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Supply And Logistics

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. Forecasting techniques that use input from high-level experienced managers






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






3. 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)






4. 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






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






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






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

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






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






10. Expenses incurred due to the fact that inventory is held






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






12. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization






13. A parameter indicating the weight given to the most recent demand






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






15. 1) Opportunity cost - including cost of capital 2) Owning/maintaining storage space 3) Taxes 4) Insurance 5) Obsolescence and loss 6) Materials handling - tracking - management






16. The entire time period covered by the MPS






17. Unit cost + disposal cost - salvage value






18. 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






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






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. Supply of items held by a firm to meet demand






22. 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.






23. Administrative expenses and the expenses of rearranging a work center to produce an item






24. 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






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






26. 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






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






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






29. 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.






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






31. How much should be ordered and when?






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






33. An event that occurs when no inventory is available






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






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






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






37. Unit selling price - unit cost






38. 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






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






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






41. The individual time period for planning






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






43. items that are ready for sale to customers






44. 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






45. Sum of all relevant inventory costs incurred each year






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






48. An estimate of the capacity needed at work centers






49. 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






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







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