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Which of the following statements is true of just-in-time (JIT) purchasing?

AIn JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales

BOnly disadvantage of JIT purchasing is the higher level carrying and inspection costs

CJIT purchasing is guided solely by the EOQ model because that model emphasizes the tradeoff between relevant carrying and ordering costs

DIn JIT purchasing, the optimal safety-stock level is the quantity of safety stock that minimizes the sum of annual relevant stockout and carrying costs

Question 2

Which of the following are most likely to be the purposes of packing and packaging?

1. To bring the product cost down

2. To protect the product

3. To improve the product recognition

4. To test the product durability

A1 and 2 only

B3 and 4 only

C2 and 3 only

D1 and 4 only

Question 3

''A measure of the ability of an organisation to supply customers without delay'' is the best defini-tion of which of the following:

ARe-order level

BService level

CKey performance indicator

DSafety stock

Question 4

The size of order that minimises the total cost of acquiring and holding stock is known as...

AOrder quantity

BEconomic Order Quantity

CThe correct quantity

DAverage stock

Question 5

A cardiac department within a local hospital carries out a small number of specialist emergency care heart surgeries each year. The devices implanted in the patients can vary significantly depending on the condition of the patient. Therefore, the hospital requires a stock management technique that minimizes the cost of holding several different items of stock, without impacting the critical service levels, and allowing the supplier to retain the title of the stock until the hospital's cardiac team utilizes it. Which of the following stock management techniques would enable the hospital to achieve this?

AHaving strategically placed hospital-owned safety stock in various hospital storerooms

BIncreasing the hospital's overall stock levels in all supplies

CHaving vendor-owned stock in the hospital stores

DSubjective stock forecasting being undertaken by the doctors

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