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






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






3. The longest lead-time path in the BOM






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






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






6. Production rate is changed in each period to match the amount of expected demand






7. 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






8. Correlation of current demand values with past demand values






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






10. 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






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






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






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






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






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






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






17. How much should be ordered and when?






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






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






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






21. 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






22. 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.






23. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain






24. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it






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






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






27. 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






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






30. 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






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






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






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






34. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






35. 1) Enhanced teamwork at executive & operating levels 2) Better decisions with less effort and time 3) Better alignment of operational - marketing and financial plans 4) Greater accountability for results 5) Ability to see potential problems sooner






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






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






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






39. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






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






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






42. 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.






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






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






45. The individual time period for planning






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






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






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






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






50. An order for the exact amount needed