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






2. Quantities of each finished product to be completed for each period






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






4. 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)






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






6. 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






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






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






9. 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






10. inventory classification - info systems - accurate records






11. 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






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






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






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






15. Unit cost + disposal cost - salvage value






16. The firm produces at a constant rate over the year






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






18. Model used to determine the order size for a one-time purchase






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






20. An order for the exact amount needed






21. Vendor is responsible for managing the inventory located at a customer's facility






22. Cycle stocks - safety stocks - managing locations - implementing inventory models






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






24. A fixed time period that passes between inventory reviews






25. Consistent horizontal stream of demands






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






27. An estimate of the capacity needed at work centers






28. 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






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






30. The minimum amount needed in the period






31. 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






32. 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






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






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






35. 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






36. Replan each period (month or quarter) - for a given number of periods into the future






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






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






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






40. Forecasting model model that assigns a different weight to each period's demand according to its importance






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






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






43. How much should be ordered and when?






44. Demand that is created by customers






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






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






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






48. Items bought from suppliers to use in the production of a product






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






50. Correlation of current demand values with past demand values