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 portion of average inventory determined as order quantity divided by two






2. An order for the exact amount needed






3. 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






4. 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






5. 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






6. Comparison of production needs to actual capacity






7. Amount paid to suppliers for products that are purchased






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






9. 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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10. The amount that is planned to arrive at the beginning of a period






11. The amount of an item that is planned to be ordered in a period






12. 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.






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






14. inventory classification - info systems - accurate records






15. 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






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






17. Sum of all relevant inventory costs incurred each year






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






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






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






21. 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






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






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






24. 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






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






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






27. The total amount of an end item that is required






28. 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






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






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






31. The entire time period covered by the MPS






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






33. items in transit from ont location to another






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






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






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






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






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






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






40. 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)






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






42. Unit selling price - unit cost






43. Supply of items held by a firm to meet demand






44. The assumption that there is an infinite amount of capacity available






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






46. The tendency of a forecasting technique to continually overpredict or underpredict demand.






47. 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






48. A planning system used to ensure the right quantities of materials are available when needed






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






50. inventory that is in the production process