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. Order costs are associated with replenishing inventories - while setup costs are associated with producing inventory internally. Both are often considered "fixed" regardless of batch size - although this is not strictly true.






2. The determination of how many additional units are needed






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






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






5. File that contains detailed inventory and procurement records






6. Decision process in which managers predict demand and make operational plans accordingly






7. How much should be ordered and when?






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






9. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers






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






11. 1) Identify the price breaks on offer 2) Calculate the EOQ at each price break - starting with the lowest 3) Evaluate the feasibility of each EOQ value 4) Calculate the TAC for each feasible EOQ and for the minimum quantity required to attain each p






12. Process that adjusts prices as demand for a service occurs (or does not occur)






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






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






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






16. 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.






17. Amount paid to suppliers for products that are purchased






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






19. A fixed time period that passes between inventory reviews






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






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






22. Cycle stocks - safety stocks - managing locations - implementing inventory models






23. 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






24. 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






25. The longest lead-time path in the BOM






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






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






28. Regular demand patterns of repeating highs and lows






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






30. Sum of all relevant inventory costs incurred each year






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






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






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






34. items in transit from ont location to another






35. 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






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






37. 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






38. An event that occurs when no inventory is available






39. 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






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






41. 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






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






43. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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






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






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






47. 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






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






49. A strategy that includes some elements of level production and some elements of chase production strategies






50. Consistent horizontal stream of demands