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. inventory that is in the production process






2. A mathematical approach for fitting an equation to a set of data






3. The determination of how many additional units are needed






4. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






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






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






7. Regular demand patterns of repeating highs and lows






8. Sum of all relevant inventory costs incurred each year






9. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






10. 1) Short-term forecasts are usually more accurate than long-term forecasts 2) Forecasts of aggregated demand are usually more accurate than forecasts of demand at detailed levels 3) Forecasts developed using multiple information sources are usually






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






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






13. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan






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






15. 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






16. items that are ready for sale to customers






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






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






19. 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






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






21. Unit cost + disposal cost - salvage value






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






23. The longest lead-time path in the BOM






24. 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)






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






26. inventory classification - info systems - accurate records






27. An estimate of the capacity needed at work centers






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






29. 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






30. An order for the same amount each time






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






32. 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






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






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






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






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






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






38. 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






39. Comparison of production needs to actual capacity






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






41. An order for an amount that covers a fixed period of time






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






43. File that contains detailed inventory and procurement records






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






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






46. The entire time period covered by the MPS






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






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






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






50. items in transit from ont location to another