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. items that are ready for sale to customers






2. 1) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up






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






4. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






5. Demand that is created by customers






6. 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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7. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.






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






9. Production rate is changed in each period to match the amount of expected demand






10. inventory that is in the production process






11. 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






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






13. 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






14. 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






15. An event that occurs when no inventory is available






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






17. Unit cost + disposal cost - salvage value






18. 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






19. 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)






20. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






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






22. The longest lead-time path in the BOM






23. 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.






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






25. How much should be ordered and when?






26. items in transit from ont location to another






27. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






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






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






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






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






32. The minimum amount needed in the period






33. 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






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






35. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






36. Sum of all relevant inventory costs incurred each year






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






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






39. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods






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






41. A fixed time period that passes between inventory reviews






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






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






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






45. Regular demand patterns of repeating highs and lows






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






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






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






49. 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






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