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






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






3. Measurement of how closely the forecast aligns with the observations over time






4. 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.






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






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






7. An order for the exact amount needed






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






9. Measure of how well the objective of meeting customer demand is met: usually in terms of # or % of inventory items for which there is no inventory on hand






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






11. 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






12. Maintenance - repair and operating supplies






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






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






15. Regular demand patterns of repeating highs and lows






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






17. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






18. The determination of how many additional units are needed






19. 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)






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






21. Consistent horizontal stream of demands






22. 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






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






24. An event that occurs when no inventory is available






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






26. 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






27. Sum of all relevant inventory costs incurred each year






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






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






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






31. 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)






32. 1) Opportunity cost - including cost of capital 2) Owning/maintaining storage space 3) Taxes 4) Insurance 5) Obsolescence and loss 6) Materials handling - tracking - management






33. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






34. A combination of common sense inputs from frontline personnel and a computer simulation process






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






36. 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






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






38. A fixed time period that passes between inventory reviews






39. The individual time period for planning






40. Demand that is created by customers






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






42. Process where each item in inventory is physically counted on a routine schedule






43. The amount of an item that is planned to be ordered in a period






44. inventory classification - info systems - accurate records






45. 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






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






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

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48. 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






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






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