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. Sum of all relevant inventory costs incurred each year






2. 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)






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






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






5. 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






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






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






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






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






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






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






12. items in transit from ont location to another






13. 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






14. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






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






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






17. 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.






18. Comparison of production needs to actual capacity






19. 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)






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






21. 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






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






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






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






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






26. An order for the same amount each time






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






28. 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






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






30. The determination of how many additional units are needed






31. 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






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






33. 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






34. Maintenance - repair and operating supplies






35. Difference between a forecast and the actual demand






36. A fixed time period that passes between inventory reviews






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. The entire time period covered by the MPS






39. Consistent horizontal stream of demands






40. 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






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






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






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






44. An order for the exact amount needed






45. 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






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






47. 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






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






49. 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.






50. Correlation of current demand values with past demand values







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests