What early american founder said "An ounce of prevention is worth a pound of cure"?
Who was Benjamin Franklin
100
What is it called when a customer demand cannot be met due to insufficient stock on hand?
What is called a shortage
100
This process is used to verify bin count, location, identification, if the stock is mixed, and if the system matches the bin information on a cyclic schedule
What is Cycle Counting
100
The term for the management for the flow of goods is called ______ ______ _______.
What is Supply Chain Management
200
Without this Supply Chain accuracy, improvements cannot happen
What is 95%
200
Reducing the number of transactions, reduces the number of potential_______?
What is errors
200
What is called inventory that is currently being processed in an operation or that has been through one operation and awaiting another operation?
What is WIP or Work In Process
200
What are extra parts held to reduce stock-outs called
What is Safety Stock
200
This inventory stocking method has the stock person place the oldest items in the front and the newest items stocked in the back
What is called FIFO or First In First Out
300
What is the percentage tolerance for "B" classification of parts used in ABC classification tolerances?
What is 3%
300
Inventory Record Accuracy could be increase by controlling the stores_______.
What is accessibility
300
This is a classification for grouping part numbers in decreasing annual order of dollar value and split into 3 classes
What are ABC Codes
300
This process focuses on keeping the store clear of FOD, shelves fronted, and bag quantities correct?
What is called the 5Ss
300
This term describe the inventory locations at or near factory work cells/stations for the purpose of consuming inventory maintained in the material management system
What is a Point of Use Stores
400
What is 80% of $35 Million
What is $34,720,000.00
400
The 2 most important actions that a stores person can do to improve inventory accuracy are______ and______.
What are strict adherence to procedures and well understood processes.
400
When you find in your investigation that provides no sufficient evidence to justify any other variance code
What is E15 or Insufficient Audit Trail
400
Major source of waste in the store and in inventory operations
What are inaccurate records
400
This term is used to describe the supervision of supply, storage, and accessibility of parts to ensure adequate supply without excessive over supply
What is Inventory Control
500
What is Best in Class for Inventory Record Accuracy
What is 99% or better
500
What are the 2 most important values coming out of Cycle Counting?
What are finding errors and fixing the root causes.
500
You use this Reason Code to correct an inventory adjustment (positive or negative) that was previously procesed in ERPLN
What is Reason Code 001- Previous Inventory Adjystment
500
What is this process called when you compare the inventory counts to the system and figure out why there are differences and make adjustment to your records to reflect that change
What is reconciliation
500
This term is used to describe a law where top management must now individually certify the accuracy of financial information, such as inventory costs