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) 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






2. items in transit from ont location to another






3. Consistent horizontal stream of demands






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






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






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






7. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






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






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






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






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






12. 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






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






14. An event that occurs when no inventory is available






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






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






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






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






19. 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






20. 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.






21. Production processes halted






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






23. 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)






24. The entire time period covered by the MPS






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






26. 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






27. 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






28. items that are ready for sale to customers






29. An estimate of the capacity needed at work centers






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






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

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32. 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)






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






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






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






36. 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






37. Regular demand patterns of repeating highs and lows






38. 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






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






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






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






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






43. Unit selling price - unit cost






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






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






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






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






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






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






50. 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)