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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. inconsistencies in the plan causes by changes to the MPS
nervousness
requirements explosion
mean absolute deviation / mean absolute error
yield management
2. Tool created by AT&T for assessing life cycle costs
service level
life cycle waste assessment matrix (LCWAM)
level production strategy (aggregate production strategy)
forecast bias / mean forecast error
3. Items bought from suppliers to use in the production of a product
raw materials and components parts
Three components of resource requirements planning
master production schedule (MPS)
inventory turnover
4. Maintenance - repair and operating supplies
Global Trade Item Number (GTIN)
Soft benefits of S&OP
periodic review model
MRO inventory
5. Forecasting model model that assigns a different weight to each period's demand according to its importance
moving average (time-series - statistical)
weighted moving average (time-series - statistical)
planning horizon
product cost
6. A planning system used to ensure the right quantities of materials are available when needed
inventory
capacity requirements planning (CRP)
materials requirements planning (MRP)
Disadvantages when inventory turnover is too high
7. Software that consolidates all of the business planning systems and data throughout an organization
enterprise resource planning (ERP) system
marketing research (judgement-based)
inventory turnover
order interval
8. An estimate of the capacity needed at work centers
capacity requirements planning (CRP)
order interval
nervousness
periodic review model
9. 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
items included in the inventory record
saw-tooth diagram
options to accomplish the objective of a chase plan
trend
10. items that are ready for sale to customers
total acquisition cost (TAC)
autocorrelation
finished goods inventory
Advantages of high inventory turnover
11. Production rate is changed in each period to match the amount of expected demand
chase strategy (aggregate production strategy)
the expense components of carrying cost
part number
judgement-based forecasting
12. 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
difference between order & setup costs
raw materials and components parts
load profile
Advantages of high inventory turnover
13. Administrative expenses and the expenses of rearranging a work center to produce an item
master production schedule (MPS)
setup cost
sales and operations planning (S&OP)
stockout
14. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
cycle stock
fixed order quantity (FOQ)
stable pattern
measures of inventory performance
15. A combination of common sense inputs from frontline personnel and a computer simulation process
continuous review model
assumptions underlying the EOQ formulation
Hard benefits of S&OP
focused forecasting
16. A strategy that includes some elements of level production and some elements of chase production strategies
advance planning and scheduling (APS) systems
distribution requirements planning (DRP)
mixed or hybrid strategy
collaborative planning - forecasting and replenishment (CPFR)
17. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
Soft benefits of S&OP
ways to improve demand planning
finished goods inventory
marketing research (judgement-based)
18. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
quantitative ABC analysis procedure
fixed order quantity (FOQ)
square root rule
economic order quantity (EOQ)
19. 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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20. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
Outputs of materials requirements planning (MRP)
moving average (time-series - statistical)
shift or step change
saw-tooth diagram
21. 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 planning
rules of forecasting
service level
inefficiencies caused by unpredictably fluctuating customer demand
22. Production processes halted
impact of raw material and compontent part stockouts
regression analysis
Soft benefits of S&OP
net requriements
23. An estimation of the availability of the critical resources needed to support the MPS
time bucket
product cost
rought-cut capacity planning
items included in the inventory record
24. An illustration of the pattern of ordering and inventory levels
saw-tooth diagram
independet demand
raw materials and components parts
work in process inventory
25. Sum of all relevant inventory costs incurred each year
types of costs that must be identified and quantified in aggregate planning
total acquisition cost (TAC)
periodic order quantity (POQ)
target service level (TSL)
26. 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
inventory turnover
basic questions to answer when planning inventories
lot-for-lot (L4L)
Moore's law
27. Simple forecasting approach that assumes that recent history is a good predictor of the near future
planned order receipt
available to promise
inventory
naive model (time-series - statistical)
28. Management systems used when the demand for an item is derived from the demand for some other item
total acquisition cost (TAC)
the expense components of carrying cost
collaborative planning - forecasting and replenishment (CPFR)
dependent demand inventory systems
29. A parameter indicating the weight given to the most recent demand
total acquisition cost (TAC)
smoothing coefficient
setup cost
basic questions to answer when planning inventories
30. 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
Disadvantages when inventory turnover is too high
inventory status file
Soft benefits of S&OP
inefficiencies caused by unpredictably fluctuating customer demand
31. Comparison of production needs to actual capacity
load profile
setup cost
assumptions underlying the EOQ formulation
demand management tactics
32. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
chase strategy (aggregate production strategy)
measures of inventory performance
ways to improve demand planning
stable pattern
33. Process that adjusts prices as demand for a service occurs (or does not occur)
trend
cumulative lead time
demand during lead time
yield management
34. The individual time period for planning
assumptions underlying the EOQ formulation
forecast accuracy
time bucket
Soft benefits of S&OP
35. The tendency of a forecasting technique to continually overpredict or underpredict demand.
life cycle waste assessment matrix (LCWAM)
materials requirements planning (MRP)
bill of materials (BOM)
forecast bias / mean forecast error
36. Demand that depends upon decisions made by internal operations managers
periodic review model
dependent demand
inventory
planned order receipt
37. 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.
trend
Impact of lot size restrictions on quantity discounts
inefficiencies caused by unpredictably fluctuating customer demand
nervousness
38. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
economic order quantity (EOQ)
forecast accuracy
available to promise
order cost
39. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
the financial impact of inventory
Wastes produced throughout the five product life cycle stages
sales and operations planning (S&OP)
rolling planning horizons
40. The total amount of an end item that is required
gross requirements
the expense components of carrying cost
difference between order & setup costs
types of costs that must be identified and quantified in aggregate planning
41. Vendor is responsible for managing the inventory located at a customer's facility
vendor-managed inventory (VIM)
independet demand
capacity requirements planning (CRP)
difference between order & setup costs
42. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Wastes produced throughout the five product life cycle stages
Techniques used to manage inventory
forecast accuracy
demand management
43. The sum of the inventory held across all of the locations in a company
total system inventory
inventory
buffer (safety) stock
independent demand inventory systems
44. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
capacity requirements planning (CRP)
aggregate production plan
Techniques used to manage inventory
rought-cut capacity planning
45. The ranking of all items of inventory acording to importance
level production strategy (aggregate production strategy)
transit inventory
ABC analysis
economic order quantity (EOQ)
46. 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.
collaborative planning - forecasting and replenishment (CPFR)
difference between order & setup costs
order interval
Hard benefits of S&OP
47. Regular demand patterns of repeating highs and lows
seasonality and cycles
nervousness
ways to improve demand planning
time series and analysis methods
48. The assumption that there is an infinite amount of capacity available
time bucket
infinite loading
net requriements
single period inventory model
49. inventory classification - info systems - accurate records
fixed order quantity (FOQ)
net requriements
Techniques used to manage inventory
MRO inventory
50. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
historical analogy (judgement-based)
order cost
marketing research (judgement-based)
impact of raw material and compontent part stockouts