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. 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






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






3. The individual time period for planning






4. Demand that depends upon decisions made by internal operations managers






5. 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






6. Correlation of current demand values with past demand values






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






8. Minimum level of inventory that triggers the need to order more






9. 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






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






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






12. items in transit from ont location to another






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






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






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

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






17. File that contains detailed inventory and procurement records






18. The longest lead-time path in the BOM






19. Unit cost + disposal cost - salvage value






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






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






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






23. Demand that is created by customers






24. Vendor is responsible for managing the inventory located at a customer's facility






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






26. 1) Extra resources expand and contract capacity to meet varying demand 2) Backlogging of certain orders to smooth out demand fluctuations 3) Customer dissatisfaction with inability to meet all demands 4) Buffering the system with safety stocks - saf






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






28. 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






29. 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






30. The entire time period covered by the MPS






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






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






33. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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34. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






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






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






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






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






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






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






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






42. The determination of how many additional units are needed






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






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






45. The minimum amount needed in the period






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






47. 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






48. inventory classification - info systems - accurate records






49. A fixed time period that passes between inventory reviews






50. 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.