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






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






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






5. The ranking of all items of inventory acording to importance






6. 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






7. Process where each item in inventory is physically counted on a routine schedule






8. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan






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






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






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






12. Management systems used when the demand for an item is derived from the demand for some other item






13. 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






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






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






16. The entire time period covered by the MPS






17. Production rate is changed in each period to match the amount of expected demand






18. Unit selling price - unit cost






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






20. Maintenance - repair and operating supplies






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






22. An event that occurs when no inventory is available






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






24. 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






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






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






27. 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.






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






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






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






31. 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.






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






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






34. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






35. 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






36. Consistent horizontal stream of demands






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






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






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






41. 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






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






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






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






45. Simple forecasting approach that assumes that recent history is a good predictor of the near future






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






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






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






49. An estimation of the availability of the critical resources needed to support the MPS






50. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain