APICS Exam 1 Questions With Complete Solutions.

APICS Exam 1 Questions With Complete Solutions.






















Inventory is the ____ of Supply Chain - CORRECT ANSWER-life blood

AInventory Turns equation - CORRECT ANSWER-Annual COGS/ Avrg inventory $

Matrix structure - CORRECT 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 - CORRECT ANSWER-decisions are made at the top

Appropriate response to risk (4 Parts) - CORRECT ANSWER-1. Try to avoid risk
2. Risk acceptance
3. Risk transfer
4. Risk mitigation

Implement and monitor plan

Job enlargement - CORRECT ANSWER-giving people more work to do

Job enrichment - CORRECT ANSWER-giving workers more authority

Job Rotation - CORRECT ANSWER-changing positions to provide broader perspective (ex LDP Program)

Business planning - CORRECT ANSWER-Done by product families and translated into synchronized functional plans

Current assets - CORRECT ANSWER-assets that can be spent/ used in less than one year

Inventory ratio (aka activity ratio) - CORRECT ANSWER-COGS/ Avrg Inventory

Fixed assets examples - CORRECT ANSWER-gross property, plant and equipment

Payback period - CORRECT ANSWER-cost of investment/ annual cash savings

Manufacturing costs (aka direct costs) - CORRECT ANSWER-DM, DL, MOH

Product cost is recognized when - CORRECT ANSWER-products are sold

Period costs - CORRECT ANSWER-accrued at time of purchase, not included in COGS

Variable costing is what kind of tool - Job-Order costing - CORRECT ANSWER-lean.. shows fixed OH on your income statement

CORRECT ANSWER-this is made to order environment

Process costing - CORRECT ANSWER-costs are collected for the period and averaged

Strategy - CORRECT ANSWER-A plan to use the organizations resources to achieve a sustainable competitive advantage

vision - CORRECT ANSWER-shared perception of the future, what the organization wants to become

Mission - CORRECT ANSWER-overall goals within business scope

Values - CORRECT ANSWER-organizational guideposts for all business and ethical decisions

Generic Business strategies (5) - CORRECT ANSWER-1. low-cost provider
2. Differentiation
3. Focused low-cost provider
4. Focused differentiation
5. Best-cost provider

Differentiation Strategy - CORRECT 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 - CORRECT ANSWER-1. customer service levels