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Supply And Logistics
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
two-bin system
economic order quantity (EOQ)
moving average (time-series - statistical)
days of supply
2. Comparison of production needs to actual capacity
Moore's law
order interval
load profile
planned order receipt
3. The assumption that there is an infinite amount of capacity available
infinite loading
uncertainty period
service level
postponable product
4. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
product cost
demand management
postponable product
dependent demand
5. Process that adjusts prices as demand for a service occurs (or does not occur)
yield management
business model
setup cost
distribution requirements planning (DRP)
6. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
the roles of inventory
economic order quantity (EOQ)
gross requirements
Disadvantages when inventory turnover is too high
7. 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
cost of a unit stockout
the expense components of carrying cost
part number
Hard benefits of S&OP
8. Technique that seeks inputs from people who are in close contact with customers and products
grassroots forecasting (judgement-based)
Three components of resource requirements planning
finished goods inventory
causal models vs. simulation models
9. 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
periodic review model
business model
planning horizon
level production strategy (aggregate production strategy)
10. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
weighted moving average (time-series - statistical)
Three components of resource requirements planning
Moore's law
11. Demand that is created by customers
independet demand
target service level (TSL)
lot-for-lot (L4L)
types of costs that must be identified and quantified in aggregate planning
12. Management systems used when the demand for an item is derived from the demand for some other item
dependent demand inventory systems
bullwhip effect
Disadvantages when inventory turnover is too high
yield management
13. inventory classification - info systems - accurate records
lot-for-lot (L4L)
buffer (safety) stock
planned order receipt
Techniques used to manage inventory
14. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
service level policy
important trends influencing operations management and the emergence of business models
product cost
service level
15. Vendor is responsible for managing the inventory located at a customer's facility
autocorrelation
business model
difference between order & setup costs
vendor-managed inventory (VIM)
16. Regular demand patterns of repeating highs and lows
master production schedule (MPS)
measures of inventory performance
seasonality and cycles
stockout (shortage) cost
17. Management system built around checking and ordering inventory at some regular interval
periodic review model
autocorrelation
total system inventory
buffer (safety) stock
18. 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
mixed or hybrid strategy
postponable product
rules of forecasting
demand during lead time
19. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product
Global Trade Item Number (GTIN)
forecast error
Three components of resource requirements planning
historical analogy (judgement-based)
20. Decision process in which managers predict demand and make operational plans accordingly
measures of inventory performance
order cost
demand forecasting
mean absolute deviation / mean absolute error
21. 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
rolling planning horizons
raw materials and components parts
planning horizon
Outputs of materials requirements planning (MRP)
22. Correlation of current demand values with past demand values
autocorrelation
continuous review model
cumulative lead time
planned order release
23. 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
level production strategy (aggregate production strategy)
inefficiencies caused by unpredictably fluctuating customer demand
Global Trade Item Number (GTIN)
collaborative activities in CPFR
24. How much should be ordered and when?
exponential smoothing (time-series - statistical)
basic questions to answer when planning inventories
important trends influencing operations management and the emergence of business models
requirements explosion
25. Forecasting model model that assigns a different weight to each period's demand according to its importance
weighted moving average (time-series - statistical)
the expense components of carrying cost
Managerial approaches to reducing inventory costs
available to promise
26. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
Pareto's law
materials requirements planning (MRP)
causal models vs. simulation models
Advantages of high inventory turnover
27. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
stockout (shortage) cost
the roles of inventory
distribution requirements planning (DRP)
fixed order quantity (FOQ)
28. Difference between a forecast and the actual demand
inefficiencies caused by unpredictably fluctuating customer demand
forecast error
Hard benefits of S&OP
causal models vs. simulation models
29. Average size of forecast errors - irrespective of their directions.
level production strategy (aggregate production strategy)
total acquisition cost (TAC)
mean absolute deviation / mean absolute error
net requriements
30. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
continuous review model
Wastes produced throughout the five product life cycle stages
Moore's law
independent demand inventory systems
31. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
life cycle analysis
Techniques used to manage inventory
finished goods inventory
naive model (time-series - statistical)
32. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
grassroots forecasting (judgement-based)
the financial impact of inventory
demand management tactics
square root rule
33. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
reorder point (ROP)
bullwhip effect
Disadvantages when inventory turnover is too high
shift or step change
34. 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
total system inventory
chase strategy (aggregate production strategy)
collaborative planning - forecasting and replenishment (CPFR)
net requriements
35. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
Pareto's law
stockout (shortage) cost
Techniques used to manage inventory
load profile
36. An illustration of the pattern of ordering and inventory levels
items included in the inventory record
naive model (time-series - statistical)
demand forecasting
saw-tooth diagram
37. An estimation of the availability of the critical resources needed to support the MPS
rought-cut capacity planning
rules of forecasting
measures of inventory performance
mixed or hybrid strategy
38. 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.
infinite loading
forecast error
judgement-based forecasting
total acquisition cost (TAC)
39. An estimate of the capacity needed at work centers
Advantages of high inventory turnover
regression analysis
capacity requirements planning (CRP)
single period inventory model
40. 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 raw material and compontent part stockouts
uncertainty period
Impact of lot size restrictions on quantity discounts
causal models vs. simulation models
41. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
time series and analysis methods
Pareto's law
Disadvantages when inventory turnover is too high
infinite loading
42. A mathematical approach for fitting an equation to a set of data
dependent demand
regression analysis
materials requirements planning (MRP)
Three components of resource requirements planning
43. An order for the exact amount needed
lot-for-lot (L4L)
regression analysis
available to promise
periodic review model
44. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
measures of inventory performance
Global Trade Item Number (GTIN)
collaborative planning - forecasting and replenishment (CPFR)
exponential smoothing (time-series - statistical)
45. 1) Opportunity cost - including cost of capital 2) Owning/maintaining storage space 3) Taxes 4) Insurance 5) Obsolescence and loss 6) Materials handling - tracking - management
the expense components of carrying cost
buffer (safety) stock
exponential smoothing (time-series - statistical)
vendor-managed inventory (VIM)
46. Consistent horizontal stream of demands
seasonality and cycles
planned order receipt
service level policy
stable pattern
47. Unique ID for a part used by a specific company
economic order quantity (EOQ)
time series and analysis methods
part number
production order quantity
48. 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
demand management tactics
buffer (safety) stock
life cycle analysis
stockout
49. Determination of replenishement and postioining of finished goods in the distribution network
product cost
stockout (shortage) cost
distribution requirements planning (DRP)
demand during lead time
50. Computing power will double every 18 months while computing cost will decrease by half
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