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 combination of common sense inputs from frontline personnel and a computer simulation process






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






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






4. 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






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






6. 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






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






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






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






10. items in transit from ont location to another






11. Unit cost + disposal cost - salvage value






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






13. 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






14. 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






15. Difference between a forecast and the actual demand






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






17. 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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18. items that are ready for sale to customers






19. The determination of how many additional units are needed






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






21. The assumption that there is an infinite amount of capacity available






22. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling






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






24. 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






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






26. Unit selling price - unit cost






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






28. Sum of all relevant inventory costs incurred each year






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






30. 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.






31. The individual time period for planning






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






33. Regular demand patterns of repeating highs and lows






34. 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






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






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






37. Correlation of current demand values with past demand values






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






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






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






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






42. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies






43. 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






44. inventory that is in the production process






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






46. A planning system used to ensure the right quantities of materials are available when needed






47. Extra inventory held to guard against uncertainty in demand or supply






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






49. Decision process in which managers predict demand and make operational plans accordingly






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