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. items in transit from ont location to another






2. Consistent horizontal stream of demands






3. 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.






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






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






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






7. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales






8. Unit cost + disposal cost - salvage value






9. Demand that is created by customers






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






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






12. An estimation of the availability of the critical resources needed to support the MPS






13. Computing power will double every 18 months while computing cost will decrease by half

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14. 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






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






16. How much should be ordered and when?






17. 1) Inventory holding cost 2) Regular production cost 3) Overtime cost 4) Hiring cost 5) Firing/layoff cost 6) Backorder/lost sales cost 7) Subcontracting cost






18. 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.






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






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






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






22. 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






23. The ranking of all items of inventory acording to importance






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






25. The firm produces at a constant rate over the year






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






27. Maintenance - repair and operating supplies






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






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






30. 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






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






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






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






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






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






36. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.






37. 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






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






39. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






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






41. A fixed time period that passes between inventory reviews






42. Management systems used when the demand for an item is derived from the demand for some other item






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






44. Tool created by AT&T for assessing life cycle costs






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






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






47. 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






48. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






49. Minimum level of inventory that triggers the need to order more






50. inventory classification - info systems - accurate records