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






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






3. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






4. items in transit from ont location to another






5. Maintenance - repair and operating supplies






6. The ranking of all items of inventory acording to importance






7. Correlation of current demand values with past demand values






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






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






10. items that are ready for sale to customers






11. Demand that is created by customers






12. 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






13. An estimate of the capacity needed at work centers






14. 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)






15. 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






16. Production processes halted






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






18. 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






19. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






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






21. 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






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






23. How much should be ordered and when?






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






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






26. 1) Influence the timing or quantity of demand through pricing changes - promotions - or sales incentives 2) Manage the timing of order fulfillment 3) Substitute by encouraging customers to shift their orders from one product to another - or from o






27. 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






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






29. 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.






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






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






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






33. inventory is constantly monitored to decide when a replenishement order needs to be placed






34. The total amount of an end item that is required






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






36. 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






37. 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)






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






39. 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






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






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






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






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






44. Difference between a forecast and the actual demand






45. Unit selling price - unit cost






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






47. A method by which supply chain partners periodicaly hsare forecasts - demand palns - and resource plans in order to reduce uncertainty and risk in meeting customer demand






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






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






50. An order for the exact amount needed