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Supply And Logistics
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Forecasting techniques that use input from high-level experienced managers
executive judgment (judgement-based)
trend
bullwhip effect
items included in the inventory record
2. A period of time when an unknown amount of inventory is on hand
trend
options to accomplish the objective of a chase plan
two-bin system
uncertainty period
3. 1) item number 2) item description 3) Lead time to order and receive the item from a supplier or to produce it internally 4) Preferred order quantity (lot size) 5) Safety stock quantity 6) Other info (cost/process descriptions) 7) Quantity on hand 8)
forecast bias / mean forecast error
items included in the inventory record
forecast error
demand during lead time
4. 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
the financial impact of inventory
inefficiencies caused by unpredictably fluctuating customer demand
ways to improve demand planning
periodic review model
5. Model used to determine the order size for a one-time purchase
single period inventory model
seasonality and cycles
judgement-based forecasting
production order quantity
6. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
Steps of designing a forecasting process
difference between order & setup costs
Global Trade Item Number (GTIN)
grassroots forecasting (judgement-based)
7. Computing power will double every 18 months while computing cost will decrease by half
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8. Minimum level of inventory that triggers the need to order more
focused forecasting
demand forecasting
reorder point (ROP)
steps to determine order quantity when quantity discounts are available
9. Quantities of each finished product to be completed for each period
planned order receipt
single period inventory model
types of costs that must be identified and quantified in aggregate planning
master production schedule (MPS)
10. Expenses incurred due to the fact that inventory is held
order cost
regression analysis
autocorrelation
carrying (holding cost)
11. Simple forecasting approach that assumes that recent history is a good predictor of the near future
marketing research (judgement-based)
planning horizon
naive model (time-series - statistical)
ways to improve demand planning
12. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
planning horizon
stable pattern
life cycle analysis
the roles of inventory
13. A parameter indicating the weight given to the most recent demand
nervousness
raw materials and components parts
smoothing coefficient
days of supply
14. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
causal models vs. simulation models
product cost
Outputs of materials requirements planning (MRP)
forecast accuracy
15. 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
materials requirements planning (MRP)
Soft benefits of S&OP
Global Trade Item Number (GTIN)
the expense components of carrying cost
16. The entire time period covered by the MPS
planning horizon
Wastes produced throughout the five product life cycle stages
distribution requirements planning (DRP)
marketing research (judgement-based)
17. Unit cost + disposal cost - salvage value
Cost of being overstocked by one unit
chase strategy (aggregate production strategy)
fixed order quantity (FOQ)
shift or step change
18. 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
Pareto's law
service level
ways to improve demand planning
grassroots forecasting (judgement-based)
19. An order for an amount that covers a fixed period of time
periodic order quantity (POQ)
autocorrelation
buffer (safety) stock
rolling planning horizons
20. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
requirements explosion
items included in the inventory record
measures of inventory performance
capacity requirements planning (CRP)
21. Supply of items held by a firm to meet demand
service level policy
inventory
cycle counting
master production schedule (MPS)
22. 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.
Impact of lot size restrictions on quantity discounts
load profile
time series and analysis methods
service level
23. Administrative expenses and the expenses of rearranging a work center to produce an item
simulation models
requirements explosion
cycle stock
setup cost
24. 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
stockout
Outputs of materials requirements planning (MRP)
regression analysis
enterprise resource planning (ERP) system
25. Decision process in which managers predict demand and make operational plans accordingly
part number
total system inventory
stable pattern
demand forecasting
26. 1) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up
rought-cut capacity planning
forecast accuracy
Disadvantages when inventory turnover is too high
options to accomplish the objective of a chase plan
27. A mathematical approach for fitting an equation to a set of data
continuous review model
inventory status file
regression analysis
rolling planning horizons
28. The portion of average inventory determined as order quantity divided by two
inventory status file
time bucket
cycle stock
the roles of inventory
29. 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.
exponential smoothing (time-series - statistical)
sales and operations planning (S&OP)
judgement-based forecasting
carrying (holding cost)
30. Average size of forecast errors - irrespective of their directions.
mean absolute deviation / mean absolute error
Global Trade Item Number (GTIN)
carrying (holding cost)
impact of raw material and compontent part stockouts
31. How much should be ordered and when?
materials requirements planning (MRP)
collaborative activities in CPFR
collaborative planning - forecasting and replenishment (CPFR)
basic questions to answer when planning inventories
32. The sum of the inventory held across all of the locations in a company
total system inventory
the roles of inventory
causal models vs. simulation models
Steps of designing a forecasting process
33. An event that occurs when no inventory is available
stockout
buffer (safety) stock
cycle stock
yield management
34. Forecasting model model that assigns a different weight to each period's demand according to its importance
weighted moving average (time-series - statistical)
Hard benefits of S&OP
steps to determine order quantity when quantity discounts are available
buffer (safety) stock
35. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
demand during lead time
days of supply
transit inventory
sales and operations planning (S&OP)
36. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
measures of inventory performance
net requriements
regression analysis
postponable product
37. Unit selling price - unit cost
cost of a unit stockout
gross requirements
stable pattern
continuous review model
38. 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
steps to determine order quantity when quantity discounts are available
reorder point (ROP)
advance planning and scheduling (APS) systems
items included in the inventory record
39. Measurement of how closely the forecast aligns with the observations over time
forecast accuracy
dependent demand inventory systems
fixed order quantity (FOQ)
demand planning
40. Process where each item in inventory is physically counted on a routine schedule
demand management tactics
periodic order quantity (POQ)
cycle counting
target service level (TSL)
41. The individual time period for planning
assumptions underlying the EOQ formulation
square root rule
ABC analysis
time bucket
42. A one-time change in demand - susually due to some external influence on demand
seasonality and cycles
shift or step change
independet demand
bill of materials (BOM)
43. items that are ready for sale to customers
finished goods inventory
collaborative planning - forecasting and replenishment (CPFR)
buffer (safety) stock
seasonality and cycles
44. 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
the roles of inventory
distribution requirements planning (DRP)
Advantages of high inventory turnover
buffer (safety) stock
45. Sum of all relevant inventory costs incurred each year
total acquisition cost (TAC)
Disadvantages when inventory turnover is too high
Global Trade Item Number (GTIN)
available to promise
46. 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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47. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
the financial impact of inventory
Soft benefits of S&OP
setup cost
order cost
48. An estimate of the capacity needed at work centers
quantitative ABC analysis procedure
capacity requirements planning (CRP)
focused forecasting
weighted moving average (time-series - statistical)
49. 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
product cost
moving average (time-series - statistical)
stable pattern
collaborative activities in CPFR
50. A combination of common sense inputs from frontline personnel and a computer simulation process
demand forecasting
inventory turnover
time bucket
focused forecasting
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