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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. inventory classification - info systems - accurate records
economic order quantity (EOQ)
Techniques used to manage inventory
infinite loading
postponable product
2. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
distribution requirements planning (DRP)
rought-cut capacity planning
periodic review model
life cycle analysis
3. Administrative expenses and the expenses of rearranging a work center to produce an item
forecast error
setup cost
order interval
weighted moving average (time-series - statistical)
4. A combination of common sense inputs from frontline personnel and a computer simulation process
Steps of designing a forecasting process
yield management
mean absolute deviation / mean absolute error
focused forecasting
5. Forecasting techniques that use input from high-level experienced managers
executive judgment (judgement-based)
stockout (shortage) cost
planning horizon
historical analogy (judgement-based)
6. 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
total system inventory
trend
the expense components of carrying cost
demand management
7. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
total acquisition cost (TAC)
marketing research (judgement-based)
rought-cut capacity planning
demand planning
8. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
bill of materials (BOM)
net requriements
ABC analysis
moving average (time-series - statistical)
9. Amount paid to suppliers for products that are purchased
cycle counting
product cost
raw materials and components parts
planned order release
10. Difference between a forecast and the actual demand
forecast error
Global Trade Item Number (GTIN)
judgement-based forecasting
finished goods inventory
11. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it
the financial impact of inventory
Techniques used to manage inventory
periodic order quantity (POQ)
business model
12. Maintenance - repair and operating supplies
autocorrelation
load profile
setup cost
MRO inventory
13. Regular demand patterns of repeating highs and lows
seasonality and cycles
time series and analysis methods
stockout (shortage) cost
total system inventory
14. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
dependent demand
saw-tooth diagram
measures of inventory performance
business model
15. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
moving average (time-series - statistical)
naive model (time-series - statistical)
measures of inventory performance
transit inventory
16. 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
Outputs of materials requirements planning (MRP)
dependent demand inventory systems
distribution requirements planning (DRP)
inventory turnover
17. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
service level policy
vendor-managed inventory (VIM)
net requriements
aggregate production plan
18. An order for an amount that covers a fixed period of time
stable pattern
Pareto's law
smoothing coefficient
periodic order quantity (POQ)
19. The amount of an item that is planned to be ordered in a period
collaborative planning - forecasting and replenishment (CPFR)
order cost
part number
planned order release
20. 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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21. Production rate is changed in each period to match the amount of expected demand
mean absolute deviation / mean absolute error
available to promise
chase strategy (aggregate production strategy)
product cost
22. Model used to determine the order size for a one-time purchase
capacity requirements planning (CRP)
Disadvantages when inventory turnover is too high
target service level (TSL)
single period inventory model
23. Tool created by AT&T for assessing life cycle costs
chase strategy (aggregate production strategy)
part number
life cycle analysis
life cycle waste assessment matrix (LCWAM)
24. inconsistencies in the plan causes by changes to the MPS
nervousness
net requriements
collaborative planning - forecasting and replenishment (CPFR)
postponable product
25. inventory that is in the production process
Disadvantages when inventory turnover is too high
naive model (time-series - statistical)
work in process inventory
stable pattern
26. Minimum level of inventory that triggers the need to order more
lot-for-lot (L4L)
collaborative activities in CPFR
Managerial approaches to reducing inventory costs
reorder point (ROP)
27. The ranking of all items of inventory acording to importance
difference between order & setup costs
ABC analysis
demand planning
nervousness
28. Demand that depends upon decisions made by internal operations managers
dependent demand
rolling planning horizons
seasonality and cycles
work in process inventory
29. Cycle stocks - safety stocks - managing locations - implementing inventory models
level production strategy (aggregate production strategy)
Moore's law
requirements explosion
Managerial approaches to reducing inventory costs
30. Measurement of how closely the forecast aligns with the observations over time
finished goods inventory
forecast accuracy
saw-tooth diagram
square root rule
31. Software that consolidates all of the business planning systems and data throughout an organization
Disadvantages when inventory turnover is too high
enterprise resource planning (ERP) system
square root rule
basic questions to answer when planning inventories
32. A one-time change in demand - susually due to some external influence on demand
shift or step change
Advantages of high inventory turnover
planning horizon
part number
33. A parameter indicating the weight given to the most recent demand
rought-cut capacity planning
smoothing coefficient
steps to determine order quantity when quantity discounts are available
level production strategy (aggregate production strategy)
34. A strategy that includes some elements of level production and some elements of chase production strategies
product cost
stockout (shortage) cost
mixed or hybrid strategy
time bucket
35. 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
independent demand inventory systems
net requriements
collaborative planning - forecasting and replenishment (CPFR)
cost of a unit stockout
36. A fixed time period that passes between inventory reviews
order interval
causal models vs. simulation models
Moore's law
stockout
37. Process that adjusts prices as demand for a service occurs (or does not occur)
yield management
moving average (time-series - statistical)
buffer (safety) stock
collaborative planning - forecasting and replenishment (CPFR)
38. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
the financial impact of inventory
Soft benefits of S&OP
judgement-based forecasting
economic order quantity (EOQ)
39. Unique ID for a part used by a specific company
inventory status file
forecast error
cycle stock
part number
40. Production processes halted
cost of a unit stockout
impact of raw material and compontent part stockouts
bullwhip effect
mean absolute deviation / mean absolute error
41. Sum of all relevant inventory costs incurred each year
target service level (TSL)
total acquisition cost (TAC)
demand management
saw-tooth diagram
42. An order for the exact amount needed
items included in the inventory record
lot-for-lot (L4L)
rules of forecasting
setup cost
43. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
steps to determine order quantity when quantity discounts are available
Delphi method (judgement-based)
collaborative activities in CPFR
sales and operations planning (S&OP)
44. Systems that integrate materials and capacity planning into one system
aggregate production plan
load profile
cost of a unit stockout
advance planning and scheduling (APS) systems
45. The individual time period for planning
distribution requirements planning (DRP)
time bucket
days of supply
autocorrelation
46. Correlation of current demand values with past demand values
Global Trade Item Number (GTIN)
nervousness
cost of a unit stockout
autocorrelation
47. 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
part number
Cost of being overstocked by one unit
forecast bias / mean forecast error
Steps of designing a forecasting process
48. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
important trends influencing operations management and the emergence of business models
time bucket
capacity requirements planning (CRP)
lot-for-lot (L4L)
49. 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.
Impact of lot size restrictions on quantity discounts
historical analogy (judgement-based)
economic order quantity (EOQ)
forecast error
50. Management systems used when the demand for an item is derived from the demand for some other item
dependent demand inventory systems
inventory
master production schedule (MPS)
single period inventory model