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NEW QUESTION 53
When deciding on the storage facilities and locations, an organisation needs to assess the current situation comprehensively and forecast the future demands. Quantitative analysis is the best method for these activities. Is this statement true?

A. No, some intangible information is difficult to collect and measure
B. Yes, quantitative analysis is easy to implement as it is based on 'hard' facts
C. No, subjective judgements are the best as they compensate for weaknesses of quantita-tive analysis
D. Yes, quantitative analysis provides a reality based on numerical values

Answer: A
Explanation:
Decisions regarding stores and warehouse locations involve a complex range of issues that are unique to each business. Most storage facilities and location decisions are based on a combination of qualitative and quantitative analysis.
Qualitative analysis uses subjective judgment to analyze a situation based on non-quantifiable in-formation, such as potential markets for new products, forecast on possible risks that may happen, etc.
Quantitative analysis (QA) is a technique that uses mathematical and statistical modeling, meas-urement, and research to understand behavior. Quantitative analysts represent a given reality in terms of a numerical value. This may include the following:

Cost analysis for the current premises and future predictions based on current premises
Cost analysis for routine operations
Current inventory performance measures: lead times, service levels, rate of stock turn, stock-outs in a given period and stock cover To get a big picture of current situation and future demands, organisation should combine both qualitative and quantitative methods so that useful information is achieved and well-informed decisions are made.
Reference:
LO 1, AC 1.1

NEW QUESTION 54
Which of the following are subjective forecasting techniques? Select TWO that apply.

A. Pareto principle
B. Cycle counting
C. Test marketing
D. Delphi method

Answer: C,D
Explanation:
Weighted moving average
Explanation:
The most common subjective forecasting techniques include the following:

Market surveys
Employee surveys
Expert knowledge (Delphi method is a method using expert knowledge)
Test marketing
Cycle counting is a periodic analysis of inventory in a storage location which is conducted through the counting of samples instead of physically counting the entire inventory available, so as to quickly have an accurate estimate of the inventory available without causing a stop to the day to day working as is the case with physically counting every unit.
The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of fac-tor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.
Weighted moving averages assign a heavier weighting to more current data points since they are more relevant than data points in the distant past. The sum of the weighting should add up to 1 (or 100 percent).
Reference:
LO 2, AC 2.3

NEW QUESTION 55
When using ABC analysis to classify inventory, which factors must be considered?

Demand uncertainty of each item
Cumulative percentage of items
Cumulative percentage usage value of items
Overall inventory turnover

A. 1 and 4 only
B. 2 and 4 only
C. 2 and 3 only
D. 1 and 3 only

Answer: C
Explanation:
ABC analysis is applied to stock and its management. It is based loosely on the Pareto principles, better known as 80/20 rule. Pareto principle is the theory that 80% of outcome results from 20% of inputs. For example, 80% of sales are to the top 20% of customers; 80% of spend on inventory is accounted for by the top 20% of stock items.
The ABC concept is based on Pareto's law. The following steps are carried out for the ABC analy-sis.

Step 1: Compute the annual usage value for every item in the sample by multiplying the annual requirements by the cost per unit.
Step 2: Arrange the items in descending order of the usage value calculated above.
Step 3: Make a cumulative total of the number of items and the usage value.
Step 4: Convert the cumulative total of the number of items and usage values into a percentage of their grand totals.
Step 5: Draw a graph connecting cumulative % items and cumulative % usage value. The graph is divided approximately into three segments, where the curve sharply changes its shape. This indicates the three segments A, B and C.
LO 2, AC 2.1

NEW QUESTION 56
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