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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. 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)






2. 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






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






4. Tool created by AT&T for assessing life cycle costs






5. An event that occurs when no inventory is available






6. inventory classification - info systems - accurate records






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






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






9. 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






10. Forecasting techniques that use input from high-level experienced managers






11. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






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






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






14. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






15. 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






16. Demand that is created by customers






17. inventory that is in the production process






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






19. Correlation of current demand values with past demand values






20. Extra inventory held to guard against uncertainty in demand or supply






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






22. Sum of all relevant inventory costs incurred each year






23. How much should be ordered and when?






24. The minimum amount needed in the period






25. Consistent horizontal stream of demands






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






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






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






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






30. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






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






32. Unit cost + disposal cost - salvage value






33. 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






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






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






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






37. Simple forecasting approach that assumes that recent history is a good predictor of the near future






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






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






40. 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






41. An order for the same amount each time






42. Maintenance - repair and operating supplies






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






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






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






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






47. items in transit from ont location to another






48. An order for the exact amount needed






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






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







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