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Test your basic knowledge |
Supply And Logistics
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Demand that is created by customers
exponential smoothing (time-series - statistical)
demand management tactics
independet demand
product cost
2. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
ways to improve demand planning
Hard benefits of S&OP
service level policy
Moore's law
3. 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)
important trends influencing operations management and the emergence of business models
production order quantity
independet demand
items included in the inventory record
4. An order for the exact amount needed
lot-for-lot (L4L)
options to accomplish the objective of a chase plan
planned order release
carrying (holding cost)
5. Simple forecasting approach that assumes that recent history is a good predictor of the near future
ways to improve demand planning
cumulative lead time
naive model (time-series - statistical)
quantitative ABC analysis procedure
6. A one-time change in demand - susually due to some external influence on demand
basic questions to answer when planning inventories
advance planning and scheduling (APS) systems
regression analysis
shift or step change
7. The individual time period for planning
Moore's law
rolling planning horizons
time bucket
Hard benefits of S&OP
8. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
collaborative planning - forecasting and replenishment (CPFR)
chase strategy (aggregate production strategy)
demand during lead time
business model
9. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
total acquisition cost (TAC)
demand planning
simulation models
reorder point (ROP)
10. A combination of common sense inputs from frontline personnel and a computer simulation process
demand forecasting
focused forecasting
the roles of inventory
types of costs that must be identified and quantified in aggregate planning
11. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
time bucket
cumulative lead time
order cost
forecast accuracy
12. Process that adjusts prices as demand for a service occurs (or does not occur)
difference between order & setup costs
Techniques used to manage inventory
yield management
steps to determine order quantity when quantity discounts are available
13. A parameter indicating the weight given to the most recent demand
smoothing coefficient
rought-cut capacity planning
business model
Hard benefits of S&OP
14. 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
part number
cycle stock
assumptions underlying the EOQ formulation
shift or step change
15. 1) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up
cycle stock
Disadvantages when inventory turnover is too high
stockout
demand forecasting
16. An order for the same amount each time
buffer (safety) stock
order interval
fixed order quantity (FOQ)
part number
17. Quantities of each finished product to be completed for each period
target service level (TSL)
independet demand
master production schedule (MPS)
collaborative planning - forecasting and replenishment (CPFR)
18. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
cycle stock
lot-for-lot (L4L)
rought-cut capacity planning
marketing research (judgement-based)
19. inventory management systems used when the demand for an item is beyond the control of the organization
vendor-managed inventory (VIM)
planned order release
stockout
independent demand inventory systems
20. Replan each period (month or quarter) - for a given number of periods into the future
smoothing coefficient
distribution requirements planning (DRP)
total system inventory
rolling planning horizons
21. 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
Soft benefits of S&OP
Impact of lot size restrictions on quantity discounts
planned order receipt
requirements explosion
22. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
days of supply
trend
regression analysis
demand planning
23. Forecasting model model that assigns a different weight to each period's demand according to its importance
reorder point (ROP)
weighted moving average (time-series - statistical)
measures of inventory performance
uncertainty period
24. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
vendor-managed inventory (VIM)
postponable product
Pareto's law
work in process inventory
25. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
trend
aggregate production plan
demand management tactics
steps to determine order quantity when quantity discounts are available
26. 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)
shift or step change
vendor-managed inventory (VIM)
demand planning
grassroots forecasting (judgement-based)
27. Sum of all relevant inventory costs incurred each year
materials requirements planning (MRP)
order cost
total acquisition cost (TAC)
weighted moving average (time-series - statistical)
28. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
stockout (shortage) cost
autocorrelation
Delphi method (judgement-based)
regression analysis
29. An event that occurs when no inventory is available
total system inventory
stockout
smoothing coefficient
forecast bias / mean forecast error
30. Determination of replenishement and postioining of finished goods in the distribution network
Disadvantages when inventory turnover is too high
distribution requirements planning (DRP)
naive model (time-series - statistical)
mixed or hybrid strategy
31. inventory classification - info systems - accurate records
Techniques used to manage inventory
infinite loading
bullwhip effect
Steps of designing a forecasting process
32. Expenses incurred due to the fact that inventory is held
chase strategy (aggregate production strategy)
available to promise
requirements explosion
carrying (holding cost)
33. 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.
MRO inventory
aggregate production plan
Disadvantages when inventory turnover is too high
Impact of lot size restrictions on quantity discounts
34. Amount paid to suppliers for products that are purchased
Moore's law
product cost
stockout
assumptions underlying the EOQ formulation
35. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
items included in the inventory record
net requriements
aggregate production plan
stockout
36. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
regression analysis
Impact of lot size restrictions on quantity discounts
economic order quantity (EOQ)
nervousness
37. Consistent horizontal stream of demands
total system inventory
Global Trade Item Number (GTIN)
stable pattern
uncertainty period
38. Process where each item in inventory is physically counted on a routine schedule
Advantages of high inventory turnover
master production schedule (MPS)
cycle counting
historical analogy (judgement-based)
39. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
causal models vs. simulation models
collaborative planning - forecasting and replenishment (CPFR)
product cost
judgement-based forecasting
40. The total amount of an end item that is required
steps to determine order quantity when quantity discounts are available
Global Trade Item Number (GTIN)
cost of a unit stockout
gross requirements
41. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
ABC analysis
moving average (time-series - statistical)
Techniques used to manage inventory
quantitative ABC analysis procedure
42. The determination of how many additional units are needed
setup cost
inventory turnover
requirements explosion
Three components of resource requirements planning
43. 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
uncertainty period
inefficiencies caused by unpredictably fluctuating customer demand
stockout
chase strategy (aggregate production strategy)
44. 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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45. 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
demand management tactics
service level policy
planning horizon
Global Trade Item Number (GTIN)
46. An order for an amount that covers a fixed period of time
impact of raw material and compontent part stockouts
periodic order quantity (POQ)
independet demand
two-bin system
47. Items bought from suppliers to use in the production of a product
part number
raw materials and components parts
trend
assumptions underlying the EOQ formulation
48. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
Wastes produced throughout the five product life cycle stages
the expense components of carrying cost
simulation models
49. 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
continuous review model
the expense components of carrying cost
postponable product
chase strategy (aggregate production strategy)
50. inconsistencies in the plan causes by changes to the MPS
types of costs that must be identified and quantified in aggregate planning
nervousness
days of supply
Techniques used to manage inventory
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