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) 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)






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






3. 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






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






5. Average size of forecast errors - irrespective of their directions.






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






7. Unique ID for a part used by a specific company






8. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






9. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods






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






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






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






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






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






15. Consistent horizontal stream of demands






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






17. A parameter indicating the weight given to the most recent demand






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






19. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






20. 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






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






22. inventory classification - info systems - accurate records






23. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






24. How much should be ordered and when?






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






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






27. 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)






28. inventory that is in the production process






29. 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.






30. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






31. Correlation of current demand values with past demand values






32. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies






33. 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






34. Difference between a forecast and the actual demand






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






36. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






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






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






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






40. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






41. 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






42. An event that occurs when no inventory is available






43. 1) Determine each item's annual useage/sales (in units and/or value) 2) Determine % of total useage/sales by each item 3) Rank items from highest to lowest percentage 4) Classify the items into ABC categories






44. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






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






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






47. A one-time change in demand - susually due to some external influence on demand






48. Demand that depends upon decisions made by internal operations managers






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






50. Unit cost + disposal cost - salvage value