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






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






3. An estimate of the capacity needed at work centers






4. Demand that is created by customers






5. An event that occurs when no inventory is available






6. Management systems used when the demand for an item is derived from the demand for some other item






7. A fixed time period that passes between inventory reviews






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






9. 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






10. inconsistencies in the plan causes by changes to the MPS






11. 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






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






13. Consistent horizontal stream of demands






14. 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.






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






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






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






18. 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






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






20. items in transit from ont location to another






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






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






23. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






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






25. Unit selling price - unit cost






26. 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






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






28. 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






29. 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






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






31. Maintenance - repair and operating supplies






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






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






34. 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






35. The ranking of all items of inventory acording to importance






36. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






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






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






39. 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






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






41. 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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42. The minimum amount needed in the period






43. An order for the exact amount needed






44. 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






45. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






46. The sum of the inventory held across all of the locations in a company






47. A strategy that includes some elements of level production and some elements of chase production strategies






48. Correlation of current demand values with past demand values






49. Administrative expenses and the expenses of rearranging a work center to produce an item






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