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Supply And Logistics
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. An estimate of the capacity needed at work centers
mean absolute deviation / mean absolute error
MRO inventory
bullwhip effect
capacity requirements planning (CRP)
2. The minimum amount needed in the period
Three components of resource requirements planning
judgement-based forecasting
moving average (time-series - statistical)
net requriements
3. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
measures of inventory performance
gross requirements
collaborative activities in CPFR
Delphi method (judgement-based)
4. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
planned order receipt
life cycle analysis
Three components of resource requirements planning
exponential smoothing (time-series - statistical)
5. 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.
ways to improve demand planning
gross requirements
difference between order & setup costs
single period inventory model
6. Average size of forecast errors - irrespective of their directions.
mean absolute deviation / mean absolute error
Cost of being overstocked by one unit
periodic order quantity (POQ)
judgement-based forecasting
7. items that are ready for sale to customers
setup cost
finished goods inventory
life cycle waste assessment matrix (LCWAM)
ways to improve demand planning
8. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
infinite loading
enterprise resource planning (ERP) system
marketing research (judgement-based)
demand during lead time
9. The determination of how many additional units are needed
target service level (TSL)
cycle counting
carrying (holding cost)
requirements explosion
10. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
the financial impact of inventory
marketing research (judgement-based)
historical analogy (judgement-based)
Disadvantages when inventory turnover is too high
11. 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
Soft benefits of S&OP
grassroots forecasting (judgement-based)
life cycle analysis
weighted moving average (time-series - statistical)
12. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
the roles of inventory
periodic order quantity (POQ)
Wastes produced throughout the five product life cycle stages
causal models vs. simulation models
13. inventory management systems used when the demand for an item is beyond the control of the organization
mixed or hybrid strategy
independent demand inventory systems
net requriements
rought-cut capacity planning
14. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
dependent demand
aggregate production plan
the financial impact of inventory
square root rule
15. A fixed time period that passes between inventory reviews
order interval
postponable product
the financial impact of inventory
time series and analysis methods
16. 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
simulation models
square root rule
Outputs of materials requirements planning (MRP)
inventory turnover
17. An order for the same amount each time
basic questions to answer when planning inventories
quantitative ABC analysis procedure
fixed order quantity (FOQ)
chase strategy (aggregate production strategy)
18. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
Pareto's law
aggregate production plan
demand management tactics
cycle counting
19. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
order cost
Moore's law
net requriements
options to accomplish the objective of a chase plan
20. Amount paid to suppliers for products that are purchased
master production schedule (MPS)
product cost
historical analogy (judgement-based)
work in process inventory
21. 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
demand forecasting
chase strategy (aggregate production strategy)
business model
reorder point (ROP)
22. Items bought from suppliers to use in the production of a product
inventory
raw materials and components parts
lot-for-lot (L4L)
total system inventory
23. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
time series and analysis methods
life cycle analysis
Disadvantages when inventory turnover is too high
finished goods inventory
24. Systems that integrate materials and capacity planning into one system
setup cost
advance planning and scheduling (APS) systems
chase strategy (aggregate production strategy)
net requriements
25. Correlation of current demand values with past demand values
autocorrelation
nervousness
the financial impact of inventory
moving average (time-series - statistical)
26. The ranking of all items of inventory acording to importance
ABC analysis
order cost
dependent demand
saw-tooth diagram
27. Simple forecasting approach that assumes that recent history is a good predictor of the near future
smoothing coefficient
cost of a unit stockout
naive model (time-series - statistical)
bill of materials (BOM)
28. The sum of the inventory held across all of the locations in a company
raw materials and components parts
total system inventory
service level
periodic review model
29. A parameter indicating the weight given to the most recent demand
service level
smoothing coefficient
finished goods inventory
ABC analysis
30. items in transit from ont location to another
business model
seasonality and cycles
inventory
transit inventory
31. A mathematical approach for fitting an equation to a set of data
regression analysis
MRO inventory
chase strategy (aggregate production strategy)
single period inventory model
32. 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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33. inconsistencies in the plan causes by changes to the MPS
rought-cut capacity planning
types of costs that must be identified and quantified in aggregate planning
demand planning
nervousness
34. 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
options to accomplish the objective of a chase plan
vendor-managed inventory (VIM)
available to promise
master production schedule (MPS)
35. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
historical analogy (judgement-based)
important trends influencing operations management and the emergence of business models
autocorrelation
the financial impact of inventory
36. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Three components of resource requirements planning
Wastes produced throughout the five product life cycle stages
life cycle analysis
executive judgment (judgement-based)
37. 1) Sales volume up 2) Risk of obsolescence or having to make discounts down 3) Holding expenses down 4) Asset investment down 5) Asset productivity up
Advantages of high inventory turnover
Managerial approaches to reducing inventory costs
inventory
sales and operations planning (S&OP)
38. 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)
demand planning
Disadvantages when inventory turnover is too high
Techniques used to manage inventory
Managerial approaches to reducing inventory costs
39. Quantities of each finished product to be completed for each period
business model
finished goods inventory
options to accomplish the objective of a chase plan
master production schedule (MPS)
40. Administrative expenses and the expenses of rearranging a work center to produce an item
setup cost
fixed order quantity (FOQ)
Advantages of high inventory turnover
planned order release
41. 1) Short-term forecasts are usually more accurate than long-term forecasts 2) Forecasts of aggregated demand are usually more accurate than forecasts of demand at detailed levels 3) Forecasts developed using multiple information sources are usually
rules of forecasting
infinite loading
gross requirements
advance planning and scheduling (APS) systems
42. Process that adjusts prices as demand for a service occurs (or does not occur)
yield management
production order quantity
important trends influencing operations management and the emergence of business models
cost of a unit stockout
43. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
rought-cut capacity planning
grassroots forecasting (judgement-based)
sales and operations planning (S&OP)
collaborative activities in CPFR
44. 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
Disadvantages when inventory turnover is too high
enterprise resource planning (ERP) system
steps to determine order quantity when quantity discounts are available
stable pattern
45. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
trend
time series and analysis methods
causal models vs. simulation models
order interval
46. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
raw materials and components parts
chase strategy (aggregate production strategy)
Global Trade Item Number (GTIN)
saw-tooth diagram
47. 1) Market planning: intro of new products - store openings/closings - promotions - inventory policies - etc. 2) Demand and resource planning: customer demand & shipping requirements are forecasted 3) Execution: orders are placed - delivered - r
exponential smoothing (time-series - statistical)
seasonality and cycles
capacity requirements planning (CRP)
collaborative activities in CPFR
48. 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
Cost of being overstocked by one unit
assumptions underlying the EOQ formulation
two-bin system
Impact of lot size restrictions on quantity discounts
49. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
sales and operations planning (S&OP)
chase strategy (aggregate production strategy)
difference between order & setup costs
bill of materials (BOM)
50. 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
MRO inventory
weighted moving average (time-series - statistical)
inefficiencies caused by unpredictably fluctuating customer demand
the roles of inventory
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