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. The individual time period for planning






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






3. Supply of items held by a firm to meet demand






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






5. Comparison of production needs to actual capacity






6. The entire time period covered by the MPS






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






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






9. 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






10. 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






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






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






13. Consistent horizontal stream of demands






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






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






16. Amount paid to suppliers for products that are purchased






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






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






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






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






21. 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






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






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






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






25. Unit cost + disposal cost - salvage value






26. 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






27. The minimum amount needed in the period






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






29. 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






30. 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






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






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






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






34. The longest lead-time path in the BOM






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






36. An estimate of the capacity needed at work centers






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






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






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






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






41. A fixed time period that passes between inventory reviews






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






43. 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






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






45. 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.






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






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






48. Correlation of current demand values with past demand values






49. 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






50. Decision process in which managers predict demand and make operational plans accordingly