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B Com Exam  >  B Com Tests  >  Test: Operations - 1 - B Com MCQ

Test: Operations - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Operations - 1

Test: Operations - 1 for B Com 2024 is part of B Com preparation. The Test: Operations - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Operations - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Operations - 1 below.
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Test: Operations - 1 - Question 1
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What is the primary function of storage in the supply chain?

Detailed Solution for Test: Operations - 1 - Question 1
The primary function of storage in the supply chain is "Inventory accumulation for a period of time." Storage allows organizations to hold inventory to improve supply-demand coordination and lower overall costs, especially when demand cannot be predicted exactly.
Test: Operations - 1 - Question 2
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Why is it impractical to operate a firm without any inventory or storage?

Detailed Solution for Test: Operations - 1 - Question 2
It is impractical to operate a firm without any inventory or storage because maintaining inventories can lower production costs. Without inventories, production would have to be instantly responsive, which is not practical or cost-effective. Storage allows for economical production lot sizing and sequencing, leading to cost savings.
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Test: Operations - 1 - Question 3
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What is the term for the costs of warehousing and materials handling activities in logistics?

Detailed Solution for Test: Operations - 1 - Question 3
The term for the costs of warehousing and materials handling activities in logistics is "Carrying costs." Carrying costs include expenses related to inventory storage and management, making up a significant portion of logistics costs.
Test: Operations - 1 - Question 4
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What role does inventory play in dealing with the uncertainty of demand?
Detailed Solution for Test: Operations - 1 - Question 4
Inventory plays the role of acting as a buffer against uncertainties in demand. When customer demand is uncertain or varies, having inventory of finished goods can help meet unexpected increases in demand, ensuring customer satisfaction.
Test: Operations - 1 - Question 5
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What is the main objective of benchmarking in inventory management?
Detailed Solution for Test: Operations - 1 - Question 5
The main objective of benchmarking in inventory management is "To compare an organization's performance with others for improvement." Benchmarking allows organizations to assess how they perform relative to their competitors and learn from best practices to enhance their own inventory management processes.
Test: Operations - 1 - Question 6
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What is the Economic Order Quantity (EOQ) model primarily used for in inventory management?
Detailed Solution for Test: Operations - 1 - Question 6
The Economic Order Quantity (EOQ) model is primarily used for "Determining optimal order quantities." It calculates the order quantity that minimizes the total inventory cost, balancing ordering costs and carrying costs.
Test: Operations - 1 - Question 7
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Which inventory management model works on a fixed order quantity basis?
Detailed Solution for Test: Operations - 1 - Question 7
The inventory management model that works on a fixed order quantity basis is the "Continuous Order Model." In this model, a fixed quantity is ordered whenever the inventory level reaches a predetermined safety level.
Test: Operations - 1 - Question 8
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What is the cost incurred when ordering excess inventory, resulting in higher carrying costs?
Detailed Solution for Test: Operations - 1 - Question 8
The cost incurred when ordering excess inventory, resulting in higher carrying costs, is referred to as "Carrying cost." Carrying costs include expenses related to storing and maintaining inventory over a period of time.
Test: Operations - 1 - Question 9
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Which type of inventory includes items that are not raw materials but are used in the manufacturing process?
Detailed Solution for Test: Operations - 1 - Question 9
The type of inventory that includes items that are not raw materials but are used in the manufacturing process is "Manufacturing or factory supplies inventory." These items are not the basic raw materials but play a role in the production process.
Test: Operations - 1 - Question 10
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What is the main purpose of the manufacturing or factory supplies inventory?
Detailed Solution for Test: Operations - 1 - Question 10
The main purpose of the manufacturing or factory supplies inventory is "To maintain a buffer against demand uncertainty." It includes items that are not raw materials but are used in the manufacturing process
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