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






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






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






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






5. One-time variation that is explainable






6. 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.






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






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






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






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






11. Inputs to manufacturing and service-delivery processes.






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






13. The inability to satisfy the demand for an item






14. 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






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






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






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






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






19. Single item or asset stored at a particular location






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






21. Orders that are due or planned to be delivered






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






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






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






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






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






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






28. Any asset held for future use or sale






29. 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.






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






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






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






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






34. 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






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






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






37. 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.






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






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






40. The expenses associated with carrying inventory






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






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






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






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






45. The current time period






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






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






48. 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






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*