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






2. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)






3. Sum of all relevant inventory costs incurred each year






4. inventory is constantly monitored to decide when a replenishement order needs to be placed






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






6. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






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






8. 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






9. 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.






10. The determination of how many additional units are needed






11. 1) Market planning: intro of new products - store openings/closings - promotions - inventory policies - etc. 2) Demand and resource planning: customer demand & shipping requirements are forecasted 3) Execution: orders are placed - delivered - r






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






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






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






15. 1) Produce all units internally by hiring workers in high-demand monts and firing/laying off workers in low-demand months 2) Produce internally the quantity required to meet demand in the lowest-demand month and use overtime production to meet demand






16. The individual time period for planning






17. inventory classification - info systems - accurate records






18. The minimum amount needed in the period






19. 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






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






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. Maintenance - repair and operating supplies






23. Regular demand patterns of repeating highs and lows






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






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






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






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






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






29. Demand that is created by customers






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






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






32. Production processes halted






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






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






35. items in transit from ont location to another






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






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






38. 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






39. 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.






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






41. Unit cost + disposal cost - salvage value






42. Unique ID for a part used by a specific company






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






44. 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






45. The firm produces at a constant rate over the year






46. 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






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






48. 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






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests