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. 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






2. Regular demand patterns of repeating highs and lows






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






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






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






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

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7. items in transit from ont location to another






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






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. 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






11. Unit cost + disposal cost - salvage value






12. The part of panned production that is not committed to a customer






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






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






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






16. An event that occurs when no inventory is available






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






18. 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






19. The determination of how many additional units are needed






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. 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






22. items that are ready for sale to customers






23. The sum of the inventory held across all of the locations in a company






24. 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






25. 1) Extra resources expand and contract capacity to meet varying demand 2) Backlogging of certain orders to smooth out demand fluctuations 3) Customer dissatisfaction with inability to meet all demands 4) Buffering the system with safety stocks - saf






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






27. An estimate of the capacity needed at work centers






28. 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)






29. 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)






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






31. Correlation of current demand values with past demand values






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






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






34. inventory classification - info systems - accurate records






35. A fixed time period that passes between inventory reviews






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






37. Sum of all relevant inventory costs incurred each year






38. Amount paid to suppliers for products that are purchased






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






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






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






42. 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






43. 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.






44. 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






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






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






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






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






49. 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.






50. Demand that is created by customers