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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. The total amount of an end item that is required






2. 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






3. 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






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






5. 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






6. An estimate of the capacity needed at work centers






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






8. 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.






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






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






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






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






13. An order for the same amount each time






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






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






16. A planning system used to ensure the right quantities of materials are available when needed






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






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






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. 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






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






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






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






24. inventory that is in the production process






25. The amount of an item that is planned to be ordered in a period






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






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






28. 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






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






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






31. Consistent horizontal stream of demands






32. 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






33. File that contains detailed inventory and procurement records






34. How much should be ordered and when?






35. A fixed time period that passes between inventory reviews






36. inventory classification - info systems - accurate records






37. items that are ready for sale to customers






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






39. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






40. 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






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






42. The entire time period covered by the MPS






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






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






45. The determination of how many additional units are needed






46. The amount that is planned to arrive at the beginning of a period






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






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






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






50. 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






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