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. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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






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






4. How much should be ordered and when?






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






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






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






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






9. An order for the same amount each time






10. inventory classification - info systems - accurate records






11. The individual time period for planning






12. The determination of how many additional units are needed






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






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






15. 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






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






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






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






19. The entire time period covered by the MPS






20. 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






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






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






23. Process that adjusts prices as demand for a service occurs (or does not occur)






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






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






26. 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






27. 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






28. An event that occurs when no inventory is available






29. Forecasting model model that assigns a different weight to each period's demand according to its importance






30. Difference between a forecast and the actual demand






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






32. 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.






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






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






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






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






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






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






39. 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






40. An estimate of the capacity needed at work centers






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






42. 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






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






44. 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






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






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






47. Regular demand patterns of repeating highs and lows






48. The portion of average inventory determined as order quantity divided by two






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






50. The minimum amount needed in the period