SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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 techniques that use input from high-level experienced managers
buffer (safety) stock
important trends influencing operations management and the emergence of business models
exponential smoothing (time-series - statistical)
executive judgment (judgement-based)
2. Unit cost + disposal cost - salvage value
product cost
forecast bias / mean forecast error
quantitative ABC analysis procedure
Cost of being overstocked by one unit
3. inventory classification - info systems - accurate records
Three components of resource requirements planning
raw materials and components parts
Techniques used to manage inventory
rolling planning horizons
4. Maintenance - repair and operating supplies
saw-tooth diagram
judgement-based forecasting
mean absolute deviation / mean absolute error
MRO inventory
5. 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
MRO inventory
available to promise
types of costs that must be identified and quantified in aggregate planning
level production strategy (aggregate production strategy)
6. 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
steps to determine order quantity when quantity discounts are available
Impact of lot size restrictions on quantity discounts
available to promise
cycle counting
7. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
Three components of resource requirements planning
simulation models
total system inventory
square root rule
8. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
capacity requirements planning (CRP)
uncertainty period
simulation models
service level policy
9. Demand that depends upon decisions made by internal operations managers
dependent demand
Three components of resource requirements planning
work in process inventory
trend
10. 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
moving average (time-series - statistical)
service level
demand during lead time
business model
11. A planning system used to ensure the right quantities of materials are available when needed
order cost
simulation models
advance planning and scheduling (APS) systems
materials requirements planning (MRP)
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
inefficiencies caused by unpredictably fluctuating customer demand
demand planning
the expense components of carrying cost
Hard benefits of S&OP
13. The determination of how many additional units are needed
nervousness
rolling planning horizons
requirements explosion
collaborative planning - forecasting and replenishment (CPFR)
14. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
cumulative lead time
saw-tooth diagram
order cost
stockout
15. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
square root rule
service level policy
buffer (safety) stock
cost of a unit stockout
16. Demand that is created by customers
order cost
independet demand
collaborative planning - forecasting and replenishment (CPFR)
steps to determine order quantity when quantity discounts are available
17. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
bill of materials (BOM)
Outputs of materials requirements planning (MRP)
bullwhip effect
Global Trade Item Number (GTIN)
18. inventory of an item is stored in two different locations
inventory turnover
the expense components of carrying cost
business model
two-bin system
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
historical analogy (judgement-based)
grassroots forecasting (judgement-based)
shift or step change
inefficiencies caused by unpredictably fluctuating customer demand
20. inconsistencies in the plan causes by changes to the MPS
the expense components of carrying cost
nervousness
demand forecasting
planned order release
21. A period of time when an unknown amount of inventory is on hand
uncertainty period
product cost
planned order receipt
difference between order & setup costs
22. Process that adjusts prices as demand for a service occurs (or does not occur)
enterprise resource planning (ERP) system
yield management
square root rule
planned order release
23. Administrative expenses and the expenses of rearranging a work center to produce an item
setup cost
MRO inventory
distribution requirements planning (DRP)
dependent demand
24. 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
quantitative ABC analysis procedure
Outputs of materials requirements planning (MRP)
smoothing coefficient
Pareto's law
25. Consistent horizontal stream of demands
order interval
rolling planning horizons
stable pattern
order cost
26. 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
Steps of designing a forecasting process
the roles of inventory
weighted moving average (time-series - statistical)
service level policy
27. Regular demand patterns of repeating highs and lows
seasonality and cycles
load profile
cycle counting
Outputs of materials requirements planning (MRP)
28. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
the roles of inventory
demand management
bill of materials (BOM)
Impact of lot size restrictions on quantity discounts
29. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
mixed or hybrid strategy
Disadvantages when inventory turnover is too high
MRO inventory
postponable product
30. The firm produces at a constant rate over the year
level production strategy (aggregate production strategy)
requirements explosion
items included in the inventory record
total acquisition cost (TAC)
31. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
level production strategy (aggregate production strategy)
exponential smoothing (time-series - statistical)
requirements explosion
forecast error
32. Production processes halted
difference between order & setup costs
impact of raw material and compontent part stockouts
shift or step change
uncertainty period
33. Comparison of production needs to actual capacity
load profile
cycle stock
inefficiencies caused by unpredictably fluctuating customer demand
available to promise
34. Amount paid to suppliers for products that are purchased
Pareto's law
cycle stock
product cost
raw materials and components parts
35. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
continuous review model
sales and operations planning (S&OP)
capacity requirements planning (CRP)
Pareto's law
36. Technique that seeks inputs from people who are in close contact with customers and products
carrying (holding cost)
gross requirements
grassroots forecasting (judgement-based)
demand planning
37. A strategy that includes some elements of level production and some elements of chase production strategies
Steps of designing a forecasting process
mixed or hybrid strategy
target service level (TSL)
transit inventory
38. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
collaborative activities in CPFR
ways to improve demand planning
setup cost
simulation models
39. 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
collaborative planning - forecasting and replenishment (CPFR)
dependent demand inventory systems
Impact of lot size restrictions on quantity discounts
ABC analysis
40. Software that consolidates all of the business planning systems and data throughout an organization
quantitative ABC analysis procedure
total system inventory
enterprise resource planning (ERP) system
life cycle analysis
41. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
shift or step change
marketing research (judgement-based)
the roles of inventory
the financial impact of inventory
42. How much should be ordered and when?
basic questions to answer when planning inventories
total system inventory
moving average (time-series - statistical)
yield management
43. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
important trends influencing operations management and the emergence of business models
life cycle analysis
reorder point (ROP)
aggregate production plan
44. 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
autocorrelation
distribution requirements planning (DRP)
Hard benefits of S&OP
total acquisition cost (TAC)
45. Management systems used when the demand for an item is derived from the demand for some other item
Moore's law
historical analogy (judgement-based)
dependent demand inventory systems
autocorrelation
46. Supply of items held by a firm to meet demand
uncertainty period
quantitative ABC analysis procedure
simulation models
inventory
47. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
work in process inventory
demand during lead time
demand planning
inventory
48. 1) Influence the timing or quantity of demand through pricing changes - promotions - or sales incentives 2) Manage the timing of order fulfillment 3) Substitute by encouraging customers to shift their orders from one product to another - or from o
Managerial approaches to reducing inventory costs
load profile
shift or step change
demand management tactics
49. 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
marketing research (judgement-based)
options to accomplish the objective of a chase plan
finished goods inventory
planning horizon
50. Sum of all relevant inventory costs incurred each year
demand forecasting
cycle counting
nervousness
total acquisition cost (TAC)