Types of Inventory
There are _, main types of inventory?
What is 3?
A management strategy that minimizes inventory and increases efficiency.
What is JIT or Just In Time?
Ice cream from McDonalds
What is N/A or B?
First In First Out
What is FIFO?
Logistics runs the....
What is world?
Used to feed into production.
What is Raw Material?
This company developed and perfected JIT
Who is Toyota?
Medium dollar value 15%-20%
What is B or Class B?
Last In First Out
What is LIFO?
What occurs twice a week, once in a year but never in a day
What is the letter E?
Items that are ready to sell.
What are Finished Goods?
The creator of JIT.
Who is Taiichi Ohno or the Japanese?
High dollar value 70%-80%
What is A or Class A?
The purpose of returns, repairs, or recycling
What is Reverse Logistics?
This chain serves Tex-Mex foods that include tacos, burritos, quesadillas, nachos, novelty and specialty items
What is Taco Bell?
Unfinished goods.
What is Work in progress or WIP?
Good for eliminating
What is Waste?
Low dollar value 5%
What is C or Class C?
Counts a specific SKU
What is Random Count?
This structure wasn’t intended to be permanent. It was set to be demolished in 1909, but was later utilized as a large radio antenna
What is Eiffel tower?
Lumber is a
What is Raw Material?
JIT used an ongoing effort to improve products
What is Continuous Improvement?
Buns from McDonalds
What is A?
Orders based on anticipated usage
What is Cyclical Ordering?
Mr. Rouse's first name
What is James?