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NEW QUESTION # 561
Substituting capital equipment in place of direct labor can be economically Justified for which of the following scenarios?
Answer: B
Explanation:
Substituting capital equipment in place of direct labor can be economically justified for scenario A, where volumes are forecasted to increase. This is because capital equipment can provide higher productivity, efficiency, and quality than direct labor, especially for large-scale and standardized production. Capital equipment can also reduce labor costs, such as wages, benefits, and training, and avoid labor shortages or turnover. However, capital equipment also involves high initial investment, maintenance, and depreciation costs, and may require more skilled workers to operate and monitor. Therefore, the substitution of capital equipment for direct labor should be based on a careful analysis of the trade-offs between the costs and benefits of both alternatives.
Option B is not correct, because material prices are forecasted to increase. This scenario does not directly affect the decision to substitute capital equipment for direct labor, as both alternatives use the same materials.
However, increasing material prices may reduce the profitability of the production, and may require the company to find ways to reduce material usage, such as improving material yield, reducing scrap and rework, or sourcing from cheaper suppliers.
Option C is not correct, because implementing a pull system in production. This scenario does not favor the substitution of capital equipment for direct labor, as a pull system is based on the principle of producing only what is needed by the customer, when it is needed, and in the quantity needed. A pull system requires flexibility, responsiveness, and adaptability to the changing customer demand, which may be better achieved by direct labor than capital equipment. A pull system also aims to minimize inventory, waste, and overproduction, which may reduce the need for capital equipment.
Option D is not correct, because functional layouts are being utilized. This scenario does not support the substitution of capital equipment for direct labor, as functional layouts are based on grouping similar or related processes or machines together, regardless of the product flow. Functional layouts may result in long and complex material flows, high transportation and handling costs, high work-in-process inventory, and low visibility and coordination of the production. Functional layouts may also require more direct labor to move and monitor the materials and machines. Capital equipment may be more suitable for product layouts, where the processes or machines are arranged according to the sequence of operations for a specific product or family of products.
References:
Production and Inventory Management
Capital Equipment and Labor
Facility Layout and Design
NEW QUESTION # 562
A manufacturer has a forecasted annual demand of 1,000,000 units for a new product. They have to choose 1 of 4 new pieces of equipment to produce this product. Assume that revenue will be $10 per unit for all 4 options.
Which machine will maximize their profit if the manufacturer anticipates market demand will be steady for 3 years and there is no residual value for any of the equipment choices?
MachineFixed CostVariable Cost per UnitAnnual Capacity
AS100.000$6 00800,000 units
B$200,000$5 501.000,000 units
C$250,000$5 001,200,000 units
D$1 000.000$4 501 400.000 units
Answer: C
Explanation:
To maximize profit, the manufacturer should choose the machine that has the lowest total cost per unit of demand. The total cost per unit of demand is calculated by adding the fixed cost per unit of demand and the variable cost per unit. The fixed cost per unit of demand is obtained by dividing the fixed cost by the annual demand. The variable cost per unit is given in the table. The total cost per unit of demand for each machine is:
Machine A: 1,000,000100,000+6.00=6.10
Machine B: 1,000,000200,000+5.50=5.70
Machine C: 1,000,000250,000+5.00=5.25
Machine D: 1,000,0001,000,000+4.50=5.50
The lowest total cost per unit of demand is for Machine C, which is $5.25. Therefore, Machine C will maximize the profit for the manufacturer.
References:
Some possible references for this question are:
CPIM Part 1 Exam Content Manual, Version 8.0, Domain 3: Plan and Manage Supply, Section A: Plan and Manage Supply Chain Capacity, Topic 2: Capacity Planning Concepts, Subtopic b: Capacity planning methods, Page 30 CPIM Part 1 Learning System, Version 8.0, Module 3: Plan and Manage Supply, Section 3.2: Capacity Planning Concepts, Topic 3.2.2: Capacity Planning Methods, Subtopic 3.2.2.2: Cost-Volume Analysis, Pages
3-24 to 3-26
CPIM Part 1 Study Guide, Version 8.0, Module 3: Plan and Manage Supply, Section 3.2: Capacity Planning Concepts, Topic 3.2.2: Capacity Planning Methods, Subtopic 3.2.2.2: Cost-Volume Analysis, Pages 3-24 to 3-
26
NEW QUESTION # 563
A bill of resources typically contains information about a product's:
Answer: D
Explanation:
The correct answer is D. Key work centers .
A bill of resources is used for capacity planning. It identifies the key resources or critical work centers needed to produce one unit of a product or product family. It is not the same as a bill of material, which lists components.
Exact extract: "The bill of labour approach - also known as the bill of resources or bill of capacity approach - uses more detailed data on the time standards for each product at the key resources." Another exact extract states: "One is a bill of resources which details key resources needed to produce one unit of product. These resources may include labour machinery tools space and materials." Therefore, the bill of resources typically contains information about key work centers/resources .
NEW QUESTION # 564
Which of the following factors is used to determine safety stock?
Answer: D
Explanation:
Safety stock is the extra inventory that a company keeps to prevent stockouts or shortages due to uncertainties in demand, supply, or lead time. Safety stock acts as a buffer to protect the company from losing sales or disrupting operations. One of the factors that is used to determine safety stock is the forecast error distribution, which is the measure of how much the actual demand deviates from the forecasted demand. Forecast error distribution can be calculated by using statistical methods, such as standard deviation or mean absolute deviation, to find the average and the variability of the forecast errors. The higher the forecast error distribution, the more safety stock is needed to cover the potential demand fluctuations. Forecast error distribution is one of the components of the safety stock formula, which is:
Safety stock = Z x LT x D
Where:
Z refers to the service level factor, which is the desired probability of not having a stockout.
LT refers to the standard deviation of lead time, which is the average variability of the time it takes to replenish inventory.
D is the average demand per unit of time.
References := CPIM Part 2 Exam Content Manual, Version 8.0, ASCM, 2021, p. 24. CPIM Part 2 Learning System, Version 8.0, Module 2, Section C, Topic 3. How To Calculate Safety Stock (With Examples and FAQs). What is Safety Stock? (Definition, Formulas, Best Practices).
NEW QUESTION # 565
Forecast error typically triggers forecast revision when it is:
Answer: D
Explanation:
Forecast error is the difference between the actual demand and the forecasted demand for a given period.
Forecast error can be caused by various factors, such as changes in customer preferences, market conditions, competitor actions, or random variation. Forecast error can be measured using different methods, such as mean absolute deviation (MAD), mean absolute percentage error (MAPE), or tracking signal. Forecast error typically triggers forecast revision when it is continually increasing, which indicates that the forecast model is not capturing the underlying demand pattern or trend. A continually increasing forecast error can lead to poor customer service, excess or obsolete inventory, or lost sales opportunities. Therefore, it is important to monitor the forecast error and revise the forecast when necessary to improve the forecast accuracy and reliability. Forecast error does not trigger forecast revision when it is used in computing the tracking signal, associated with the introduction stage of the product life cycle, or caused by random variation. These are not valid reasons for revising the forecast, as they do not indicate a systematic or persistent deviation from the actual demand. References:
* CPIM Part 1 Study Guide, Chapter 4: Demand Management, Section 4.2: Forecasting Techniques and Performance Measurement
* CPIM Part 2 Study Guide, Chapter 3: Demand Management, Section 3.1: Demand Planning
* A Critical Look at Measuring and Calculating Forecast Bias, Section: What Is Forecast Bias?
* How Can Forecast Error be Calculated?, Section: Introduction
NEW QUESTION # 566
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