Lscm 3960 Exam 1 Review Questions With Complete Solutions Latest Version 2024( A+ Graded 100% Verified).

Globalization advantages {Ans: created a more competitive market (what to source, where to manufacture, warehouse, how to market products w/diff. locations)}Grid Technique {Ans: heuristic approach; helps companies w/multiple markets and supply points to determine the least cost facility location (fixed facility location for moving raw material and finished goods)}Activity Based Costing {Ans: costing method that identify activities of org and assigns cost amount/limit for each}Factor of Production {Ans: resources available to an economy -land, labor, capital, entrepreneurship, technology -EX. Country w/ capital, educated force may produce tech products and import labor intensive products (agriculture)}Case Pick {Ans: automation in the form of conveyors to move large volume very quickly -product are stored in pallets rack or in bulk in floor locations}Stimulation Models {Ans: modeling process for real system and conducting experiments to understand the behavior of the system, evaluate various strategies with limited criterion or set of criteria for the operation of the system -Location, size, ownership, and mission of raw material suppliers, production processes cost}