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Staff at DIY Products Inc (DPI) have been experiencing issues with the identification of stock items. The current labelling system is outdated and unreliable. DPI has therefore invested in a machine-readable approach. Each item has a unique number that is attached visibly to the packaging. This number can be deciphered by a scanner to aid identification. This approach is known as which of the following?

Options:

Standard certification

Bar coding

Order tracking

Product tagging

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Question 2

An organisation might find it more beneficial to lease and use an asset over a predetermined period. After this period, the lessee has the right to secure an outright ownership of the asset by paying an agreed amount; otherwise, the asset would be repossessed by the lessor. Which of the following is an advantage of leasing?

Options:

Long-term commitment to pay instalments even if not using the asset

Costs are known and agreed in advance

The usage of the asset is usually capped

The total cost of ownership is not applicable as the asset is leased

Question 3

Which of the following are essential aspects that are required for the successful implementation of Just-In-Time (JIT)? SelectTWOthat apply.

Options:

The purchasing of parts in bulk at lower prices covers the costs of delivery and storage required for JIT

Parts must arrive where they are needed, when they are needed, and in the exact quantity needed

All parts arriving must be of a quality standard which is usable and free from defects

The cost of carrying increased parts inventory to meet customer demand is transferred to the customer

Suppliers must hold a buffer stock of components to ensure that they are able to meet JIT demand

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