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






2. 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






3. inventory classification - info systems - accurate records






4. Correlation of current demand values with past demand values






5. 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






6. Sum of all relevant inventory costs incurred each year






7. The entire time period covered by the MPS






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






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






10. 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






11. An order for the same amount each time






12. A fixed time period that passes between inventory reviews






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

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14. 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






15. The tendency of a forecasting technique to continually overpredict or underpredict demand.






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






17. items that are ready for sale to customers






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






19. Production rate is changed in each period to match the amount of expected demand






20. 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)






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






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






23. File that contains detailed inventory and procurement records






24. Amount paid to suppliers for products that are purchased






25. Unit selling price - unit cost






26. Difference between a forecast and the actual demand






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






28. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






29. The longest lead-time path in the BOM






30. How much should be ordered and when?






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






32. 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)






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






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






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






36. items in transit from ont location to another






37. 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






38. 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






39. 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






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






41. Demand that is created by customers






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






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






44. 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






45. 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






46. Unit cost + disposal cost - salvage value






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






48. 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.






49. 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






50. The determination of how many additional units are needed