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. items that are ready for sale to customers






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






3. 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






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






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






6. A fixed time period that passes between inventory reviews






7. File that contains detailed inventory and procurement records






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






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






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






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






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






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






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






15. The minimum amount needed in the period






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






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






18. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






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






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






21. A mathematical approach for fitting an equation to a set of data






22. 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






23. The longest lead-time path in the BOM






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






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






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






27. 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






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






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


30. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






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






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






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






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






35. 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






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






37. 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)






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






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






40. 1) Inventory holding cost 2) Regular production cost 3) Overtime cost 4) Hiring cost 5) Firing/layoff cost 6) Backorder/lost sales cost 7) Subcontracting cost






41. Unit selling price - unit cost






42. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






43. An order for the exact amount needed






44. Production processes halted






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






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






47. An estimate of the capacity needed at work centers






48. How much should be ordered and when?






49. 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






50. Unit cost + disposal cost - salvage value