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. Demand that varies over time






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






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






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






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. Relies upon opinions and expertise of people in developing forecasts






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






8. 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






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






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






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






12. Defines the quantify and timing for assembling subassemblies and component parts into a final finished food.






13. 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






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






15. 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.






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






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






18. 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.






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






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






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






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






23. 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.






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






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






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






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






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






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






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






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






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






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






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






35. Any asset held for future use or sale






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






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






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






39. Orders that are due or planned to be delivered






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






41. 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






42. 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






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






44. Is calculated from data that are measured as the degree of conformance to a specification on some continuous scale of measurement






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






46. Finished goods scheduled from one or more components






47. 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.






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






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






50. The difference between the observed value of the time series and the forecast AT-FT*