Test your basic knowledge |

Operations Management

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Any item manufactured parts - purchased parts) other than an end item that go into a higher-level parent items






2. Sometimes called a periodic review system is one in with the inventory position is checked only at fixed intervals of time - T - rather than on a continuous basis.






3. Is the desired probability of not having a stockout during a lead time period






4. Deals with the planning - executing and control of all the resources that are used to produce goods or provide services in a value chain.






5. Finished goods scheduled from one or more components






6. Is the time needed to process a given set of jobs






7. The time between placement of an order and its receipt






8. The underlying pattern of grown or decline in a time series






9. Rule uses a fixed order size for every order or production run






10. Is the expected amount of inventory on-hand at the beginning of the time period considering on-hand inventory from the previous period plus scheduled receipts or planned order receipts minis the gross requirements






11. A linear regression model with more than one independent variable is






12. The amount of time by which the completion time exceeds the due date






13. The development of a long-term output and recourse plan in aggregate unites of measure






14. The order quantity or lot size is fixed that is - the same about - Q - is ordered every time.






15. The expenses associated with carrying inventory






16. Occurs when the customer is unwilling to wait and purchase the item elsewhere






17. Orders that are due or planned to be delivered






18. Is asking those who are close to the end consumer - such as salespeople - about the customers purchasing plans






19. Consists of forecasting by expert opinion by gathering judgments and opinions of key personnel based on their experience and knowledge of the situation.






20. Orders a quantity equal to the gross requirement quantity in one or more predetermined time periods minus the projected on-hand quantity of the previous time period.






21. The amount of time a job send in the shop or factory






22. Sometimes called noise - is the unexplained deviation of a time series from a predictable pattern - such as a trend - seasonal - or cyclical pattern.






23. One-time variation that is explainable






24. Is defined as the on-hand quantity plus any orders placed but which have not arrived(called scheduled receipts - SR) minus any backorders






25. Single item or asset stored at a particular location






26. A forward-loooking - demand-based approach for planning the production of manufactured goods and ordering materials and components to minimize unnecessary inventories and reduce costs.






27. Means the people responsible for the work control the quality of their processes by identifying and correcting any defects or error when they first are recognized or occur






28. Is the price paid for purchased goods or the internal cost of producing them






29. Is methodology for monitoring quality of manufacturing and service delivery processes to help identify and eliminate unwanted causes of variation






30. Inputs to manufacturing and service-delivery processes.






31. Incurred as a result of the work involved in the placing orders with supplies or configuring tools - equipment - and machines within a factory to produce an item






32. Arises from external sources that are not inherent in the process - appear sporadically and disrupt the random pattern of common causes






33. The total demand for an item derived from all of its parents






34. Is a hierarchical record analogous to a BOM that defines labor inputs necessary to create a good or service






35. The process of determining the appropriate amount of timing of ordering to reduce costs






36. The tendency of forecasts to consistently be larger or smaller than the actual values of the time series






37. Is completed products ready for distribution or sale to customers






38. When special causes are present - the process is said to be






39. The current time period






40. Model is a classic economic model developed in the early 1900's that minimizes the total cost - which is the sum of the inventory-holding cost and the ordering cost.






41. Is a forecasting technique that uses a weighted average of past time-series values to forecast the value of the time series in the next period






42. Demand for an SKU that is unrelated to the demand for other SKU and needs to be forecasted






43. Rd from data that are counted






44. Is an additional amount that is kept over and above the average amount required to meed demand






45. plans for the same production rate in each time period






46. Based on the assumption that the future will be an extrapolation of the past






47. Refers to the assignment of start and completion times to particular jobs - people or equipment






48. The inability to satisfy the demand for an item






49. Occurs when a customer is willing to wait for the item






50. Any asset held for future use or sale