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






2. Unit selling price - unit cost






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






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






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






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






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






8. Maintenance - repair and operating supplies






9. Systems that integrate materials and capacity planning into one system






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






11. inventory classification - info systems - accurate records






12. Amount paid to suppliers for products that are purchased






13. The amount of an item that is planned to be ordered in a period






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






15. 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)






16. 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






17. items in transit from ont location to another






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






19. An event that occurs when no inventory is available






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






21. 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.






22. File that contains detailed inventory and procurement records






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






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






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






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






27. 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.






28. 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)






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






30. 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






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






32. Process that adjusts prices as demand for a service occurs (or does not occur)






33. 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






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






35. An order for the same amount each time






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






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






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

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39. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






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






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






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






43. 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






44. The longest lead-time path in the BOM






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






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






47. Vendor is responsible for managing the inventory located at a customer's facility






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






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






50. 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