Kaizen's - Hunt For Triumph

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| By Lvs Saicharan
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Lvs Saicharan
Community Contributor
Quizzes Created: 1 | Total Attempts: 91
| Attempts: 91
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  • 1/5 Questions

    The purpose of the transportation approach for locational analysis is to minimize.

    • Total costs
    • Total shipping costs
    • Total variable costs
    •  Total fixed costs
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Kaizens - Hunt For Triumph - Quiz

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  • 2. 

    The term ________ implies the foregone profit due to the inability of the company to produce.

    • Opportunity cost

    • Marginal cost

    • Overhead cost

    • All of the above

    Correct Answer
    A. Opportunity cost
    Explanation
    Opportunity cost refers to the potential profit that a company loses out on when it is unable to produce. This concept recognizes that by choosing one option, the company is giving up the opportunity to earn profits from other alternatives. Therefore, opportunity cost represents the foregone profit that arises from the company's inability to produce.

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  • 3. 

    Which of the following is a forecasting method?

    • Keiretsu

    • Taguchi Method

    • Delphi Technique

    • Both ( b ) and ( c )

    Correct Answer
    A. Delphi Technique
    Explanation
    Delphi Technique is a forecasting method that involves obtaining expert opinions through a series of questionnaires or interviews. It is a structured approach that aims to reach a consensus among the experts by gathering and analyzing their individual responses. This method is commonly used in situations where there is uncertainty or lack of historical data, making it a valuable tool for predicting future outcomes.

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  • 4. 

    The Production Order Quantity model

    • Relaxes the assumption of known and constant demand

    • Uses Ordering Cost, not Setup Cost, in its formula

    • Assumes instantaneous delivery

    • Is appropriate when units are sold/used as they are produced

    Correct Answer
    A. Is appropriate when units are sold/used as they are produced
    Explanation
    The Production Order Quantity model is appropriate when units are sold/used as they are produced because this model allows for continuous production and delivery of units based on demand. It relaxes the assumption of known and constant demand, meaning that the production can be adjusted according to the actual demand. It uses Ordering Cost, which includes costs associated with placing an order such as transportation and handling, rather than Setup Cost. Additionally, the model assumes instantaneous delivery, meaning that there is no delay in delivering the units once they are produced.

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  • 5. 

    The main objective of Work-Study is to improve.

    • Cycle time

    • Productivity

    • Production

    • All of the above

    Correct Answer
    A. Productivity
    Explanation
    Work-Study is a systematic approach used to analyze and improve work methods and processes. Its main objective is to enhance productivity by eliminating waste, reducing cycle time, and optimizing production. By implementing work-study techniques, organizations can identify bottlenecks, streamline workflows, and increase efficiency, ultimately leading to improved productivity. Therefore, the correct answer is "Productivity."

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  • Current Version
  • Mar 15, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 02, 2020
    Quiz Created by
    Lvs Saicharan

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