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






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






3. 1) Produce all units internally by hiring workers in high-demand monts and firing/laying off workers in low-demand months 2) Produce internally the quantity required to meet demand in the lowest-demand month and use overtime production to meet demand






4. Regular demand patterns of repeating highs and lows






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






6. 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






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






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






9. 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






10. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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


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






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






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






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






15. 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






16. 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






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






18. 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.






19. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






20. 1) No quantity discounts 2) No lot size restrictions 3) No partial deliveries 4) No variability 5) Quantity of one product is not dependent on that of another






21. 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






22. Demand that is created by customers






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






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






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






26. An order for the exact amount needed






27. File that contains detailed inventory and procurement records






28. A strategy that includes some elements of level production and some elements of chase production strategies






29. 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.






30. inventory that is in the production process






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






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






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






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






35. A period of time when an unknown amount of inventory is on hand






36. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






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






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






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






40. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






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






42. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






43. 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






44. Amount paid to suppliers for products that are purchased






45. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






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






47. An order for the same amount each time






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






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






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