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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. A one-time change in demand - susually due to some external influence on demand
demand forecasting
shift or step change
materials requirements planning (MRP)
part number
2. 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
service level
steps to determine order quantity when quantity discounts are available
load profile
measures of inventory performance
3. inventory classification - info systems - accurate records
items included in the inventory record
Soft benefits of S&OP
planned order receipt
Techniques used to manage inventory
4. Correlation of current demand values with past demand values
autocorrelation
load profile
Cost of being overstocked by one unit
collaborative activities in CPFR
5. 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
bullwhip effect
order interval
difference between order & setup costs
inventory turnover
6. Sum of all relevant inventory costs incurred each year
periodic review model
total acquisition cost (TAC)
ABC analysis
rought-cut capacity planning
7. The entire time period covered by the MPS
stable pattern
lot-for-lot (L4L)
planning horizon
Techniques used to manage inventory
8. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
part number
business model
Three components of resource requirements planning
materials requirements planning (MRP)
9. The sum of the inventory held across all of the locations in a company
stable pattern
Wastes produced throughout the five product life cycle stages
ways to improve demand planning
total system inventory
10. 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
Advantages of high inventory turnover
load profile
stockout
inventory status file
11. An order for the same amount each time
order cost
fixed order quantity (FOQ)
saw-tooth diagram
Delphi method (judgement-based)
12. A fixed time period that passes between inventory reviews
options to accomplish the objective of a chase plan
Techniques used to manage inventory
order interval
master production schedule (MPS)
13. Computing power will double every 18 months while computing cost will decrease by half
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14. 1) No quantity discounts 2) No lot size restrictions 3) No partial deliveries 4) No variability 5) Quantity of one product is not dependent on that of another
collaborative planning - forecasting and replenishment (CPFR)
demand management tactics
Techniques used to manage inventory
assumptions underlying the EOQ formulation
15. The tendency of a forecasting technique to continually overpredict or underpredict demand.
forecast bias / mean forecast error
periodic order quantity (POQ)
exponential smoothing (time-series - statistical)
Managerial approaches to reducing inventory costs
16. Replan each period (month or quarter) - for a given number of periods into the future
Pareto's law
rolling planning horizons
Managerial approaches to reducing inventory costs
collaborative planning - forecasting and replenishment (CPFR)
17. items that are ready for sale to customers
life cycle waste assessment matrix (LCWAM)
independent demand inventory systems
measures of inventory performance
finished goods inventory
18. The firm produces at a constant rate over the year
independent demand inventory systems
forecast error
bill of materials (BOM)
level production strategy (aggregate production strategy)
19. Production rate is changed in each period to match the amount of expected demand
quantitative ABC analysis procedure
Managerial approaches to reducing inventory costs
chase strategy (aggregate production strategy)
exponential smoothing (time-series - statistical)
20. 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)
Impact of lot size restrictions on quantity discounts
weighted moving average (time-series - statistical)
demand planning
forecast error
21. A combination of common sense inputs from frontline personnel and a computer simulation process
Techniques used to manage inventory
the expense components of carrying cost
focused forecasting
reorder point (ROP)
22. Software that consolidates all of the business planning systems and data throughout an organization
enterprise resource planning (ERP) system
types of costs that must be identified and quantified in aggregate planning
regression analysis
business model
23. File that contains detailed inventory and procurement records
collaborative planning - forecasting and replenishment (CPFR)
naive model (time-series - statistical)
planned order release
inventory status file
24. Amount paid to suppliers for products that are purchased
product cost
single period inventory model
quantitative ABC analysis procedure
carrying (holding cost)
25. Unit selling price - unit cost
naive model (time-series - statistical)
Cost of being overstocked by one unit
cost of a unit stockout
quantitative ABC analysis procedure
26. Difference between a forecast and the actual demand
rought-cut capacity planning
inventory status file
forecast error
demand management tactics
27. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
demand during lead time
inventory turnover
available to promise
Pareto's law
28. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
Global Trade Item Number (GTIN)
time series and analysis methods
stockout
square root rule
29. The longest lead-time path in the BOM
cumulative lead time
bill of materials (BOM)
types of costs that must be identified and quantified in aggregate planning
available to promise
30. How much should be ordered and when?
dependent demand inventory systems
basic questions to answer when planning inventories
ways to improve demand planning
two-bin system
31. A parameter indicating the weight given to the most recent demand
sales and operations planning (S&OP)
Delphi method (judgement-based)
smoothing coefficient
ABC analysis
32. 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)
items included in the inventory record
inventory
target service level (TSL)
important trends influencing operations management and the emergence of business models
33. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
gross requirements
exponential smoothing (time-series - statistical)
planned order receipt
production order quantity
34. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
bill of materials (BOM)
yield management
finished goods inventory
requirements explosion
35. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
service level policy
inventory status file
rules of forecasting
mixed or hybrid strategy
36. items in transit from ont location to another
production order quantity
transit inventory
business model
mean absolute deviation / mean absolute error
37. 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
Soft benefits of S&OP
mixed or hybrid strategy
trend
business model
38. 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
the financial impact of inventory
stockout
collaborative planning - forecasting and replenishment (CPFR)
total acquisition cost (TAC)
39. 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
capacity requirements planning (CRP)
options to accomplish the objective of a chase plan
inventory
important trends influencing operations management and the emergence of business models
40. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
grassroots forecasting (judgement-based)
simulation models
planning horizon
cycle stock
41. Demand that is created by customers
regression analysis
Moore's law
Steps of designing a forecasting process
independet demand
42. Decision process in which managers predict demand and make operational plans accordingly
demand forecasting
master production schedule (MPS)
assumptions underlying the EOQ formulation
demand management tactics
43. Management system built around checking and ordering inventory at some regular interval
rolling planning horizons
rules of forecasting
periodic review model
Moore's law
44. 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
total system inventory
collaborative activities in CPFR
autocorrelation
work in process inventory
45. 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
forecast bias / mean forecast error
inventory
inventory status file
demand management tactics
46. Unit cost + disposal cost - salvage value
planning horizon
vendor-managed inventory (VIM)
Wastes produced throughout the five product life cycle stages
Cost of being overstocked by one unit
47. Tool created by AT&T for assessing life cycle costs
buffer (safety) stock
distribution requirements planning (DRP)
life cycle waste assessment matrix (LCWAM)
dependent demand
48. Order costs are associated with replenishing inventories - while setup costs are associated with producing inventory internally. Both are often considered "fixed" regardless of batch size - although this is not strictly true.
Global Trade Item Number (GTIN)
difference between order & setup costs
raw materials and components parts
demand management
49. 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
Hard benefits of S&OP
life cycle analysis
measures of inventory performance
planning horizon
50. The determination of how many additional units are needed
aggregate production plan
requirements explosion
independent demand inventory systems
collaborative planning - forecasting and replenishment (CPFR)