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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) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up






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






3. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






4. A fixed time period that passes between inventory reviews






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






6. Tool created by AT&T for assessing life cycle costs






7. Production processes halted






8. A mathematical approach for fitting an equation to a set of data






9. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)






10. Correlation of current demand values with past demand values






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






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






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






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






15. Measurement of how closely the forecast aligns with the observations over time






16. 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






17. 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.






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






19. 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






20. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






21. Order costs are associated with replenishing inventories - while setup costs are associated with producing inventory internally. Both are often considered "fixed" regardless of batch size - although this is not strictly true.






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






23. Maintenance - repair and operating supplies






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






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






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






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






28. An event that occurs when no inventory is available






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






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






31. 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)






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






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






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






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






36. Forecasting techniques that use input from high-level experienced managers






37. 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






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

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39. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni






40. Comparison of production needs to actual capacity






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






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






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






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






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






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






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






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






49. The firm produces at a constant rate over the year






50. 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







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