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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. 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)
demand planning
forecast bias / mean forecast error
grassroots forecasting (judgement-based)
assumptions underlying the EOQ formulation
2. The amount that is planned to arrive at the beginning of a period
planned order receipt
saw-tooth diagram
types of costs that must be identified and quantified in aggregate planning
cumulative lead time
3. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
requirements explosion
independet demand
important trends influencing operations management and the emergence of business models
MRO inventory
4. A planning system used to ensure the right quantities of materials are available when needed
types of costs that must be identified and quantified in aggregate planning
mean absolute deviation / mean absolute error
materials requirements planning (MRP)
historical analogy (judgement-based)
5. Computing power will double every 18 months while computing cost will decrease by half
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6. Minimum level of inventory that triggers the need to order more
items included in the inventory record
difference between order & setup costs
ABC analysis
reorder point (ROP)
7. Model used to determine the order size for a one-time purchase
materials requirements planning (MRP)
inventory turnover
single period inventory model
the roles of inventory
8. Extra inventory held to guard against uncertainty in demand or supply
service level policy
focused forecasting
target service level (TSL)
buffer (safety) stock
9. 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.
total system inventory
level production strategy (aggregate production strategy)
difference between order & setup costs
stable pattern
10. An order for an amount that covers a fixed period of time
periodic order quantity (POQ)
sales and operations planning (S&OP)
fixed order quantity (FOQ)
total acquisition cost (TAC)
11. The entire time period covered by the MPS
inventory turnover
historical analogy (judgement-based)
planning horizon
cumulative lead time
12. 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)
distribution requirements planning (DRP)
basic questions to answer when planning inventories
target service level (TSL)
forecast accuracy
13. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
raw materials and components parts
dependent demand
life cycle analysis
Steps of designing a forecasting process
14. The tendency of a forecasting technique to continually overpredict or underpredict demand.
Pareto's law
forecast bias / mean forecast error
collaborative activities in CPFR
available to promise
15. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product
historical analogy (judgement-based)
Wastes produced throughout the five product life cycle stages
yield management
smoothing coefficient
16. 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
inefficiencies caused by unpredictably fluctuating customer demand
periodic review model
stockout
capacity requirements planning (CRP)
17. The ranking of all items of inventory acording to importance
exponential smoothing (time-series - statistical)
the roles of inventory
Pareto's law
ABC analysis
18. 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
Outputs of materials requirements planning (MRP)
mixed or hybrid strategy
materials requirements planning (MRP)
inventory status file
19. File that contains detailed inventory and procurement records
inventory status file
forecast accuracy
Impact of lot size restrictions on quantity discounts
carrying (holding cost)
20. Expenses incurred due to the fact that inventory is held
planned order release
carrying (holding cost)
basic questions to answer when planning inventories
MRO inventory
21. The minimum amount needed in the period
Cost of being overstocked by one unit
net requriements
mean absolute deviation / mean absolute error
distribution requirements planning (DRP)
22. Unit cost + disposal cost - salvage value
Cost of being overstocked by one unit
bill of materials (BOM)
rought-cut capacity planning
single period inventory model
23. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
load profile
Global Trade Item Number (GTIN)
life cycle analysis
carrying (holding cost)
24. 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.
ABC analysis
Impact of lot size restrictions on quantity discounts
cost of a unit stockout
chase strategy (aggregate production strategy)
25. Process that adjusts prices as demand for a service occurs (or does not occur)
distribution requirements planning (DRP)
collaborative planning - forecasting and replenishment (CPFR)
yield management
demand management
26. Supply of items held by a firm to meet demand
inventory
stockout
finished goods inventory
postponable product
27. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
nervousness
moving average (time-series - statistical)
marketing research (judgement-based)
Advantages of high inventory turnover
28. Determination of replenishement and postioining of finished goods in the distribution network
time bucket
distribution requirements planning (DRP)
impact of raw material and compontent part stockouts
mixed or hybrid strategy
29. Unit selling price - unit cost
cost of a unit stockout
Cost of being overstocked by one unit
collaborative planning - forecasting and replenishment (CPFR)
ABC analysis
30. Forecasting techniques that use input from high-level experienced managers
infinite loading
executive judgment (judgement-based)
materials requirements planning (MRP)
cost of a unit stockout
31. 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.
gross requirements
marketing research (judgement-based)
judgement-based forecasting
collaborative planning - forecasting and replenishment (CPFR)
32. Demand that depends upon decisions made by internal operations managers
independent demand inventory systems
dependent demand
cycle stock
economic order quantity (EOQ)
33. An estimate of the capacity needed at work centers
capacity requirements planning (CRP)
chase strategy (aggregate production strategy)
total acquisition cost (TAC)
life cycle analysis
34. 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
demand management
Hard benefits of S&OP
planned order release
chase strategy (aggregate production strategy)
35. Correlation of current demand values with past demand values
part number
time series and analysis methods
stockout (shortage) cost
autocorrelation
36. Regular demand patterns of repeating highs and lows
seasonality and cycles
planning horizon
Moore's law
total system inventory
37. items in transit from ont location to another
Wastes produced throughout the five product life cycle stages
transit inventory
inventory
judgement-based forecasting
38. How much should be ordered and when?
basic questions to answer when planning inventories
dependent demand inventory systems
master production schedule (MPS)
rules of forecasting
39. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
service level policy
Delphi method (judgement-based)
moving average (time-series - statistical)
mean absolute deviation / mean absolute error
40. 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
rules of forecasting
raw materials and components parts
cumulative lead time
business model
41. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
inventory turnover
nervousness
gross requirements
sales and operations planning (S&OP)
42. Production processes halted
judgement-based forecasting
difference between order & setup costs
impact of raw material and compontent part stockouts
Wastes produced throughout the five product life cycle stages
43. The part of panned production that is not committed to a customer
available to promise
demand forecasting
weighted moving average (time-series - statistical)
options to accomplish the objective of a chase plan
44. 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
requirements explosion
collaborative planning - forecasting and replenishment (CPFR)
two-bin system
uncertainty period
45. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
items included in the inventory record
demand management
target service level (TSL)
Moore's law
46. An event that occurs when no inventory is available
Managerial approaches to reducing inventory costs
stockout
rolling planning horizons
life cycle analysis
47. Sum of all relevant inventory costs incurred each year
Pareto's law
inventory status file
Delphi method (judgement-based)
total acquisition cost (TAC)
48. 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
types of costs that must be identified and quantified in aggregate planning
assumptions underlying the EOQ formulation
total acquisition cost (TAC)
marketing research (judgement-based)
49. Replan each period (month or quarter) - for a given number of periods into the future
postponable product
forecast accuracy
rolling planning horizons
mean absolute deviation / mean absolute error
50. 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
demand forecasting
weighted moving average (time-series - statistical)
rules of forecasting
days of supply