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Supply And Logistics

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. A strategy that includes some elements of level production and some elements of chase production strategies






2. The minimum amount needed in the period






3. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






4. 1) Produce all units internally by hiring workers in high-demand monts and firing/laying off workers in low-demand months 2) Produce internally the quantity required to meet demand in the lowest-demand month and use overtime production to meet demand






5. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it






6. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods






7. The individual time period for planning






8. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






9. File that contains detailed inventory and procurement records






10. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






11. How much should be ordered and when?






12. Production processes halted






13. Forecasting techniques that use input from high-level experienced managers






14. 1) Opportunity cost - including cost of capital 2) Owning/maintaining storage space 3) Taxes 4) Insurance 5) Obsolescence and loss 6) Materials handling - tracking - management






15. Expenses incurred due to the fact that inventory is held






16. Cycle stocks - safety stocks - managing locations - implementing inventory models






17. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






18. Combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm's operations and financial goals (includes demand forecasting and management)






19. A parameter indicating the weight given to the most recent demand






20. Ratio between average inventory and the level of sales: = COGS/Average inventory@cost = Net sales/Average inventory@sales price = Unit sales/Average inventory in units






21. Built upon estimates and opinions of people - e.g. experts. Attempt to incorporate factors of demand that are difficult to capture in a purely statistical model.






22. 1) Sales volume up 2) Risk of obsolescence or having to make discounts down 3) Holding expenses down 4) Asset investment down 5) Asset productivity up






23. Lot size is the "batch size" of an order - e.g. you must order in increments of fifty - you should order the increment with the lowest TAC.






24. Quantities of each finished product to be completed for each period






25. An estimate of the capacity needed at work centers






26. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






27. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






28. 1) Extra resources expand and contract capacity to meet varying demand 2) Backlogging of certain orders to smooth out demand fluctuations 3) Customer dissatisfaction with inability to meet all demands 4) Buffering the system with safety stocks - saf






29. Demand that is created by customers






30. An illustration of the pattern of ordering and inventory levels






31. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






32. 1) Short-term forecasts are usually more accurate than long-term forecasts 2) Forecasts of aggregated demand are usually more accurate than forecasts of demand at detailed levels 3) Forecasts developed using multiple information sources are usually






33. The determination of how many additional units are needed






34. Maintenance - repair and operating supplies






35. Management system built around checking and ordering inventory at some regular interval






36. 1) Influence the timing or quantity of demand through pricing changes - promotions - or sales incentives 2) Manage the timing of order fulfillment 3) Substitute by encouraging customers to shift their orders from one product to another - or from o






37. Systems that integrate materials and capacity planning into one system






38. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






39. Average size of forecast errors - irrespective of their directions.






40. 1) Identify the price breaks on offer 2) Calculate the EOQ at each price break - starting with the lowest 3) Evaluate the feasibility of each EOQ value 4) Calculate the TAC for each feasible EOQ and for the minimum quantity required to attain each p






41. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






42. Regular demand patterns of repeating highs and lows






43. Determination of replenishement and postioining of finished goods in the distribution network






44. 1) Enhanced teamwork at executive & operating levels 2) Better decisions with less effort and time 3) Better alignment of operational - marketing and financial plans 4) Greater accountability for results 5) Ability to see potential problems sooner






45. A period of time when an unknown amount of inventory is on hand






46. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






47. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)






48. 1) Improved forecast accuracy 2) Higher customer service with lower finished goods inventory levels due to better forecasts and coordination fo supply with demand 3) More stable supply rates -> Higher productivity for purchasing - suppliers and oper






49. Unique ID for a part used by a specific company






50. The total amount of an end item that is required







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