Bill of Materials (BOM) also known as..?, Principle (90/10 rule), First Principle (20/80 rule), Plato Principle (80/20 rule), Pareto Principle (80/20 rule), Village Grocer has hundreds of products. Which inventory method helps it focus more attention on the most valuable items?, JIT, ABC Analysis, Bill of Materials, Material Requirement Planning (MRP), A furniture company makes a table. Which item would normally appear in its Bill of Materials (BOM)?, The number of customers, The shop's electricity bills, The company's monthly sales, The table's legs and tabletop, Safety stock is extra inventory kept to help protect a business against unexpected demand or delivery delays., True, False, A shop orders new stock when its inventory reaches a particular level. What is this level called?, Reorder Point, Purchase Order, Economic Order Quantity (EOQ), Bill of Materials (BOM), Cycle counting requires a business to stop all operations and count every item in the warehouse at the same time., True, False, A shoe factory's inventory records show 100 shoelaces, but a physical count finds only 90. What should the company do first?, Proceed the production, Order 100 more immediately, Inventory check and update records, Stop selling shoes, These steps are required in MRP, except ;, MRP Calculation, Bill of Materials, Master Production Schedule (MPS), Cycle Counting, What possible benefit of good inventory management?, Reduce production efficiency, Improve customer satisfaction, Increase stock outs, Improve inventory costs, Keeping too much inventory can increase storage and holding costs for a business., True, False

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