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






2. inventory of an item is stored in two different locations






3. Comparison of production needs to actual capacity






4. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions






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






6. An order for the same amount each time






7. inventory that is in the production process






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






9. 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






10. Lot size is the "batch size" of an order - e.g. you must order in increments of fifty - you should order the increment with the lowest TAC.






11. 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






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






13. Production processes halted






14. 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






15. Measurement of how closely the forecast aligns with the observations over time






16. Unit cost + disposal cost - salvage value






17. 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






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






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






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






21. Software that consolidates all of the business planning systems and data throughout an organization






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






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






24. An order for the exact amount needed






25. Consistent horizontal stream of demands






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






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






28. 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






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






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






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






32. Maintenance - repair and operating supplies






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






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






36. Minimum level of inventory that triggers the need to order more






37. Management system built around checking and ordering inventory at some regular interval






38. The entire time period covered by the MPS






39. File that contains detailed inventory and procurement records






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






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






42. 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






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






44. Supply of items held by a firm to meet demand






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






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






47. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






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






49. 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






50. Regular demand patterns of repeating highs and lows