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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. Items bought from suppliers to use in the production of a product
quantitative ABC analysis procedure
raw materials and components parts
simulation models
Outputs of materials requirements planning (MRP)
2. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
Wastes produced throughout the five product life cycle stages
trend
yield management
distribution requirements planning (DRP)
3. The amount of an item that is planned to be ordered in a period
cycle stock
bullwhip effect
planned order release
mean absolute deviation / mean absolute error
4. 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)
Delphi method (judgement-based)
executive judgment (judgement-based)
dependent demand inventory systems
target service level (TSL)
5. The determination of how many additional units are needed
total system inventory
bill of materials (BOM)
Disadvantages when inventory turnover is too high
requirements explosion
6. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
Global Trade Item Number (GTIN)
yield management
forecast bias / mean forecast error
uncertainty period
7. Decision process in which managers predict demand and make operational plans accordingly
demand forecasting
setup cost
continuous review model
single period inventory model
8. Correlation of current demand values with past demand values
items included in the inventory record
autocorrelation
master production schedule (MPS)
cost of a unit stockout
9. An estimate of the capacity needed at work centers
forecast accuracy
capacity requirements planning (CRP)
stockout (shortage) cost
service level policy
10. Maintenance - repair and operating supplies
yield management
forecast accuracy
seasonality and cycles
MRO inventory
11. An order for an amount that covers a fixed period of time
forecast accuracy
periodic order quantity (POQ)
collaborative planning - forecasting and replenishment (CPFR)
forecast error
12. 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
simulation models
continuous review model
ABC analysis
inventory turnover
13. A fixed time period that passes between inventory reviews
Hard benefits of S&OP
time bucket
rules of forecasting
order interval
14. An event that occurs when no inventory is available
sales and operations planning (S&OP)
stockout
demand during lead time
bullwhip effect
15. Technique that seeks inputs from people who are in close contact with customers and products
dependent demand inventory systems
grassroots forecasting (judgement-based)
focused forecasting
bill of materials (BOM)
16. Determination of replenishement and postioining of finished goods in the distribution network
business model
options to accomplish the objective of a chase plan
time bucket
distribution requirements planning (DRP)
17. Difference between a forecast and the actual demand
postponable product
forecast error
two-bin system
fixed order quantity (FOQ)
18. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
ways to improve demand planning
inventory turnover
collaborative planning - forecasting and replenishment (CPFR)
raw materials and components parts
19. Vendor is responsible for managing the inventory located at a customer's facility
forecast error
infinite loading
buffer (safety) stock
vendor-managed inventory (VIM)
20. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
level production strategy (aggregate production strategy)
basic questions to answer when planning inventories
postponable product
demand during lead time
21. Consistent horizontal stream of demands
stable pattern
Advantages of high inventory turnover
postponable product
cycle counting
22. 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
bill of materials (BOM)
mixed or hybrid strategy
steps to determine order quantity when quantity discounts are available
planned order release
23. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
regression analysis
periodic review model
marketing research (judgement-based)
mean absolute deviation / mean absolute error
24. 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
Advantages of high inventory turnover
Cost of being overstocked by one unit
periodic review model
fixed order quantity (FOQ)
25. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
demand during lead time
judgement-based forecasting
types of costs that must be identified and quantified in aggregate planning
work in process inventory
26. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Wastes produced throughout the five product life cycle stages
rules of forecasting
service level
independet demand
27. 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
Hard benefits of S&OP
difference between order & setup costs
demand management tactics
reorder point (ROP)
28. Model used to determine the order size for a one-time purchase
order interval
executive judgment (judgement-based)
forecast error
single period inventory model
29. An estimation of the availability of the critical resources needed to support the MPS
stable pattern
cost of a unit stockout
rought-cut capacity planning
demand management tactics
30. Simple forecasting approach that assumes that recent history is a good predictor of the near future
uncertainty period
gross requirements
Advantages of high inventory turnover
naive model (time-series - statistical)
31. The firm produces at a constant rate over the year
level production strategy (aggregate production strategy)
the expense components of carrying cost
ways to improve demand planning
weighted moving average (time-series - statistical)
32. Replan each period (month or quarter) - for a given number of periods into the future
ABC analysis
rolling planning horizons
economic order quantity (EOQ)
Three components of resource requirements planning
33. A combination of common sense inputs from frontline personnel and a computer simulation process
smoothing coefficient
important trends influencing operations management and the emergence of business models
focused forecasting
inventory turnover
34. 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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35. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
the roles of inventory
forecast error
exponential smoothing (time-series - statistical)
business model
36. Amount paid to suppliers for products that are purchased
independet demand
product cost
important trends influencing operations management and the emergence of business models
smoothing coefficient
37. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
square root rule
shift or step change
Three components of resource requirements planning
time series and analysis methods
38. Cycle stocks - safety stocks - managing locations - implementing inventory models
nervousness
available to promise
Managerial approaches to reducing inventory costs
Global Trade Item Number (GTIN)
39. 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
collaborative planning - forecasting and replenishment (CPFR)
Moore's law
Cost of being overstocked by one unit
mean absolute deviation / mean absolute error
40. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
demand management
mean absolute deviation / mean absolute error
cycle stock
capacity requirements planning (CRP)
41. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
postponable product
cumulative lead time
types of costs that must be identified and quantified in aggregate planning
measures of inventory performance
42. Forecasting techniques that use input from high-level experienced managers
Techniques used to manage inventory
collaborative activities in CPFR
postponable product
executive judgment (judgement-based)
43. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
collaborative planning - forecasting and replenishment (CPFR)
enterprise resource planning (ERP) system
the roles of inventory
order cost
44. Measure of how well the objective of meeting customer demand is met: usually in terms of # or % of inventory items for which there is no inventory on hand
ABC analysis
service level
carrying (holding cost)
Global Trade Item Number (GTIN)
45. The portion of average inventory determined as order quantity divided by two
cycle stock
mixed or hybrid strategy
setup cost
planned order receipt
46. inventory that is in the production process
autocorrelation
ABC analysis
work in process inventory
dependent demand inventory systems
47. The assumption that there is an infinite amount of capacity available
mixed or hybrid strategy
requirements explosion
infinite loading
forecast error
48. 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
net requriements
impact of raw material and compontent part stockouts
rules of forecasting
carrying (holding cost)
49. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
simulation models
planning horizon
exponential smoothing (time-series - statistical)
dependent demand inventory systems
50. Extra inventory held to guard against uncertainty in demand or supply
service level
buffer (safety) stock
lot-for-lot (L4L)
two-bin system