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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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 combination of common sense inputs from frontline personnel and a computer simulation process
continuous review model
focused forecasting
level production strategy (aggregate production strategy)
bill of materials (BOM)
2. Extra inventory held to guard against uncertainty in demand or supply
requirements explosion
order interval
buffer (safety) stock
service level
3. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
days of supply
mixed or hybrid strategy
uncertainty period
enterprise resource planning (ERP) system
4. The longest lead-time path in the BOM
items included in the inventory record
finished goods inventory
cumulative lead time
Wastes produced throughout the five product life cycle stages
5. inventory management systems used when the demand for an item is beyond the control of the organization
uncertainty period
Techniques used to manage inventory
two-bin system
independent demand inventory systems
6. Determination of replenishement and postioining of finished goods in the distribution network
distribution requirements planning (DRP)
collaborative planning - forecasting and replenishment (CPFR)
smoothing coefficient
exponential smoothing (time-series - statistical)
7. The individual time period for planning
sales and operations planning (S&OP)
dependent demand inventory systems
time bucket
life cycle analysis
8. Primary reports (schedules of the planned order releases that are used to trigger purchases and production of items on time) - and secondary reports (cost - inventory and schedule attainment information that helps judge how well the operation is pe
ways to improve demand planning
dependent demand
Outputs of materials requirements planning (MRP)
single period inventory model
9. Technique that seeks inputs from people who are in close contact with customers and products
buffer (safety) stock
reorder point (ROP)
mixed or hybrid strategy
grassroots forecasting (judgement-based)
10. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
lot-for-lot (L4L)
demand management
collaborative activities in CPFR
demand planning
11. 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
rules of forecasting
saw-tooth diagram
chase strategy (aggregate production strategy)
options to accomplish the objective of a chase plan
12. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
bullwhip effect
time series and analysis methods
basic questions to answer when planning inventories
forecast bias / mean forecast error
13. Forecasting techniques that use input from high-level experienced managers
independent demand inventory systems
historical analogy (judgement-based)
two-bin system
executive judgment (judgement-based)
14. Production processes halted
shift or step change
planning horizon
single period inventory model
impact of raw material and compontent part stockouts
15. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Wastes produced throughout the five product life cycle stages
demand management
autocorrelation
inefficiencies caused by unpredictably fluctuating customer demand
16. 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
grassroots forecasting (judgement-based)
level production strategy (aggregate production strategy)
inventory turnover
total acquisition cost (TAC)
17. A strategy that includes some elements of level production and some elements of chase production strategies
enterprise resource planning (ERP) system
total acquisition cost (TAC)
requirements explosion
mixed or hybrid strategy
18. Computing power will double every 18 months while computing cost will decrease by half
19. Maintenance - repair and operating supplies
ABC analysis
regression analysis
lot-for-lot (L4L)
MRO inventory
20. 1) No quantity discounts 2) No lot size restrictions 3) No partial deliveries 4) No variability 5) Quantity of one product is not dependent on that of another
Global Trade Item Number (GTIN)
assumptions underlying the EOQ formulation
order interval
grassroots forecasting (judgement-based)
21. Unique ID for a part used by a specific company
part number
demand planning
Wastes produced throughout the five product life cycle stages
dependent demand inventory systems
22. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
judgement-based forecasting
dependent demand inventory systems
moving average (time-series - statistical)
vendor-managed inventory (VIM)
23. An estimation of the availability of the critical resources needed to support the MPS
rought-cut capacity planning
MRO inventory
Disadvantages when inventory turnover is too high
Steps of designing a forecasting process
24. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
life cycle analysis
forecast accuracy
basic questions to answer when planning inventories
planned order release
25. A one-time change in demand - susually due to some external influence on demand
order interval
enterprise resource planning (ERP) system
level production strategy (aggregate production strategy)
shift or step change
26. 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
the financial impact of inventory
fixed order quantity (FOQ)
types of costs that must be identified and quantified in aggregate planning
Global Trade Item Number (GTIN)
27. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
sales and operations planning (S&OP)
collaborative planning - forecasting and replenishment (CPFR)
capacity requirements planning (CRP)
planned order release
28. The amount that is planned to arrive at the beginning of a period
enterprise resource planning (ERP) system
weighted moving average (time-series - statistical)
materials requirements planning (MRP)
planned order receipt
29. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
reorder point (ROP)
simulation models
vendor-managed inventory (VIM)
master production schedule (MPS)
30. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
weighted moving average (time-series - statistical)
autocorrelation
inefficiencies caused by unpredictably fluctuating customer demand
31. The ranking of all items of inventory acording to importance
forecast bias / mean forecast error
ABC analysis
rules of forecasting
total acquisition cost (TAC)
32. The entire time period covered by the MPS
impact of raw material and compontent part stockouts
grassroots forecasting (judgement-based)
causal models vs. simulation models
planning horizon
33. Unit selling price - unit cost
rolling planning horizons
cost of a unit stockout
impact of raw material and compontent part stockouts
bullwhip effect
34. Management system built around checking and ordering inventory at some regular interval
impact of raw material and compontent part stockouts
single period inventory model
two-bin system
periodic review model
35. inventory of an item is stored in two different locations
collaborative planning - forecasting and replenishment (CPFR)
work in process inventory
mixed or hybrid strategy
two-bin system
36. Replan each period (month or quarter) - for a given number of periods into the future
infinite loading
postponable product
rolling planning horizons
capacity requirements planning (CRP)
37. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
gross requirements
level production strategy (aggregate production strategy)
sales and operations planning (S&OP)
bullwhip effect
38. Measurement of how closely the forecast aligns with the observations over time
inventory status file
forecast accuracy
requirements explosion
types of costs that must be identified and quantified in aggregate planning
39. The portion of average inventory determined as order quantity divided by two
grassroots forecasting (judgement-based)
cycle stock
measures of inventory performance
service level policy
40. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
infinite loading
order interval
fixed order quantity (FOQ)
Delphi method (judgement-based)
41. Amount paid to suppliers for products that are purchased
items included in the inventory record
planned order release
product cost
inventory turnover
42. A fixed time period that passes between inventory reviews
order interval
finished goods inventory
marketing research (judgement-based)
bill of materials (BOM)
43. Consistent horizontal stream of demands
stable pattern
finished goods inventory
production order quantity
aggregate production plan
44. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
autocorrelation
Global Trade Item Number (GTIN)
bill of materials (BOM)
difference between order & setup costs
45. 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)
Moore's law
Hard benefits of S&OP
target service level (TSL)
forecast accuracy
46. Process where each item in inventory is physically counted on a routine schedule
collaborative planning - forecasting and replenishment (CPFR)
cycle counting
dependent demand
demand management
47. The total amount of an end item that is required
enterprise resource planning (ERP) system
gross requirements
forecast error
cumulative lead time
48. Regular demand patterns of repeating highs and lows
net requriements
seasonality and cycles
distribution requirements planning (DRP)
difference between order & setup costs
49. An order for the exact amount needed
infinite loading
lot-for-lot (L4L)
work in process inventory
rolling planning horizons
50. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product
weighted moving average (time-series - statistical)
the expense components of carrying cost
load profile
historical analogy (judgement-based)