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Supply And Logistics
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Study First
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. Tool created by AT&T for assessing life cycle costs
life cycle waste assessment matrix (LCWAM)
types of costs that must be identified and quantified in aggregate planning
cycle counting
causal models vs. simulation models
2. inventory of an item is stored in two different locations
impact of raw material and compontent part stockouts
seasonality and cycles
two-bin system
collaborative activities in CPFR
3. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
ABC analysis
production order quantity
demand during lead time
saw-tooth diagram
4. Cycle stocks - safety stocks - managing locations - implementing inventory models
level production strategy (aggregate production strategy)
Managerial approaches to reducing inventory costs
carrying (holding cost)
inventory turnover
5. The amount that is planned to arrive at the beginning of a period
service level
planned order receipt
basic questions to answer when planning inventories
rought-cut capacity planning
6. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
buffer (safety) stock
exponential smoothing (time-series - statistical)
simulation models
stockout (shortage) cost
7. Consistent horizontal stream of demands
important trends influencing operations management and the emergence of business models
moving average (time-series - statistical)
stable pattern
autocorrelation
8. An estimation of the availability of the critical resources needed to support the MPS
lot-for-lot (L4L)
exponential smoothing (time-series - statistical)
rought-cut capacity planning
cycle stock
9. The assumption that there is an infinite amount of capacity available
collaborative activities in CPFR
bill of materials (BOM)
inventory turnover
infinite loading
10. An illustration of the pattern of ordering and inventory levels
postponable product
Impact of lot size restrictions on quantity discounts
saw-tooth diagram
lot-for-lot (L4L)
11. 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
requirements explosion
forecast error
steps to determine order quantity when quantity discounts are available
cost of a unit stockout
12. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
causal models vs. simulation models
part number
steps to determine order quantity when quantity discounts are available
time series and analysis methods
13. A strategy that includes some elements of level production and some elements of chase production strategies
autocorrelation
mixed or hybrid strategy
steps to determine order quantity when quantity discounts are available
collaborative planning - forecasting and replenishment (CPFR)
14. Model used to determine the order size for a one-time purchase
single period inventory model
carrying (holding cost)
continuous review model
ABC analysis
15. Production rate is changed in each period to match the amount of expected demand
service level
dependent demand
seasonality and cycles
chase strategy (aggregate production strategy)
16. inventory classification - info systems - accurate records
advance planning and scheduling (APS) systems
Techniques used to manage inventory
the roles of inventory
requirements explosion
17. 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)
items included in the inventory record
chase strategy (aggregate production strategy)
Techniques used to manage inventory
carrying (holding cost)
18. The determination of how many additional units are needed
life cycle waste assessment matrix (LCWAM)
gross requirements
options to accomplish the objective of a chase plan
requirements explosion
19. Expenses incurred due to the fact that inventory is held
carrying (holding cost)
periodic review model
exponential smoothing (time-series - statistical)
uncertainty period
20. Sum of all relevant inventory costs incurred each year
total acquisition cost (TAC)
time series and analysis methods
lot-for-lot (L4L)
periodic order quantity (POQ)
21. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
aggregate production plan
product cost
options to accomplish the objective of a chase plan
stockout (shortage) cost
22. Software that consolidates all of the business planning systems and data throughout an organization
sales and operations planning (S&OP)
cycle stock
mean absolute deviation / mean absolute error
enterprise resource planning (ERP) system
23. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
causal models vs. simulation models
steps to determine order quantity when quantity discounts are available
planning horizon
Delphi method (judgement-based)
24. The amount of an item that is planned to be ordered in a period
planning horizon
items included in the inventory record
business model
planned order release
25. Management system built around checking and ordering inventory at some regular interval
periodic review model
options to accomplish the objective of a chase plan
types of costs that must be identified and quantified in aggregate planning
service level policy
26. Measurement of how closely the forecast aligns with the observations over time
steps to determine order quantity when quantity discounts are available
available to promise
buffer (safety) stock
forecast accuracy
27. 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
exponential smoothing (time-series - statistical)
business model
Moore's law
planned order receipt
28. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Wastes produced throughout the five product life cycle stages
steps to determine order quantity when quantity discounts are available
load profile
collaborative activities in CPFR
29. 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
stockout
collaborative planning - forecasting and replenishment (CPFR)
autocorrelation
fixed order quantity (FOQ)
30. 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
life cycle waste assessment matrix (LCWAM)
important trends influencing operations management and the emergence of business models
demand forecasting
service level
31. The tendency of a forecasting technique to continually overpredict or underpredict demand.
rolling planning horizons
weighted moving average (time-series - statistical)
forecast bias / mean forecast error
time bucket
32. Forecasting model model that assigns a different weight to each period's demand according to its importance
weighted moving average (time-series - statistical)
demand management tactics
capacity requirements planning (CRP)
sales and operations planning (S&OP)
33. The part of panned production that is not committed to a customer
the financial impact of inventory
available to promise
lot-for-lot (L4L)
MRO inventory
34. 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
life cycle analysis
Techniques used to manage inventory
exponential smoothing (time-series - statistical)
inefficiencies caused by unpredictably fluctuating customer demand
35. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
Impact of lot size restrictions on quantity discounts
service level
exponential smoothing (time-series - statistical)
Soft benefits of S&OP
36. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
fixed order quantity (FOQ)
rules of forecasting
time series and analysis methods
trend
37. 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.
Impact of lot size restrictions on quantity discounts
stockout
rules of forecasting
MRO inventory
38. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
the roles of inventory
yield management
planned order receipt
Pareto's law
39. An estimate of the capacity needed at work centers
sales and operations planning (S&OP)
Soft benefits of S&OP
Outputs of materials requirements planning (MRP)
capacity requirements planning (CRP)
40. An order for the same amount each time
carrying (holding cost)
fixed order quantity (FOQ)
business model
infinite loading
41. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
lot-for-lot (L4L)
single period inventory model
collaborative activities in CPFR
sales and operations planning (S&OP)
42. A planning system used to ensure the right quantities of materials are available when needed
materials requirements planning (MRP)
items included in the inventory record
rules of forecasting
requirements explosion
43. 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
measures of inventory performance
Outputs of materials requirements planning (MRP)
planned order receipt
enterprise resource planning (ERP) system
44. Administrative expenses and the expenses of rearranging a work center to produce an item
saw-tooth diagram
marketing research (judgement-based)
square root rule
setup cost
45. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
Global Trade Item Number (GTIN)
executive judgment (judgement-based)
work in process inventory
moving average (time-series - statistical)
46. Production processes halted
impact of raw material and compontent part stockouts
naive model (time-series - statistical)
materials requirements planning (MRP)
collaborative activities in CPFR
47. The sum of the inventory held across all of the locations in a company
forecast error
Managerial approaches to reducing inventory costs
total system inventory
important trends influencing operations management and the emergence of business models
48. The entire time period covered by the MPS
planning horizon
ABC analysis
collaborative planning - forecasting and replenishment (CPFR)
forecast bias / mean forecast error
49. The individual time period for planning
types of costs that must be identified and quantified in aggregate planning
Advantages of high inventory turnover
forecast error
time bucket
50. Determination of replenishement and postioining of finished goods in the distribution network
distribution requirements planning (DRP)
demand forecasting
Hard benefits of S&OP
collaborative activities in CPFR
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