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. 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.






2. Amount paid to suppliers for products that are purchased






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






4. 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






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






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






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






8. Specification of the amount of risk of incurring a stockout that a firm is willing to incur






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






10. Primary reports (schedules of the planned order releases that are used to trigger purchases and production of items on time) - and secondary reports (cost - inventory and schedule attainment information that helps judge how well the operation is pe






11. Consistent horizontal stream of demands






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






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






15. 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.






16. Forecasting techniques that use input from high-level experienced managers






17. 1) Enhanced teamwork at executive & operating levels 2) Better decisions with less effort and time 3) Better alignment of operational - marketing and financial plans 4) Greater accountability for results 5) Ability to see potential problems sooner






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






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






20. A fixed time period that passes between inventory reviews






21. 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






22. An order for the exact amount needed






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






24. 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)






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






26. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






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






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. inventory classification - info systems - accurate records






30. 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






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






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






33. 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






34. 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.






35. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






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






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






38. An event that occurs when no inventory is available






39. Correlation of current demand values with past demand values






40. Demand that is created by customers






41. items in transit from ont location to another






42. inventory management systems used when the demand for an item is beyond the control of the organization






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






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






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






46. Tool created by AT&T for assessing life cycle costs






47. The part of panned production that is not committed to a customer






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






49. 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)






50. 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