Cpim apics exam 1 stuvia Study guides, Class notes & Summaries
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APICS CPIM Exam 1 Key Terms Questions With Correct Answers
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ABC classification - Answer Process of classifying items in descending order based on annual dollar volume or some other criteria. The list is then split into 3 classes - A, B, and C. A represents 10-20% of items but 50-70% of dollar volume; B represents 20% of items and 20% of dollar volume; C represents 60-70% of items but 10-30% of dollar volume. This principle states that effort and money can be saved by applying looser controls to the low dollar volume items (C class) than the higher dollar...
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APICS CPIM MODULE 1 Exam Questions will With Verified Answers
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strategic plan - Answer examines "how to marshal and determine actions to support the mission, goals, and objectives of an organization 
 
business plan - Answer a statement of long range strategy and revenue, cost, and profit objectives usually accompanied by budgets, a projected balance sheet, and a cash flow (source and application of funds) statement 
 
manufacturing planning hierarchy - Answer SMR, MPR, DSP, ECO 
 
competitive advantage - Answer the advantage a company has over its rivals ...
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APIC's CPIM Part 1 Practice Exam Questions & Answers
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The ability of a company to address the needs of and inquiries and requests from customers refers to: 
on-time delivery. 
customer service. 
order fill rates. 
customer relationship management. - Answer customer service.: Customer service is the ability of a company to address the needs of and inquiries and requests from customers. 
 
Which of the following is included in the cost of goods sold? 
Standard cost 
General and administrative expenses 
Revenue 
Overhead - Answer Overhead: The cost of...
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CPIM APICS Exam 1 Questions With Correct Answers
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Inventory is the ____ of Supply Chain - Answer life blood 
 
Inventory Turns equation - Answer Annual COGS/ Avrg inventory $ 
 
Matrix structure - Answer you can have more than one boss, one product group, Team members come from different teams are also members of the product management office 
 
Centralized corp structure - Answer decisions are made at the top 
 
Appropriate response to risk (4 Parts) - Answer 1. Try to avoid risk 
2. Risk acceptance 
3. Risk transfer 
4. Risk mitigation 
 
Imp...
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