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






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






3. 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.






4. An order for the exact amount needed






5. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling






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






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






8. 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






9. The entire time period covered by the MPS






10. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






11. 1) Determine each item's annual useage/sales (in units and/or value) 2) Determine % of total useage/sales by each item 3) Rank items from highest to lowest percentage 4) Classify the items into ABC categories






12. The determination of how many additional units are needed






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






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






15. The firm produces at a constant rate over the year






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






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






18. 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






19. 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






20. The individual time period for planning






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






22. Amount paid to suppliers for products that are purchased






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






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






25. 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)






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

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






28. Comparison of production needs to actual capacity






29. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization






30. Measure of how well the objective of meeting customer demand is met: usually in terms of # or % of inventory items for which there is no inventory on hand






31. Sum of all relevant inventory costs incurred each year






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






33. items that are ready for sale to customers






34. A fixed time period that passes between inventory reviews






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






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






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






38. 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






39. 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






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






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






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






43. Regular demand patterns of repeating highs and lows






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






45. 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






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






47. File that contains detailed inventory and procurement records






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






49. Unit selling price - unit cost






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