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






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






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






4. The longest lead-time path in the BOM






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






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






7. The individual time period for planning






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






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






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






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






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






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






14. Production processes halted






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






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






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






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


19. Maintenance - repair and operating supplies






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






21. Unique ID for a part used by a specific company






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






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






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






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






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






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






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






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






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






32. The entire time period covered by the MPS






33. Unit selling price - unit cost






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






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






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






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






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






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






40. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions






41. Amount paid to suppliers for products that are purchased






42. A fixed time period that passes between inventory reviews






43. Consistent horizontal stream of demands






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






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






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






48. Regular demand patterns of repeating highs and lows






49. An order for the exact amount needed






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