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. The entire time period covered by the MPS






2. Difference between a forecast and the actual demand






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






4. 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






5. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni






6. 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






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






8. The tendency of a forecasting technique to continually overpredict or underpredict demand.






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






10. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers






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






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






13. A combination of common sense inputs from frontline personnel and a computer simulation process






14. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies






15. A method by which supply chain partners periodicaly hsare forecasts - demand palns - and resource plans in order to reduce uncertainty and risk in meeting customer demand






16. 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






17. Administrative expenses and the expenses of rearranging a work center to produce an item






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






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






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






21. An order for an amount that covers a fixed period of time






22. 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.






23. Specification of the amount of risk of incurring a stockout that a firm is willing to incur






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






25. Unit selling price - unit cost






26. items that are ready for sale to customers






27. Consistent horizontal stream of demands






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






29. 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






30. 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






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






32. 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






33. 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






34. The longest lead-time path in the BOM






35. Unit cost + disposal cost - salvage value






36. 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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37. 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






38. Maintenance - repair and operating supplies






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






40. The individual time period for planning






41. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)






42. Extra inventory held to guard against uncertainty in demand or supply






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






44. Replan each period (month or quarter) - for a given number of periods into the future






45. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






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






47. File that contains detailed inventory and procurement records






48. Demand that depends upon decisions made by internal operations managers






49. Forecasting model model that assigns a different weight to each period's demand according to its importance






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