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. Unique ID for a part used by a specific company






2. An estimation of the availability of the critical resources needed to support the MPS






3. Primary reports (schedules of the planned order releases that are used to trigger purchases and production of items on time) - and secondary reports (cost - inventory and schedule attainment information that helps judge how well the operation is pe






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






5. 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)






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






7. 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






8. The minimum amount needed in the period






9. A fixed time period that passes between inventory reviews






10. The individual time period for planning






11. items that are ready for sale to customers






12. 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






13. 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






14. Computing power will double every 18 months while computing cost will decrease by half

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






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






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






18. The sum of the inventory held across all of the locations in a company






19. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






20. 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






21. 1) Determine each item's annual useage/sales (in units and/or value) 2) Determine % of total useage/sales by each item 3) Rank items from highest to lowest percentage 4) Classify the items into ABC categories






22. A parameter indicating the weight given to the most recent demand






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






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






25. An order for the same amount each time






26. items in transit from ont location to another






27. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






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






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






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






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






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






33. 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)






34. 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






35. An estimate of the capacity needed at work centers






36. inventory classification - info systems - accurate records






37. 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.






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






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






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






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






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






43. inventory that is in the production process






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






45. An order for the exact amount needed






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






47. Demand that is created by customers






48. 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






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






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