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. Software that consolidates all of the business planning systems and data throughout an organization






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






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






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






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






6. The longest lead-time path in the BOM






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






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






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






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






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






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






13. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.






14. Correlation of current demand values with past demand values






15. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes






16. A planning system used to ensure the right quantities of materials are available when needed






17. The individual time period for planning






18. 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






19. Regular demand patterns of repeating highs and lows






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






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






22. inventory that is in the production process






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






24. Technique that seeks inputs from people who are in close contact with customers and products






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






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






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






28. 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






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






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






31. Order costs are associated with replenishing inventories - while setup costs are associated with producing inventory internally. Both are often considered "fixed" regardless of batch size - although this is not strictly true.






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






33. 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.






34. The amount of an item that is planned to be ordered in a period






35. 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.






36. 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






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






38. Consistent horizontal stream of demands






39. The determination of how many additional units are needed






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






41. Unit cost + disposal cost - salvage value






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






43. 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






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






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)






46. The amount that is planned to arrive at the beginning of a period






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






49. 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






50. inventory of an item is stored in two different locations