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. The determination of how many additional units are needed






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






3. 1) Improved forecast accuracy 2) Higher customer service with lower finished goods inventory levels due to better forecasts and coordination fo supply with demand 3) More stable supply rates -> Higher productivity for purchasing - suppliers and oper






4. Correlation of current demand values with past demand values






5. inventory classification - info systems - accurate records






6. A mathematical approach for fitting an equation to a set of data






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






8. Amount paid to suppliers for products that are purchased






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






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






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






12. 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.






13. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






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






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






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. Software that consolidates all of the business planning systems and data throughout an organization






18. 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)






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






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






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






22. 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






23. 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






24. 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






25. How much should be ordered and when?






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






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






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






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






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






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






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






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






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






35. Computing power will double every 18 months while computing cost will decrease by half

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






37. Demand that is created by customers






38. An estimate of the capacity needed at work centers






39. Consistent horizontal stream of demands






40. 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.






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






42. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain






43. inventory that is in the production process






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






45. items in transit from ont location to another






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






47. 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






48. 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)






49. 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






50. 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.