Precise Answer ✔✔costs are collected for the period and averaged Strategy - Precise Answer ✔✔A plan to use the organizations resources to achieve a sustainable competitive advantage vision - Precise Answer ✔✔shared perception of the future, what the organization wants to become Mission - Precise Answer ✔✔overall goals within business scope Values - Precise Answer ✔✔organizational guideposts for all business and ethical decisions

Generic Business strategies (5) - Precise Answer ✔✔1. low-cost provider

2. Differentiation
3. Focused low-cost provider
4. Focused differentiation
5. Best-cost provider Differentiation Strategy - Precise Answer ✔✔-made to order environment -profits margins will contribute to the bottom line

• extra capacity to get things done on time
• customer due dates are NON NEGOTIABLE 3 Objectives of MPR - Precise Answer ✔✔1. customer service levels

2. cost of production
3. inventory investment Sales and operations planning - Precise Answer ✔✔aggregation level- product family units happens monthly/ quarterly forecast length should be several months out Sales and operations (<->) - Precise Answer ✔✔resource planning

Master scheduling (<->) - Precise Answer ✔✔rough- cut capacity planning Demand management (<->) - Precise Answer ✔✔distribution planning Moving Average - Precise Answer ✔✔Sum of demand of most recent periods/ # of periods engineer to order - Precise Answer ✔✔material is at the supplier's supplier (can be special ordered) make- to - order - Precise Answer ✔✔material at supplier assemble- to -on hand - Precise Answer ✔✔lead time is an hour/shift/day make- to stock - Precise Answer ✔✔finished goods What increases rivalry among sellers in the same industry? - Precise Answer ✔✔buyer demand grows slowly/ is flat and both strong and weak rivalries exist What is the primary use of environmental scanning? - Precise Answer ✔✔To identify threats and opportunities

What factors are considered in determining industry attractiveness? - Precise Answer ✔✔profitability and cumulative competitive pressure Deterrents to new market entry - Precise Answer ✔✔1. when existing competitors have resources o compete aggressively against the new entry or proprietary knowledge or patents

2. when they are protected by government policies
3. when the competitors have well established distribution channels and market locations
4. when entry requires significant capital investment In the maturing age of the product life cycle how is the organization likely to compete? - Precise Answer ✔✔By emphasizing competitive price and reaching new costumer groups What is the purpose of the VRIM test? - Precise Answer ✔✔to asses the strength of an organizations competitive advantage A manufacturer of building supplied decides to improve its competitive advantage by buying sand and gravel suppliers near its factories. What type of strategy is this? - Precise Answer ✔✔Backward Integration What generalization about vertical integration is often true? - Precise Answer ✔✔It aims at lowering both costs and risks of production

Which situation is the best candidate for outsourcing? - Precise Answer ✔✔The process is not used by the customer often but requires costly equipment Scipa Automative is a reputable automotive parts supplier with declining profit margins in its home market because of declining automobile sales and high labor costs. Scipa is considering acquiring a midsize parts manufacturer in another country, where a large automative parts market is emerging. Scipa would transfer all manufacturing to this country. The business being considered for acquisition has weak management and technical competencies compared with Scipa's home country levels. Which factor will likely be most influential in Scipa's decision? - Precise Answer ✔✔Access to a growing market Which organization is pursuing a multi domestic strategy? - Precise Answer ✔✔A manufacturer makes multiple foreign acquisitions and produces components in different countries with standard processes, but products are assembled locally to appeal to local market preferences. What is key to Toyota's strategy in this initiative? How does this strategy measure up against the Triple Bottom Line? - Precise Answer ✔✔Aligning competencies with social benefit for competitive advantage. It delivers benefits in all threes ares of the TBL If an organization has implemented a sustainability initiative but it has not produced the desired results, what step should the organization take next? - Precise Answer ✔✔Implement an Audit

Which option is the most sustainable long term approach to waste in manufacturing? - Precise Answer ✔✔Redesign products to minimize use of materials What are the three sources of cash flows in the cash flow statement? - Precise Answer ✔✔Operating activities, asset growth, investment interest In which costing method is fixed manufacturing overhead cost included in the cost of goods sold? - Precise Answer ✔✔Absorption Costing What ratio can be used to determine a company's ability to pay its liabilities by converting assets in the near term? - Precise Answer ✔✔Current Ratio Which investment analysis tool accounts for the time value of money? - Precise Answer ✔✔Net present Value Which statement about process costing is true? - Precise Answer ✔✔Process costing focuses on processing department costs Which are components of product cost? - Precise Answer ✔✔Overhead, labor, and material costs

How does activity based costing differ from absorption product costing?

• Precise Answer ✔✔Activity based costing assigns some non manufacturing costs to produce costs When are job-order and process costing methods used? - Precise Answer ✔✔When direct labor, materials, and factory overhead costs must be accumulated Which statement about information and process technology is true? - Precise Answer ✔✔Technology should be selected on the basis of the competitive advantage it conveys Which factor has the least impact on the choice of process technology? - Precise Answer ✔✔Worker Skills Quality - Precise Answer ✔✔Conformance of specifications Dependability - Precise Answer ✔✔Scheduling conformance Speed - Precise Answer ✔✔Throughput time Flexibility - Precise Answer ✔✔Rate of new product introduction Cost - Precise Answer ✔✔Working capital requirments

What is the accurate description of order winning and order qualifying factors? - Precise Answer ✔✔Order qualifying factors represent minimal requirements, while order winning factors exceed expectations Which is the most practical way to reduce the bullwhip effect? - Precise Answer ✔✔Use point of sale information What is an advantage of the lead capacity strategy? - Precise Answer ✔✔Maximizing of revenue potential What is an advantage of small scale operations and facilities? - Precise Answer ✔✔Less overcapacity during scale-up