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






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






3. The individual time period for planning






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






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






6. 1) Influence the timing or quantity of demand through pricing changes - promotions - or sales incentives 2) Manage the timing of order fulfillment 3) Substitute by encouraging customers to shift their orders from one product to another - or from o






7. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni






8. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






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






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






11. items in transit from ont location to another






12. File that contains detailed inventory and procurement records






13. Management systems used when the demand for an item is derived from the demand for some other item






14. The portion of average inventory determined as order quantity divided by two






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






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






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






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






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






20. Maintenance - repair and operating supplies






21. The longest lead-time path in the BOM






22. 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






23. An estimate of the capacity needed at work centers






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






25. Process where each item in inventory is physically counted on a routine schedule






26. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






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






28. An order for the exact amount needed






29. inventory that is in the production process






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






31. 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






32. An order for the same amount each time






33. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






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






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






36. Amount paid to suppliers for products that are purchased






37. inventory classification - info systems - accurate records






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






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






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






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






42. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






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






44. Difference between a forecast and the actual demand






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






46. Tool created by AT&T for assessing life cycle costs






47. 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






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






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






50. Demand that is created by customers