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ajaygaur319
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10 Mar 2020, 08:19
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Question 1
D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
85%
(hard)
Question Stats:
30% (02:42) correct
70%
(02:49) wrong
based on 609
sessions
History
Date
Time
Result
Not Attempted Yet
Question 2
B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
15%
(low)
Question Stats:
75% (00:40) correct 25%
(00:51) wrong
based on 562
sessions
History
Date
Time
Result
Not Attempted Yet
Question 3
E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
49% (01:07) correct 51%
(01:13) wrong
based on 580
sessions
History
Date
Time
Result
Not Attempted Yet
JIT stands for Just-In-Time. More than a standardized methodology or systematic process, it is a philosophy. JIT applies simple logical deduction to that which has been too often overlooked as the most basic and insignificant of operations in a business, and yet a company can find such power within this operation that the company might dominate the whole of the market. JIT is the underlying advantage /that gave rise to global juggernauts such as making the Walton family one of the richest in all history. So much of JIT is mere common sense, combined with a little basic technology, and yet, when it is used properly, a company will find an important competitive advantage in the most unlikely of places: inventory management.
At its core, JIT is merely the idea that companies should not hold inventory, regardless of whether it’s the inventory of finished products or raw materials. Instead of large shipments of inventory that are depleted over a considerable period of time, smaller but more frequent shipments which arrive exactly as they are needed (i.e.: they arrive “just in time”) are being coordinated by companies now. This change has two very important results. First, it reduces the costs associated with the storage of inventory. Second, and more importantly, it helps companies to be more responsive to changes in the market.
The improved market responsiveness comes as a result of the increased emphasis on inventory management required by JIT. Since a company does not hold any more inventory than it needs within a short period, should the market change in that time, then the company is not left with huge volumes of surplus inventory that will not sell well, and the company will be able to quickly acquire inventory of something new that has entered the market. Companies like even use technology to add every item sold to the shipping order as that item is scanned, allowing regional customization to be accomplished very quickly and consistently. Such cost and market efficiency has proven to be very important to such companies in maintaining competitive advantage.
At its core, JIT is merely the idea that companies should not hold inventory, regardless of whether it’s the inventory of finished products or raw materials. Instead of large shipments of inventory that are depleted over a considerable period of time, smaller but more frequent shipments which arrive exactly as they are needed (i.e.: they arrive “just in time”) are being coordinated by companies now. This change has two very important results. First, it reduces the costs associated with the storage of inventory. Second, and more importantly, it helps companies to be more responsive to changes in the market.
The improved market responsiveness comes as a result of the increased emphasis on inventory management required by JIT. Since a company does not hold any more inventory than it needs within a short period, should the market change in that time, then the company is not left with huge volumes of surplus inventory that will not sell well, and the company will be able to quickly acquire inventory of something new that has entered the market. Companies like even use technology to add every item sold to the shipping order as that item is scanned, allowing regional customization to be accomplished very quickly and consistently. Such cost and market efficiency has proven to be very important to such companies in maintaining competitive advantage.
D
I. Lower propensity to hold surplus inventories
II. Greater ability to obtain new inventories in short time
III. Greater efficiency in regional customization
(A) I only
(B) II only
(C) III only
(D) I and II only
(E) I, II, and III
B
(A) explaining how JIT approaches can be implemented
(B) emphasizing the importance of effective inventory management as a source of competitive advantage
(C) explaining why JIT inventory management can be cost-detrimental
(D) describing how Wal-Mart has become so competitive
(E) emphasizing the importance of technology in inventory management
E
(A) JIT forms a metaphysical belief structure.
(B) It is a standardized process with restrictive parameters.
(C) It should be applied to the manner in which people live their lives.
(D) It is a deductively-derived system of ethics and principles.
(E) It is a logical approach to inventory management but lacks defined procedures or specific goals.
12 Jun 2020, 08:49
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In question number 3 correct answer is mentioned as E but first line clearly states: "More than a standardized methodology" which means it has defined procedures. Than how can E be right choice?
bM22
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13 Jun 2020, 00:10
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ninja10
Hi ninja10,
The correct answer would be E only. What the starting sentences actually state: "More than a standardized methodology or systematic process, it is a philosophy. JIT applies simple logical deduction to that which has been too often overlooked as the most basic and insignificant of operations in a business, ".
What we can infer from it is: JIT is a logical approach, there are no explicit rules defined for that. It can be applied in any way for inventory management as suited by different businesses.
So E seems an apt answer.
Let me know if you still have any doubt.
thanks.
