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What is the different between gross material requirements plan (gross MRP) and a net material requirements plan (net MRP)?
A. The gross MRP includes consideration of available inventory, whereas the net MRP does not
B. The net MRP includes the amount of inventory on hand, whereas the gross MRP does not
C. The gross MRP is mostly paper-based, but the net MRP must be computerised
D. The gross requirement doesn't take taxes into account, whereas the net requirement includes the tax considerations
Answer: A
Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
MRP software combines the master production schedule, the bill of materials and the inventory information to work out the net requirements (net MRP) of what to purchase or produce and when.
These net requirements are worked out using the following equation:
Net requirements = Total requirements - Available inventory
Where:
Total requirement = Gross requirements (gross MRP)
Available inventory = Inventory on hand + Units on order
In the other words, Gross MRP = Net MRP + Available inventory, so the answer should be "The gross MRP includes consideration of available inventory, whereas the net MRP does not" LO 2, AC 2.3
NEW QUESTION # 283
Which component of an RFID device is responsible for sending and receiving radio waves?
A. Integrated circuit
B. Network database
C. Antenna
D. Laser beam
Answer: C
Explanation:
RFID tags are made of three different components: an RFID chip, which is an integrated circuit (IC), an antenna, and a substrate. RFID Antennas are necessary elements in an RFID system be-cause they convert the RFID reader's signal into RF waves that can be picked up by RFID tags. Without some type of RFID antenna, whether integrated or stand-alone, the RFID reader cannot properly send and receive signals to RFID tags.
Reference: CIPS study guide page 49-50
LO 1, AC 1.2
NEW QUESTION # 284
Which of the following is the most suitable container of fasteners (screws, nails, nuts and bolts,...)?
A. Pallet
B. Tote box
C. Bar rack
D. Stock cage
Answer: B
Explanation:
Tote box is the reusable storage box. These can be open or have lids or flaps to close them and come in a large variety of sizes and weight loadings.
A tote is ideal for holding and hauling items such as: tools, fasteners, bark dust, dry cement, cords, wires, smaller boxes,...
Pallets are the platform structures designed to support a load and be lifted using the forks (typically seen on forklift trucks and other equipment). These are in a variety of standard sizes and can be made of many materials including plastics, resin, board or timber. Pallets are not containers, but support platforms.
Bar racks are designed to store bars and pipes
Stock cages are available in many sizes and can hold single items or groups of items
NEW QUESTION # 285
"Open stock plus purchases minus closing stock" is the formula of which of the following?
A. Cost of goods sold
B. Revenue
C. Liability
D. Inventory
Answer: A
Explanation:
The amount of closing stock (properly valued) is used to arrive at the cost of goods sold in a periodic inventory system with the following calculation:
Opening stock + Purchases - Closing stock = Cost of goods sold
NEW QUESTION # 286
Which of the following best describe the function of MRP?
A. Planning and monitoring of inventory resources
B. Planning and controlling of production and finance
C. Planning and monitoring of production resources only
D. Planning and controlling of production and inventory
Answer: D
Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
MRP process is described in the graph below:
Text Description automatically generated
NEW QUESTION # 287
......
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