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. plans for the same production rate in each time period






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






3. 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






4. The current time period






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






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






7. The united of measure for the time period used in a forecase






8. Any asset held for future use or sale






9. Single item or asset stored at a particular location






10. Any item manufactured parts - purchased parts) other than an end item that go into a higher-level parent items






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






12. 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






13. 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.






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






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






16. 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.






17. The result of complex interactions of variations in materials - tools - machines - information - workers - and the environment.






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






19. Always has at least one immediate parent and also has at least one immediate component






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






21. 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






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






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






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






25. 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






26. Rd from data that are counted






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






28. Refers to the natural variation in a process that results from common causes






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






30. The process of projecting the values of one or more variables into the future






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






32. One-time variation that is explainable






33. 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.






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






35. 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






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






37. Finished goods scheduled from one or more components






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






39. 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






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






41. The length of time on which a forecast is based






42. The relationship between the natural variation specifics is often quantified by a measure






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






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






45. 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






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






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






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






49. Refers to moving work from one workstation to another - assigning people to task - setting priorities for jobs - scheduling equipment - and controlling processes






50. Demand that varies over time