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






2. Comparison of production needs to actual capacity






3. Correlation of current demand values with past demand values






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






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






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






7. Unit selling price - unit cost






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






9. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)






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






11. An event that occurs when no inventory is available






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






13. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization






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






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






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






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






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






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






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






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






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






23. 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)






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






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






26. 1) Opportunity cost - including cost of capital 2) Owning/maintaining storage space 3) Taxes 4) Insurance 5) Obsolescence and loss 6) Materials handling - tracking - management






27. 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






28. 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






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






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






31. inventory classification - info systems - accurate records






32. Unit cost + disposal cost - salvage value






33. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






34. The part of panned production that is not committed to a customer






35. 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.






36. Production processes halted






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

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






39. Amount paid to suppliers for products that are purchased






40. How much should be ordered and when?






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






42. The longest lead-time path in the BOM






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






44. 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.






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






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






47. inventory that is in the production process






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






49. Determination of replenishement and postioining of finished goods in the distribution network






50. 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