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






2. The individual time period for planning






3. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain






4. Software that consolidates all of the business planning systems and data throughout an organization






5. 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






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






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






8. The determination of how many additional units are needed






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






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






11. The longest lead-time path in the BOM






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






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






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






15. 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.






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






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






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






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






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






21. 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






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






23. Specification of the amount of risk of incurring a stockout that a firm is willing to incur






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






25. 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






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






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






28. Regular demand patterns of repeating highs and lows






29. The entire time period covered by the MPS






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






31. items in transit from ont location to another






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






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






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






35. Measurement of how closely the forecast aligns with the observations over time






36. Amount paid to suppliers for products that are purchased






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






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






39. Management systems used when the demand for an item is derived from the demand for some other item






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






42. Decision process in which managers predict demand and make operational plans accordingly






43. File that contains detailed inventory and procurement records






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






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






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






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






48. Production processes halted






49. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






50. inventory classification - info systems - accurate records