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. An event that occurs when no inventory is available






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






3. 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






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






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






6. Forecasting model model that assigns a different weight to each period's demand according to its importance






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






8. Comparison of production needs to actual capacity






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






10. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






11. 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






12. 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






13. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






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






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






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






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






18. Combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm's operations and financial goals (includes demand forecasting and management)






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






20. An order for an amount that covers a fixed period of time






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






22. 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






23. Unit cost + disposal cost - salvage value






24. 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.






25. 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






26. File that contains detailed inventory and procurement records






27. 1) Market planning: intro of new products - store openings/closings - promotions - inventory policies - etc. 2) Demand and resource planning: customer demand & shipping requirements are forecasted 3) Execution: orders are placed - delivered - r






28. 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






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






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






31. 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






32. Model used to determine the order size for a one-time purchase






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






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






35. The minimum amount needed in the period






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






37. The entire time period covered by the MPS






38. 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






39. 1) item number 2) item description 3) Lead time to order and receive the item from a supplier or to produce it internally 4) Preferred order quantity (lot size) 5) Safety stock quantity 6) Other info (cost/process descriptions) 7) Quantity on hand 8)






40. The tendency of a forecasting technique to continually overpredict or underpredict demand.






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






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






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

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44. 1) Sales volume up 2) Risk of obsolescence or having to make discounts down 3) Holding expenses down 4) Asset investment down 5) Asset productivity up






45. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






46. Consistent horizontal stream of demands






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






48. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






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






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