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. 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.






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






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






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






5. Are characterized by repeatable periods of ups and downs over short periods of time






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






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






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






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






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






11. 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.






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






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






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






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






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






17. 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






18. Orders that are due or planned to be delivered






19. 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.






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






21. Finished goods scheduled from one or more components






22. 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.






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






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






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






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






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






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






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






30. An ordering schedule that covers the gross requirements for each week






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






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






33. Single item or asset stored at a particular location






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






35. The inability to satisfy the demand for an item






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






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






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






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






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






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






42. 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






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






44. 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






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






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






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






48. 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






49. No special causes affect the output of a process - we say that the process is






50. Stable demand