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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. Primary reports (schedules of the planned order releases that are used to trigger purchases and production of items on time) - and secondary reports (cost - inventory and schedule attainment information that helps judge how well the operation is pe






2. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)






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






4. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain






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






6. 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.






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






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






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






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






11. Unit cost + disposal cost - salvage value






12. The assumption that there is an infinite amount of capacity available






13. Maintenance - repair and operating supplies






14. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






15. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






16. Items bought from suppliers to use in the production of a product






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






18. The amount that is planned to arrive at the beginning of a period






19. A fixed time period that passes between inventory reviews






20. Demand that is created by customers






21. 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






22. 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






23. The individual time period for planning






24. 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






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






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






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






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






30. File that contains detailed inventory and procurement records






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






32. 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)






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






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






35. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






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






37. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






38. Model used to determine the order size for a one-time purchase






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






40. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






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






42. 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






43. An order for an amount that covers a fixed period of time






44. The longest lead-time path in the BOM






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






46. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






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






48. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






49. Quantities of each finished product to be completed for each period






50. 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







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