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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. Demand that is created by customers






2. Specification of the amount of risk of incurring a stockout that a firm is willing to incur






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)






4. An order for the exact amount needed






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






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






7. The individual time period for planning






8. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






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






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






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






12. Process that adjusts prices as demand for a service occurs (or does not occur)






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






14. 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






15. 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






16. An order for the same amount each time






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






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






19. inventory management systems used when the demand for an item is beyond the control of the organization






20. Replan each period (month or quarter) - for a given number of periods into the future






21. 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






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






23. Forecasting model model that assigns a different weight to each period's demand according to its importance






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






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






26. 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)






27. Sum of all relevant inventory costs incurred each year






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






29. An event that occurs when no inventory is available






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






31. inventory classification - info systems - accurate records






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






33. 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.






34. Amount paid to suppliers for products that are purchased






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






36. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






37. Consistent horizontal stream of demands






38. Process where each item in inventory is physically counted on a routine schedule






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






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






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






42. The determination of how many additional units are needed






43. 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






44. 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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45. 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






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






47. Items bought from suppliers to use in the production of a product






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






49. 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






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







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