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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. 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
quantitative ABC analysis procedure
advance planning and scheduling (APS) systems
ABC analysis
reorder point (ROP)
2. Regular demand patterns of repeating highs and lows
chase strategy (aggregate production strategy)
net requriements
seasonality and cycles
executive judgment (judgement-based)
3. A planning system used to ensure the right quantities of materials are available when needed
lot-for-lot (L4L)
materials requirements planning (MRP)
weighted moving average (time-series - statistical)
rules of forecasting
4. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
Hard benefits of S&OP
setup cost
Three components of resource requirements planning
planned order release
5. Supply of items held by a firm to meet demand
inventory
Techniques used to manage inventory
basic questions to answer when planning inventories
rolling planning horizons
6. Computing power will double every 18 months while computing cost will decrease by half
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7. items in transit from ont location to another
important trends influencing operations management and the emergence of business models
inefficiencies caused by unpredictably fluctuating customer demand
transit inventory
the expense components of carrying cost
8. Demand that depends upon decisions made by internal operations managers
cost of a unit stockout
total system inventory
steps to determine order quantity when quantity discounts are available
dependent demand
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
setup cost
service level
vendor-managed inventory (VIM)
MRO inventory
10. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni
work in process inventory
two-bin system
Steps of designing a forecasting process
lot-for-lot (L4L)
11. Unit cost + disposal cost - salvage value
Wastes produced throughout the five product life cycle stages
lot-for-lot (L4L)
ABC analysis
Cost of being overstocked by one unit
12. The part of panned production that is not committed to a customer
Hard benefits of S&OP
requirements explosion
available to promise
work in process inventory
13. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
trend
Wastes produced throughout the five product life cycle stages
stable pattern
life cycle waste assessment matrix (LCWAM)
14. A one-time change in demand - susually due to some external influence on demand
shift or step change
forecast accuracy
smoothing coefficient
net requriements
15. The ranking of all items of inventory acording to importance
planned order receipt
exponential smoothing (time-series - statistical)
raw materials and components parts
ABC analysis
16. An event that occurs when no inventory is available
Soft benefits of S&OP
items included in the inventory record
stockout
dependent demand inventory systems
17. Measurement of how closely the forecast aligns with the observations over time
Techniques used to manage inventory
forecast accuracy
vendor-managed inventory (VIM)
lot-for-lot (L4L)
18. 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
collaborative activities in CPFR
sales and operations planning (S&OP)
inefficiencies caused by unpredictably fluctuating customer demand
aggregate production plan
19. The determination of how many additional units are needed
independet demand
requirements explosion
single period inventory model
demand management
20. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
items included in the inventory record
options to accomplish the objective of a chase plan
measures of inventory performance
demand planning
21. 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
the expense components of carrying cost
smoothing coefficient
collaborative planning - forecasting and replenishment (CPFR)
ABC analysis
22. items that are ready for sale to customers
periodic order quantity (POQ)
finished goods inventory
planned order release
demand planning
23. The sum of the inventory held across all of the locations in a company
work in process inventory
historical analogy (judgement-based)
reorder point (ROP)
total system inventory
24. 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
reorder point (ROP)
ways to improve demand planning
ABC analysis
options to accomplish the objective of a chase plan
25. 1) Extra resources expand and contract capacity to meet varying demand 2) Backlogging of certain orders to smooth out demand fluctuations 3) Customer dissatisfaction with inability to meet all demands 4) Buffering the system with safety stocks - saf
inefficiencies caused by unpredictably fluctuating customer demand
naive model (time-series - statistical)
order interval
marketing research (judgement-based)
26. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product
judgement-based forecasting
historical analogy (judgement-based)
capacity requirements planning (CRP)
two-bin system
27. An estimate of the capacity needed at work centers
capacity requirements planning (CRP)
aggregate production plan
mixed or hybrid strategy
master production schedule (MPS)
28. 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)
enterprise resource planning (ERP) system
demand planning
master production schedule (MPS)
part number
29. 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)
service level
ABC analysis
items included in the inventory record
demand forecasting
30. An illustration of the pattern of ordering and inventory levels
Impact of lot size restrictions on quantity discounts
saw-tooth diagram
demand management tactics
production order quantity
31. Correlation of current demand values with past demand values
periodic order quantity (POQ)
distribution requirements planning (DRP)
simulation models
autocorrelation
32. The amount that is planned to arrive at the beginning of a period
ABC analysis
planned order receipt
lot-for-lot (L4L)
collaborative planning - forecasting and replenishment (CPFR)
33. Decision process in which managers predict demand and make operational plans accordingly
naive model (time-series - statistical)
cumulative lead time
buffer (safety) stock
demand forecasting
34. inventory classification - info systems - accurate records
executive judgment (judgement-based)
transit inventory
autocorrelation
Techniques used to manage inventory
35. A fixed time period that passes between inventory reviews
order interval
dependent demand
Outputs of materials requirements planning (MRP)
collaborative activities in CPFR
36. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
time series and analysis methods
demand forecasting
seasonality and cycles
postponable product
37. Sum of all relevant inventory costs incurred each year
total acquisition cost (TAC)
finished goods inventory
ways to improve demand planning
bullwhip effect
38. Amount paid to suppliers for products that are purchased
product cost
marketing research (judgement-based)
continuous review model
simulation models
39. Tool created by AT&T for assessing life cycle costs
basic questions to answer when planning inventories
demand planning
mean absolute deviation / mean absolute error
life cycle waste assessment matrix (LCWAM)
40. Simple forecasting approach that assumes that recent history is a good predictor of the near future
naive model (time-series - statistical)
Techniques used to manage inventory
inventory
trend
41. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
measures of inventory performance
time series and analysis methods
dependent demand inventory systems
simulation models
42. 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
bullwhip effect
Hard benefits of S&OP
the expense components of carrying cost
assumptions underlying the EOQ formulation
43. 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.
cycle stock
exponential smoothing (time-series - statistical)
judgement-based forecasting
time bucket
44. 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
two-bin system
load profile
master production schedule (MPS)
Disadvantages when inventory turnover is too high
45. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
marketing research (judgement-based)
planned order receipt
Delphi method (judgement-based)
basic questions to answer when planning inventories
46. Replan each period (month or quarter) - for a given number of periods into the future
enterprise resource planning (ERP) system
the financial impact of inventory
rolling planning horizons
service level policy
47. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
ABC analysis
smoothing coefficient
aggregate production plan
mixed or hybrid strategy
48. Average size of forecast errors - irrespective of their directions.
bill of materials (BOM)
advance planning and scheduling (APS) systems
forecast bias / mean forecast error
mean absolute deviation / mean absolute error
49. 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.
demand forecasting
the expense components of carrying cost
cost of a unit stockout
Impact of lot size restrictions on quantity discounts
50. Demand that is created by customers
rules of forecasting
independet demand
ABC analysis
grassroots forecasting (judgement-based)