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






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






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






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






5. Consistent horizontal stream of demands






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






7. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions






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






9. 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






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






11. 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.






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






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






14. 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






15. 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)






16. Specification of the amount of risk of incurring a stockout that a firm is willing to incur






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






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






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






20. Production processes halted






21. 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






22. 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






23. Sum of all relevant inventory costs incurred each year






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






25. An order for the exact amount needed






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






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






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






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






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






32. 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)






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






34. Comparison of production needs to actual capacity






35. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


38. inventory that is in the production process






39. 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






40. 1) Determine each item's annual useage/sales (in units and/or value) 2) Determine % of total useage/sales by each item 3) Rank items from highest to lowest percentage 4) Classify the items into ABC categories






41. Items bought from suppliers to use in the production of a product






42. Regular demand patterns of repeating highs and lows






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






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






45. An order for the same amount each time






46. Amount paid to suppliers for products that are purchased






47. How much should be ordered and when?






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






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






50. Forecasting models that compute forecasts using historical data arranged in the order of occurrence