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






2. The determination of how many additional units are needed






3. Correlation of current demand values with past demand values






4. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it






5. An order for the same amount each time






6. 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






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






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






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






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






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






12. Comparison of production needs to actual capacity






13. inventory of an item is stored in two different locations






14. The entire time period covered by the MPS






15. inventory classification - info systems - accurate records






16. 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






17. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






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






19. 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.






20. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






21. The tendency of a forecasting technique to continually overpredict or underpredict demand.






22. 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)






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






24. 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






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






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






27. 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)






28. inventory that is in the production process






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






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






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






32. 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






33. 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






34. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions






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






36. How much should be ordered and when?






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






38. items in transit from ont location to another






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






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






41. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






42. 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






43. Maintenance - repair and operating supplies






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






45. Sum of all relevant inventory costs incurred each year






46. 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






47. 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






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






49. 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)






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