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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. 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
fixed order quantity (FOQ)
executive judgment (judgement-based)
types of costs that must be identified and quantified in aggregate planning
saw-tooth diagram
2. items in transit from ont location to another
planning horizon
order cost
transit inventory
square root rule
3. Consistent horizontal stream of demands
buffer (safety) stock
weighted moving average (time-series - statistical)
stable pattern
autocorrelation
4. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
focused forecasting
order cost
life cycle waste assessment matrix (LCWAM)
distribution requirements planning (DRP)
5. Technique that seeks inputs from people who are in close contact with customers and products
grassroots forecasting (judgement-based)
setup cost
Hard benefits of S&OP
square root rule
6. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
bullwhip effect
Pareto's law
planned order receipt
marketing research (judgement-based)
7. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
setup cost
Steps of designing a forecasting process
life cycle analysis
independet demand
8. Decision process in which managers predict demand and make operational plans accordingly
carrying (holding cost)
regression analysis
demand forecasting
Techniques used to manage inventory
9. Extra inventory held to guard against uncertainty in demand or supply
independent demand inventory systems
total system inventory
buffer (safety) stock
finished goods inventory
10. A mathematical approach for fitting an equation to a set of data
reorder point (ROP)
regression analysis
distribution requirements planning (DRP)
autocorrelation
11. Quantities of each finished product to be completed for each period
inventory
forecast bias / mean forecast error
master production schedule (MPS)
Moore's law
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
Steps of designing a forecasting process
trend
the expense components of carrying cost
Cost of being overstocked by one unit
13. Management systems used when the demand for an item is derived from the demand for some other item
dependent demand inventory systems
historical analogy (judgement-based)
two-bin system
production order quantity
14. An event that occurs when no inventory is available
measures of inventory performance
stockout
periodic order quantity (POQ)
historical analogy (judgement-based)
15. A strategy that includes some elements of level production and some elements of chase production strategies
Techniques used to manage inventory
mixed or hybrid strategy
seasonality and cycles
Outputs of materials requirements planning (MRP)
16. The total amount of an end item that is required
steps to determine order quantity when quantity discounts are available
gross requirements
inventory turnover
available to promise
17. Simple forecasting approach that assumes that recent history is a good predictor of the near future
autocorrelation
cycle counting
independet demand
naive model (time-series - statistical)
18. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
inventory status file
the financial impact of inventory
autocorrelation
trend
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
net requriements
inefficiencies caused by unpredictably fluctuating customer demand
exponential smoothing (time-series - statistical)
forecast error
20. 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.
net requriements
basic questions to answer when planning inventories
judgement-based forecasting
rules of forecasting
21. Production processes halted
grassroots forecasting (judgement-based)
impact of raw material and compontent part stockouts
production order quantity
steps to determine order quantity when quantity discounts are available
22. The portion of average inventory determined as order quantity divided by two
collaborative planning - forecasting and replenishment (CPFR)
measures of inventory performance
cycle stock
target service level (TSL)
23. 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)
simulation models
work in process inventory
target service level (TSL)
ways to improve demand planning
24. The entire time period covered by the MPS
stockout
chase strategy (aggregate production strategy)
Outputs of materials requirements planning (MRP)
planning horizon
25. An order for an amount that covers a fixed period of time
Global Trade Item Number (GTIN)
periodic order quantity (POQ)
independent demand inventory systems
transit inventory
26. 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
net requriements
impact of raw material and compontent part stockouts
production order quantity
27. 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
Moore's law
net requriements
Disadvantages when inventory turnover is too high
collaborative planning - forecasting and replenishment (CPFR)
28. items that are ready for sale to customers
raw materials and components parts
reorder point (ROP)
collaborative activities in CPFR
finished goods inventory
29. An estimate of the capacity needed at work centers
capacity requirements planning (CRP)
causal models vs. simulation models
periodic review model
Techniques used to manage inventory
30. inventory is constantly monitored to decide when a replenishement order needs to be placed
periodic review model
Pareto's law
rought-cut capacity planning
continuous review model
31. Computing power will double every 18 months while computing cost will decrease by half
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32. 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)
demand planning
forecast bias / mean forecast error
dependent demand inventory systems
Cost of being overstocked by one unit
33. Process that adjusts prices as demand for a service occurs (or does not occur)
forecast error
judgement-based forecasting
yield management
available to promise
34. Production rate is changed in each period to match the amount of expected demand
single period inventory model
chase strategy (aggregate production strategy)
simulation models
mixed or hybrid strategy
35. Measurement of how closely the forecast aligns with the observations over time
forecast accuracy
types of costs that must be identified and quantified in aggregate planning
order interval
advance planning and scheduling (APS) systems
36. 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
sales and operations planning (S&OP)
autocorrelation
business model
inventory status file
37. Regular demand patterns of repeating highs and lows
days of supply
demand forecasting
life cycle waste assessment matrix (LCWAM)
seasonality and cycles
38. 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
Three components of resource requirements planning
finished goods inventory
Disadvantages when inventory turnover is too high
economic order quantity (EOQ)
39. Software that consolidates all of the business planning systems and data throughout an organization
sales and operations planning (S&OP)
load profile
enterprise resource planning (ERP) system
Moore's law
40. inconsistencies in the plan causes by changes to the MPS
moving average (time-series - statistical)
items included in the inventory record
nervousness
rules of forecasting
41. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
Steps of designing a forecasting process
the financial impact of inventory
two-bin system
sales and operations planning (S&OP)
42. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
steps to determine order quantity when quantity discounts are available
marketing research (judgement-based)
shift or step change
quantitative ABC analysis procedure
43. Unit selling price - unit cost
service level policy
cost of a unit stockout
collaborative planning - forecasting and replenishment (CPFR)
independent demand inventory systems
44. A planning system used to ensure the right quantities of materials are available when needed
materials requirements planning (MRP)
weighted moving average (time-series - statistical)
focused forecasting
Moore's law
45. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
shift or step change
level production strategy (aggregate production strategy)
Three components of resource requirements planning
nervousness
46. An illustration of the pattern of ordering and inventory levels
advance planning and scheduling (APS) systems
business model
materials requirements planning (MRP)
saw-tooth diagram
47. The tendency of a forecasting technique to continually overpredict or underpredict demand.
lot-for-lot (L4L)
forecast bias / mean forecast error
cycle stock
Outputs of materials requirements planning (MRP)
48. A combination of common sense inputs from frontline personnel and a computer simulation process
measures of inventory performance
finished goods inventory
focused forecasting
quantitative ABC analysis procedure
49. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
postponable product
bullwhip effect
grassroots forecasting (judgement-based)
materials requirements planning (MRP)
50. 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)
the financial impact of inventory
demand forecasting
demand management
items included in the inventory record