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






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






3. The amount of an item that is planned to be ordered in a period






4. 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)






5. The determination of how many additional units are needed






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






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






8. Correlation of current demand values with past demand values






9. An estimate of the capacity needed at work centers






10. Maintenance - repair and operating supplies






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






12. 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






13. A fixed time period that passes between inventory reviews






14. An event that occurs when no inventory is available






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






16. Determination of replenishement and postioining of finished goods in the distribution network






17. Difference between a forecast and the actual demand






18. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






19. Vendor is responsible for managing the inventory located at a customer's facility






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






21. Consistent horizontal stream of demands






22. 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






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






24. 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






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






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






27. 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






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






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






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






31. The firm produces at a constant rate over the year






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






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






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






36. Amount paid to suppliers for products that are purchased






37. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






38. Cycle stocks - safety stocks - managing locations - implementing inventory 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






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






41. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






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






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






44. 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






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






46. inventory that is in the production process






47. The assumption that there is an infinite amount of capacity available






48. 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






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






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