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






2. The inability to satisfy the demand for an item






3. Is additional planned on-hand inventory that acts as a buffer to reduce the risk of a stockout






4. To ensure that a good or service conforms to specifications and meets customer requirements by monitoring and measuring processes and making any necessary adjustments to maintain a specified level of performance






5. Is a method for building a statistical model that defines a relationship between a single dependent variable and one or more independent variables - all of which are numerical






6. The time period size used in the MRP explosion process and usually are one week in length






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






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






9. Refers to determining the order in which jobs or tasks are processed






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






11. Is a carefully planned study designed to yield specific information about the performance of a process user specified operating conditions






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






13. 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.






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






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






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






17. Orders that are due or planned to be delivered






18. 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






19. Are regular patterns in a data series that take place over long periods of time






20. Statement of how many finished items are to be produced and when they are to be produced






21. 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.






22. Involves planning - coordinating - and controlling the acquisition - storage - handling - movement - distribution - and possible sale of raw materials - component parts and subassemblies - supplies and tools - replacement parts - and other






23. 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






24. 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






25. The process of determining the amount of labor and machine resources required to accomplish the tasks of production on a more detailed level - taking into account all component parts and end items in the materials plan.






26. Single item or asset stored at a particular location






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






28. Set of observations measured at successive points in time or over successive periods of time






29. Consists of partially finished products in various stages of completion that are waiting further processing






30. Demand is directly related to the demand of other SKUs and can be calculated with needing to be forecasted






31. The difference between the completion time and the due date






32. Demand that is directly related to the demand of other SKU's and can be calculated without needing to the forecasted






33. Sets the production rate equal to the demand in each time period






34. Is the process of translating aggregate plans into short-term operational plants that provide the basis for weekly and daily schedules and detailed resource requirements






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






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






37. Any asset held for future use or sale






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






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






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






41. Relies upon opinions and expertise of people in developing forecasts






42. Costs associated with an SKU being unavaiable when needed to meed demand






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






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






45. The value of the inventory position that triggers a new order






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






47. Inventory that results from purchasing or producing in larger lists than are needed for immediate consumption or sale






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






49. Demand that varies over time






50. Specifies the planned quantity and time an order is to be released to the factory or a supplier