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






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






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






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






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






6. 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






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






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






9. 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






10. The total amount of an end item that is required






11. The entire time period covered by the MPS






12. 1) Market planning: intro of new products - store openings/closings - promotions - inventory policies - etc. 2) Demand and resource planning: customer demand & shipping requirements are forecasted 3) Execution: orders are placed - delivered - r






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






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






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






16. Simple forecasting approach that assumes that recent history is a good predictor of the near future






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






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






19. Sum of all relevant inventory costs incurred each year






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






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






22. 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






23. inventory that is in the production process






24. Regular demand patterns of repeating highs and lows






25. Combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm's operations and financial goals (includes demand forecasting and management)






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






27. Unit selling price - unit cost






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






29. 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






30. 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






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






32. inventory classification - info systems - accurate records






33. The sum of the inventory held across all of the locations in a company






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






35. The minimum amount needed in the period






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






37. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






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






39. 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






40. Difference between a forecast and the actual demand






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






42. 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






43. 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






44. Consistent horizontal stream of demands






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






46. 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)






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






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






49. 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






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