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Question 477 - CSCP discussion

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The ABC classification system answers which two of the following questions?

A.
How much inventory should be ordered at one time, and when will the order be placed?
Answers
A.
How much inventory should be ordered at one time, and when will the order be placed?
B.
What is the importance of the inventory item, and how will the inventory items be controlled?
Answers
B.
What is the importance of the inventory item, and how will the inventory items be controlled?
C.
How much inventory should be ordered at one time, and what is the importance of the inventory item?
Answers
C.
How much inventory should be ordered at one time, and what is the importance of the inventory item?
D.
When will the order be placed, and how will the inventory items be controlled?
Answers
D.
When will the order be placed, and how will the inventory items be controlled?
Suggested answer: B

Explanation:

The ABC classification system is used to categorize inventory items based on their importance, typically in terms of their value and usage frequency. Class A items are the most valuable and require tight control, Class B items are of moderate importance, and Class C items are the least valuable and require simpler controls. This system helps in prioritizing management efforts, optimizing inventory control, and ensuring that resources are allocated efficiently to manage the most critical items effectively.

''Inventory Management Explained: A focus on Forecasting, Lot Sizing, Safety Stock, and Ordering Systems'' by David J. Piasecki

APICS Dictionary, 16th Edition

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asked 16/09/2024
Carmina Medel
33 questions
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