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 in transit from ont location to another






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






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






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






5. 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






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






7. 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






8. Demand that is created by customers






9. items that are ready for sale to customers






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






11. 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






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






13. The determination of how many additional units are needed






14. Unit cost + disposal cost - salvage value






15. 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






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






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






18. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)






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






20. 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






21. Unit selling price - unit cost






22. Supply of items held by a firm to meet demand






23. 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.






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






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






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






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






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






29. Unique ID for a part used by a specific company






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






31. An estimate of the capacity needed at work centers






32. 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






33. Difference between a forecast and the actual demand






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






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






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






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






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






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






40. An order for the same amount each time






41. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes






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






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






44. The longest lead-time path in the BOM






45. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






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






47. Comparison of production needs to actual capacity






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






49. Expenses incurred due to the fact that inventory is held






50. A combination of common sense inputs from frontline personnel and a computer simulation process