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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 one-time change in demand - susually due to some external influence on demand






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






3. 1) Enhanced teamwork at executive & operating levels 2) Better decisions with less effort and time 3) Better alignment of operational - marketing and financial plans 4) Greater accountability for results 5) Ability to see potential problems sooner






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






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






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






7. How much should be ordered and when?






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






9. 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)






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






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






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






13. Unit selling price - unit cost






14. 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






15. The minimum amount needed in the period






16. An estimate of the capacity needed at work centers






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






18. 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






19. inventory of an item is stored in two different locations






20. inventory that is in the production process






21. 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






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






23. 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






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






25. 1) No quantity discounts 2) No lot size restrictions 3) No partial deliveries 4) No variability 5) Quantity of one product is not dependent on that of another






26. File that contains detailed inventory and procurement records






27. The determination of how many additional units are needed






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






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






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

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






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






33. Amount paid to suppliers for products that are purchased






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






35. Consistent horizontal stream of demands






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






37. Average size of forecast errors - irrespective of their directions.






38. 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)






39. A parameter indicating the weight given to the most recent demand






40. 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






41. The entire time period covered by the MPS






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






43. Comparison of production needs to actual capacity






44. A fixed time period that passes between inventory reviews






45. The individual time period for planning






46. 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






47. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






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






49. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






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







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