Test your basic knowledge |

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. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






2. A mathematical approach for fitting an equation to a set of data






3. The minimum amount needed in the period






4. Model used to determine the order size for a one-time purchase






5. Amount paid to suppliers for products that are purchased






6. Difference between a forecast and the actual demand






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






8. A one-time change in demand - susually due to some external influence on demand






9. Process that adjusts prices as demand for a service occurs (or does not occur)






10. The sum of the inventory held across all of the locations in a company






11. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






12. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






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






14. 1) Market planning: intro of new products - store openings/closings - promotions - inventory policies - etc. 2) Demand and resource planning: customer demand & shipping requirements are forecasted 3) Execution: orders are placed - delivered - r






15. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






16. 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






17. The entire time period covered by the MPS






18. Maintenance - repair and operating supplies






19. Items bought from suppliers to use in the production of a product






20. 1) Inventory holding cost 2) Regular production cost 3) Overtime cost 4) Hiring cost 5) Firing/layoff cost 6) Backorder/lost sales cost 7) Subcontracting cost






21. 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)






22. Consistent horizontal stream of demands






23. inventory management systems used when the demand for an item is beyond the control of the organization






24. An event that occurs when no inventory is available






25. An estimate of the capacity needed at work centers






26. 1) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up






27. Measurement of how closely the forecast aligns with the observations over time






28. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales






29. 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






30. The portion of average inventory determined as order quantity divided by two






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






32. inventory classification - info systems - accurate records






33. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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






35. 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






36. Supply of items held by a firm to meet demand






37. The part of panned production that is not committed to a customer






38. inventory is constantly monitored to decide when a replenishement order needs to be placed






39. A fixed time period that passes between inventory reviews






40. Demand that is created by customers






41. Minimum level of inventory that triggers the need to order more






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






43. The longest lead-time path in the BOM






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






45. Computing power will double every 18 months while computing cost will decrease by half

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46. 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






47. inconsistencies in the plan causes by changes to the MPS






48. 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






49. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






50. The assumption that there is an infinite amount of capacity available