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. A planning system used to ensure the right quantities of materials are available when needed






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






3. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes






4. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






5. Demand that is created by customers






6. Unit cost + disposal cost - salvage value






7. Production processes halted






8. The determination of how many additional units are needed






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






10. Sum of all relevant inventory costs incurred each year






11. An event that occurs when no inventory is available






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






13. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization






14. A period of time when an unknown amount of inventory is on hand






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






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






17. Amount paid to suppliers for products that are purchased






18. Maintenance - repair and operating supplies






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






20. 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






21. 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






22. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






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






24. 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






25. 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






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






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






28. Computing power will double every 18 months while computing cost will decrease by half

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






30. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






31. The entire time period covered by the MPS






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






33. Expenses incurred due to the fact that inventory is held






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






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






36. 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)






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






38. An order for the exact amount needed






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






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






41. Regular demand patterns of repeating highs and lows






42. 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






43. 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






44. inventory that is in the production process






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






46. 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






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






48. The longest lead-time path in the BOM






49. items in transit from ont location to another






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