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






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






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






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






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






7. Simple forecasting approach that assumes that recent history is a good predictor of the near future






8. Process where each item in inventory is physically counted on a routine schedule






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






10. 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






11. Regular demand patterns of repeating highs and lows






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






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






14. Average size of forecast errors - irrespective of their directions.






15. Production processes halted






16. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






17. The longest lead-time path in the BOM






18. Maintenance - repair and operating supplies






19. 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






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






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






22. 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






23. Unit selling price - unit cost






24. File that contains detailed inventory and procurement records






25. Amount paid to suppliers for products that are purchased






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






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






28. 1) Identify the price breaks on offer 2) Calculate the EOQ at each price break - starting with the lowest 3) Evaluate the feasibility of each EOQ value 4) Calculate the TAC for each feasible EOQ and for the minimum quantity required to attain each p






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






30. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






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






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






33. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)






34. 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






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






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






37. 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






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






39. Consistent horizontal stream of demands






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






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






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






43. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales






44. The portion of average inventory determined as order quantity divided by two






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






46. 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)






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






48. 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






49. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






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.