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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. Amount paid to suppliers for products that are purchased






2. The entire time period covered by the MPS






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






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






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






6. 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






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






8. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






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






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






11. items that are ready for sale to customers






12. The tendency of a forecasting technique to continually overpredict or underpredict demand.






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






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






15. Correlation of current demand values with past demand values






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






17. Unit selling price - unit cost






18. An event that occurs when no inventory is available






19. 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






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






21. inconsistencies in the plan causes by changes to the MPS






22. 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






23. 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






24. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






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






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






27. An order for an amount that covers a fixed period of time






28. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan






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






30. File that contains detailed inventory and procurement records






31. inventory that is in the production process






32. Comparison of production needs to actual capacity






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






34. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






35. Replan each period (month or quarter) - for a given number of periods into the future






36. Demand that is created by customers






37. An illustration of the pattern of ordering and inventory levels






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






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






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






41. Sum of all relevant inventory costs incurred each year






42. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni






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






44. 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






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






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






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






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






49. Consistent horizontal stream of demands






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







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