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NEW QUESTION 38
The ABC approach involves classifying inventory items by unit cost, with expensive items classi-fied as 'A' items and low cost items classified as 'C' items. Is this statement true?
- A. No, ABC analysis considers the supply risks associated with an inventory item
- B. Yes, 'C' items with the lowest unit prices are the tail spends
- C. No, ABC analysis considers the usage of each inventory item
- D. Yes, 'A' items represent approximately 20% of total unit prices
Answer: C
Explanation:
ABC analysis is an approach for classifying inventory items based on the items' consumption val-ues. Consumption value is the total value of an item consumed over a specified time period, for example a year. The approach is based on the Pareto principle to help manage what matters and is applied in this context:
- A items are goods where annual consumption value is the highest. Applying the Pareto principle (also referred to as the 80/20 rule where 80 percent of the output is determined by 20 percent of the input), they comprise a relatively small number of items but have a relatively high consumption value. So it's logical that analysis and control of this class is relatively intense, since there is the greatest potential to reduce costs or losses.
- B items are interclass items. Their consumption values are lower than A items but higher than C items. A key point of having this interclass group is to watch items close to A item and C item classes that would alter their stock management policies if they drift closer to class A or class C. Stock management is itself a cost. So there needs to be a balance between controls to protect the asset class and the value at risk of loss, or the cost of analysis and the potential value returned by reducing class costs. So, the scope of this class and the inventory management policies are determined by the estimated cost-benefit of class cost reduction, and loss control systems and processes.
- C items have the lowest consumption value. This class has a relatively high proportion of the total number of lines but with relatively low consumption values. Logically, it's not usually cost-effective to deploy tight inventory controls, as the value at risk of significant loss is relatively low and the cost of analysis would typically yield relatively low returns.
LO 2, AC 2.1
NEW QUESTION 39
Which of the following best defines 'exponential moving average'?
- A. A forecasting technique where the average is calculated by dividing the sum of the val-ues by the number of values
- B. A process by which the reorder of an item is triggered by the inventory level dropping to a predetermined level
- C. A forecasting technique where each demand is multiplied by a weighting factor
- D. A process by which a decision is taken at a period end or review point to determine how much to reorder
Answer: C
Explanation:
An exponential moving average (EMA) is a type of moving average (MA) that places a greater weight and significance on the most recent data points. The exponential moving average is also referred to as the exponentially weighted moving average. An exponentially weighted moving average reacts more significantly to recent price changes than a simple moving average (SMA), which applies an equal weight to all observations in the period.
Reference:
LO 2, AC 2.3
NEW QUESTION 40
Among different types of costs associated with inventory, the opportunity cost of the investment tied up in inventory belongs to which of the following?
- A. Acquisition costs
- B. Holding costs
- C. Costs of stockouts
- D. Purchase price
Answer: B
Explanation:
Direct and indirect costs of holding inventory include the following:
- Acquisition costs
- Holding costs: There are 2 different types of holding costs: costs related to the value of the goods (including opportunity costs, costs of insurance, losses due to product deterioration, etc) and costs related to the physical characteristics of this inventory.
- Costs of stockouts
Reference:
LO 2, AC 2.2
NEW QUESTION 41
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