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 strategy that includes some elements of level production and some elements of chase production strategies






2. 1) Inventory holding cost 2) Regular production cost 3) Overtime cost 4) Hiring cost 5) Firing/layoff cost 6) Backorder/lost sales cost 7) Subcontracting cost






3. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






4. An order for the same amount each time






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






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






7. Correlation of current demand values with past demand values






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






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






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






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






12. The longest lead-time path in the BOM






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






14. 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






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






16. Difference between a forecast and the actual demand






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






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






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






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






21. 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






22. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers






23. Production processes halted






24. 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






25. An order for the exact amount needed






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






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






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






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






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






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






32. 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






33. 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






34. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






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






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






37. 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






38. Demand that is created by customers






39. The minimum amount needed in the period






40. Amount paid to suppliers for products that are purchased






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






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






43. items that are ready for sale to customers






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






45. Comparison of production needs to actual capacity






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






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






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






49. Items bought from suppliers to use in the production of a product






50. 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