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Supply And Logistics
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Subject
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business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up
demand during lead time
Disadvantages when inventory turnover is too high
advance planning and scheduling (APS) systems
items included in the inventory record
2. inventory is constantly monitored to decide when a replenishement order needs to be placed
continuous review model
autocorrelation
dependent demand
difference between order & setup costs
3. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
target service level (TSL)
marketing research (judgement-based)
measures of inventory performance
difference between order & setup costs
4. A fixed time period that passes between inventory reviews
exponential smoothing (time-series - statistical)
cycle stock
order interval
ways to improve demand planning
5. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
gross requirements
measures of inventory performance
inventory status file
6. Tool created by AT&T for assessing life cycle costs
periodic order quantity (POQ)
demand management tactics
exponential smoothing (time-series - statistical)
life cycle waste assessment matrix (LCWAM)
7. Production processes halted
impact of raw material and compontent part stockouts
setup cost
cost of a unit stockout
regression analysis
8. A mathematical approach for fitting an equation to a set of data
service level policy
regression analysis
stable pattern
bullwhip effect
9. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
planned order receipt
Cost of being overstocked by one unit
Global Trade Item Number (GTIN)
stockout (shortage) cost
10. Correlation of current demand values with past demand values
uncertainty period
autocorrelation
demand management
inefficiencies caused by unpredictably fluctuating customer demand
11. Demand that depends upon decisions made by internal operations managers
Delphi method (judgement-based)
dependent demand
Outputs of materials requirements planning (MRP)
Global Trade Item Number (GTIN)
12. Quantities of each finished product to be completed for each period
items included in the inventory record
master production schedule (MPS)
two-bin system
demand during lead time
13. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
moving average (time-series - statistical)
trend
grassroots forecasting (judgement-based)
target service level (TSL)
14. Simple forecasting approach that assumes that recent history is a good predictor of the near future
inventory
carrying (holding cost)
naive model (time-series - statistical)
bullwhip effect
15. Measurement of how closely the forecast aligns with the observations over time
forecast accuracy
uncertainty period
types of costs that must be identified and quantified in aggregate planning
aggregate production plan
16. 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
requirements explosion
collaborative planning - forecasting and replenishment (CPFR)
quantitative ABC analysis procedure
yield management
17. 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.
judgement-based forecasting
Three components of resource requirements planning
planned order release
mixed or hybrid strategy
18. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
naive model (time-series - statistical)
Delphi method (judgement-based)
requirements explosion
time series and analysis methods
19. 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
square root rule
days of supply
shift or step change
Advantages of high inventory turnover
20. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
bullwhip effect
capacity requirements planning (CRP)
trend
requirements explosion
21. 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.
regression analysis
part number
difference between order & setup costs
options to accomplish the objective of a chase plan
22. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
cycle counting
inventory turnover
regression analysis
aggregate production plan
23. Maintenance - repair and operating supplies
MRO inventory
basic questions to answer when planning inventories
marketing research (judgement-based)
fixed order quantity (FOQ)
24. Process that adjusts prices as demand for a service occurs (or does not occur)
yield management
important trends influencing operations management and the emergence of business models
finished goods inventory
economic order quantity (EOQ)
25. Forecasting model model that assigns a different weight to each period's demand according to its importance
weighted moving average (time-series - statistical)
planned order release
exponential smoothing (time-series - statistical)
smoothing coefficient
26. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
Wastes produced throughout the five product life cycle stages
Delphi method (judgement-based)
naive model (time-series - statistical)
order cost
27. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Wastes produced throughout the five product life cycle stages
time bucket
postponable product
important trends influencing operations management and the emergence of business models
28. An event that occurs when no inventory is available
Global Trade Item Number (GTIN)
collaborative planning - forecasting and replenishment (CPFR)
stockout
days of supply
29. The portion of average inventory determined as order quantity divided by two
cycle stock
Managerial approaches to reducing inventory costs
steps to determine order quantity when quantity discounts are available
rolling planning horizons
30. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
types of costs that must be identified and quantified in aggregate planning
gross requirements
available to promise
order cost
31. 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)
stockout
continuous review model
nervousness
items included in the inventory record
32. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
days of supply
setup cost
Hard benefits of S&OP
smoothing coefficient
33. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
rules of forecasting
Three components of resource requirements planning
periodic order quantity (POQ)
Pareto's law
34. An order for an amount that covers a fixed period of time
inefficiencies caused by unpredictably fluctuating customer demand
periodic order quantity (POQ)
days of supply
grassroots forecasting (judgement-based)
35. The ranking of all items of inventory acording to importance
autocorrelation
ways to improve demand planning
yield management
ABC analysis
36. Forecasting techniques that use input from high-level experienced managers
demand management tactics
executive judgment (judgement-based)
advance planning and scheduling (APS) systems
Steps of designing a forecasting process
37. 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
periodic review model
the expense components of carrying cost
demand management tactics
measures of inventory performance
38. Computing power will double every 18 months while computing cost will decrease by half
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39. 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
square root rule
rolling planning horizons
Steps of designing a forecasting process
important trends influencing operations management and the emergence of business models
40. Comparison of production needs to actual capacity
distribution requirements planning (DRP)
load profile
requirements explosion
MRO inventory
41. Management systems used when the demand for an item is derived from the demand for some other item
enterprise resource planning (ERP) system
dependent demand inventory systems
ways to improve demand planning
Pareto's law
42. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
time bucket
the expense components of carrying cost
marketing research (judgement-based)
Three components of resource requirements planning
43. Management system built around checking and ordering inventory at some regular interval
the financial impact of inventory
mean absolute deviation / mean absolute error
sales and operations planning (S&OP)
periodic review model
44. Items bought from suppliers to use in the production of a product
raw materials and components parts
production order quantity
square root rule
weighted moving average (time-series - statistical)
45. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
transit inventory
ways to improve demand planning
collaborative planning - forecasting and replenishment (CPFR)
level production strategy (aggregate production strategy)
46. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
demand during lead time
collaborative planning - forecasting and replenishment (CPFR)
inventory
difference between order & setup costs
47. inconsistencies in the plan causes by changes to the MPS
Disadvantages when inventory turnover is too high
nervousness
weighted moving average (time-series - statistical)
service level policy
48. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
quantitative ABC analysis procedure
life cycle analysis
advance planning and scheduling (APS) systems
steps to determine order quantity when quantity discounts are available
49. The firm produces at a constant rate over the year
focused forecasting
available to promise
level production strategy (aggregate production strategy)
materials requirements planning (MRP)
50. 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
transit inventory
Soft benefits of S&OP
two-bin system
Hard benefits of S&OP
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