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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. Lot size is the "batch size" of an order - e.g. you must order in increments of fifty - you should order the increment with the lowest TAC.






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






3. 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






4. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






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






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






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






8. An order for the exact amount needed






9. 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






10. Unit cost + disposal cost - salvage value






11. 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






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






13. Amount paid to suppliers for products that are purchased






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






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






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






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






18. 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






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






20. Unit selling price - unit cost






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






22. inventory of an item is stored in two different locations






23. The total amount of an end item that is required






24. 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






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






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






27. items in transit from ont location to another






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






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






30. Minimum level of inventory that triggers the need to order more






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






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






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






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






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






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






37. Management systems used when the demand for an item is derived from the demand for some other item






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






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






40. 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






41. The entire time period covered by the MPS






42. Correlation of current demand values with past demand values






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






44. An order for the same amount each time






45. Consistent horizontal stream of demands






46. Production processes halted






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






48. 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






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






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






Can you answer 50 questions in 15 minutes?



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