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. 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






2. 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






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






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






5. inventory management systems used when the demand for an item is beyond the control of the organization






6. Decision process in which managers predict demand and make operational plans accordingly






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






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






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






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






11. The determination of how many additional units are needed






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






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






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






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






16. The minimum amount needed in the period






17. A one-time change in demand - susually due to some external influence on demand






18. 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






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






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






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






22. 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.






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






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






25. 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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26. An illustration of the pattern of ordering and inventory levels






27. inventory that is in the production process






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






29. The sum of the inventory held across all of the locations in a company






30. 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






31. A combination of common sense inputs from frontline personnel and a computer simulation process






32. 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






33. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling






34. How much should be ordered and when?






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






36. 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






37. 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






38. The amount of an item that is planned to be ordered in a period






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






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






41. Maintenance - repair and operating supplies






42. Regular demand patterns of repeating highs and lows






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






44. 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






45. File that contains detailed inventory and procurement records






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






47. 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






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






49. Extra inventory held to guard against uncertainty in demand or supply






50. Comparison of production needs to actual capacity