Kaizen's - Hunt For Triumph | Attempts: 89

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| By Lvs Saicharan

Lvs Saicharan

Community Contributor

Quizzes Created: 1 | Total Attempts: 89

Questions: 5 | Attempts: 89 | Updated: Mar 15, 2023

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Questions and Answers

1.

The purpose of the transportation approach for locational analysis is to minimize.
- A.
  
  Total costs
- B.
  
  Total shipping costs
- C.
  
  Total variable costs
- D.
  
  Total fixed costs
Correct Answer
B. Total shipping costs

Explanation
The transportation approach for locational analysis aims to minimize the total shipping costs. This method focuses on finding the most efficient and cost-effective way to transport goods from one location to another. By minimizing the shipping costs, businesses can optimize their supply chain and reduce expenses, ultimately improving their profitability. This approach considers factors such as distance, transportation mode, shipment size, and route optimization to find the most economical solution for transporting goods. By minimizing total shipping costs, businesses can achieve cost savings and increase their competitiveness in the market.

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2.

The Production Order Quantity model
- A.
  
  Relaxes the assumption of known and constant demand
- B.
  
  Uses Ordering Cost, not Setup Cost, in its formula
- C.
  
  Assumes instantaneous delivery
- D.
  
  Is appropriate when units are sold/used as they are produced
Correct Answer
D. Is appropriate when units are sold/used as they are produced

Explanation
The Production Order Quantity model is appropriate when units are sold/used as they are produced because this model allows for continuous production and delivery of units based on demand. It relaxes the assumption of known and constant demand, meaning that the production can be adjusted according to the actual demand. It uses Ordering Cost, which includes costs associated with placing an order such as transportation and handling, rather than Setup Cost. Additionally, the model assumes instantaneous delivery, meaning that there is no delay in delivering the units once they are produced.

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3.

The main objective of Work-Study is to improve.
- A.
  
  Cycle time
- B.
  
  Productivity
- C.
  
  Production
- D.
  
  All of the above
Correct Answer
B. Productivity

Explanation
Work-Study is a systematic approach used to analyze and improve work methods and processes. Its main objective is to enhance productivity by eliminating waste, reducing cycle time, and optimizing production. By implementing work-study techniques, organizations can identify bottlenecks, streamline workflows, and increase efficiency, ultimately leading to improved productivity. Therefore, the correct answer is "Productivity."

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4.

The term ________ implies the foregone profit due to the inability of the company to produce.
- A.
  
  Opportunity cost
- B.
  
  Marginal cost
- C.
  
  Overhead cost
- D.
  
  All of the above
Correct Answer
A. Opportunity cost

Explanation
Opportunity cost refers to the potential profit that a company loses out on when it is unable to produce. This concept recognizes that by choosing one option, the company is giving up the opportunity to earn profits from other alternatives. Therefore, opportunity cost represents the foregone profit that arises from the company's inability to produce.

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5.

Which of the following is a forecasting method?
- A.
  
  Keiretsu
- B.
  
  Taguchi Method
- C.
  
  Delphi Technique
- D.
  
  Both ( b ) and ( c )
Correct Answer
C. DelpHi Technique

Explanation
Delphi Technique is a forecasting method that involves obtaining expert opinions through a series of questionnaires or interviews. It is a structured approach that aims to reach a consensus among the experts by gathering and analyzing their individual responses. This method is commonly used in situations where there is uncertainty or lack of historical data, making it a valuable tool for predicting future outcomes.

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Current Version
Mar 15, 2023

Quiz Edited by
ProProfs Editorial Team
Jun 02, 2020

Quiz Created by
Lvs Saicharan

Kaizen's - Hunt For Triumph

The purpose of the transportation approach for locational analysis is to minimize.

The Production Order Quantity model

The main objective of Work-Study is to improve.

The term ________ implies the foregone profit due to the inability of the company to produce.

Which of the following is a forecasting method?