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






2. An estimate of the capacity needed at work centers






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






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






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






6. Determination of replenishement and postioining of finished goods in the distribution network






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






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






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






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






11. 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






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






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






14. Cycle stocks - safety stocks - managing locations - implementing inventory models






15. Unit selling price - unit cost






16. inventory classification - info systems - accurate records






17. The longest lead-time path in the BOM






18. 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






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






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






21. An order for the same amount each time






22. inventory management systems used when the demand for an item is beyond the control of the organization






23. Amount paid to suppliers for products that are purchased






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






25. Ratio between average inventory and the level of sales: = COGS/Average inventory@cost = Net sales/Average inventory@sales price = Unit sales/Average inventory in units






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






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






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






29. 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






30. 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






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






32. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






33. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






34. 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)






35. Correlation of current demand values with past demand values






36. 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






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






38. Sum of all relevant inventory costs incurred each year






39. 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






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






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






42. An estimation of the availability of the critical resources needed to support the MPS






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






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






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






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






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






48. The minimum amount needed in the period






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






50. items that are ready for sale to customers