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. inventory that is in the production process






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






3. 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.






4. items that are ready for sale to customers






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






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






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






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

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9. Difference between a forecast and the actual demand






10. An order for the same amount each time






11. The minimum amount needed in the period






12. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni






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






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






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






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






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






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






19. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






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






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






22. A period of time when an unknown amount of inventory is on hand






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






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






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






27. The individual time period for planning






28. 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






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






30. 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.






31. Maintenance - repair and operating supplies






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






33. Demand that is created by customers






34. 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






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






36. 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






37. The amount that is planned to arrive at the beginning of a period






38. Production processes halted






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






40. 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






41. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






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






43. File that contains detailed inventory and procurement records






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






45. 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






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






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






48. An event that occurs when no inventory is available






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






50. 1) Produce all units internally by hiring workers in high-demand monts and firing/laying off workers in low-demand months 2) Produce internally the quantity required to meet demand in the lowest-demand month and use overtime production to meet demand