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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. An illustration of the pattern of ordering and inventory levels
infinite loading
mixed or hybrid strategy
saw-tooth diagram
master production schedule (MPS)
2. File that contains detailed inventory and procurement records
weighted moving average (time-series - statistical)
dependent demand inventory systems
inventory status file
target service level (TSL)
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.
mixed or hybrid strategy
difference between order & setup costs
judgement-based forecasting
stockout
4. Forecasting model model that assigns a different weight to each period's demand according to its importance
weighted moving average (time-series - statistical)
Steps of designing a forecasting process
days of supply
the roles of inventory
5. 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
product cost
inventory
important trends influencing operations management and the emergence of business models
Soft benefits of S&OP
6. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
demand management
square root rule
master production schedule (MPS)
carrying (holding cost)
7. Software that consolidates all of the business planning systems and data throughout an organization
enterprise resource planning (ERP) system
continuous review model
stable pattern
measures of inventory performance
8. Administrative expenses and the expenses of rearranging a work center to produce an item
stockout
independent demand inventory systems
setup cost
seasonality and cycles
9. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
Pareto's law
life cycle analysis
continuous review model
Techniques used to manage inventory
10. Amount paid to suppliers for products that are purchased
product cost
requirements explosion
Techniques used to manage inventory
inventory status file
11. 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
Steps of designing a forecasting process
Hard benefits of S&OP
inventory
forecast bias / mean forecast error
12. A strategy that includes some elements of level production and some elements of chase production strategies
dependent demand
Wastes produced throughout the five product life cycle stages
mixed or hybrid strategy
reorder point (ROP)
13. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
bill of materials (BOM)
demand during lead time
advance planning and scheduling (APS) systems
simulation models
14. The determination of how many additional units are needed
target service level (TSL)
requirements explosion
inventory
measures of inventory performance
15. Management systems used when the demand for an item is derived from the demand for some other item
Cost of being overstocked by one unit
service level
business model
dependent demand inventory systems
16. 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)
demand planning
Techniques used to manage inventory
inventory
measures of inventory performance
17. inventory of an item is stored in two different locations
smoothing coefficient
Disadvantages when inventory turnover is too high
two-bin system
measures of inventory performance
18. 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
items included in the inventory record
Soft benefits of S&OP
Outputs of materials requirements planning (MRP)
product cost
19. A period of time when an unknown amount of inventory is on hand
distribution requirements planning (DRP)
Cost of being overstocked by one unit
uncertainty period
types of costs that must be identified and quantified in aggregate planning
20. 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
Steps of designing a forecasting process
historical analogy (judgement-based)
postponable product
types of costs that must be identified and quantified in aggregate planning
21. Cycle stocks - safety stocks - managing locations - implementing inventory models
Three components of resource requirements planning
part number
demand forecasting
Managerial approaches to reducing inventory costs
22. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
the roles of inventory
the expense components of carrying cost
stockout (shortage) cost
types of costs that must be identified and quantified in aggregate planning
23. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
bill of materials (BOM)
level production strategy (aggregate production strategy)
Global Trade Item Number (GTIN)
yield management
24. Measure of how well the objective of meeting customer demand is met: usually in terms of # or % of inventory items for which there is no inventory on hand
service level
bill of materials (BOM)
weighted moving average (time-series - statistical)
smoothing coefficient
25. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
chase strategy (aggregate production strategy)
carrying (holding cost)
measures of inventory performance
vendor-managed inventory (VIM)
26. An estimation of the availability of the critical resources needed to support the MPS
bill of materials (BOM)
mean absolute deviation / mean absolute error
rought-cut capacity planning
measures of inventory performance
27. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
collaborative planning - forecasting and replenishment (CPFR)
impact of raw material and compontent part stockouts
level production strategy (aggregate production strategy)
Delphi method (judgement-based)
28. Demand that is created by customers
Wastes produced throughout the five product life cycle stages
independet demand
product cost
independent demand inventory systems
29. An order for an amount that covers a fixed period of time
seasonality and cycles
Global Trade Item Number (GTIN)
periodic order quantity (POQ)
rolling planning horizons
30. inventory is constantly monitored to decide when a replenishement order needs to be placed
uncertainty period
continuous review model
Soft benefits of S&OP
the financial impact of inventory
31. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
forecast error
types of costs that must be identified and quantified in aggregate planning
square root rule
Wastes produced throughout the five product life cycle stages
32. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
Hard benefits of S&OP
collaborative planning - forecasting and replenishment (CPFR)
independet demand
33. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
stable pattern
regression analysis
autocorrelation
marketing research (judgement-based)
34. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
time series and analysis methods
ways to improve demand planning
planned order release
part number
35. 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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36. 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
master production schedule (MPS)
demand management tactics
the financial impact of inventory
types of costs that must be identified and quantified in aggregate planning
37. 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
single period inventory model
assumptions underlying the EOQ formulation
items included in the inventory record
square root rule
38. Production processes halted
focused forecasting
reorder point (ROP)
stockout
impact of raw material and compontent part stockouts
39. Decision process in which managers predict demand and make operational plans accordingly
demand forecasting
bullwhip effect
simulation models
bill of materials (BOM)
40. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
historical analogy (judgement-based)
measures of inventory performance
rolling planning horizons
production order quantity
41. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
time series and analysis methods
exponential smoothing (time-series - statistical)
cost of a unit stockout
Impact of lot size restrictions on quantity discounts
42. The individual time period for planning
rules of forecasting
stockout (shortage) cost
Hard benefits of S&OP
time bucket
43. Forecasting techniques that use input from high-level experienced managers
inefficiencies caused by unpredictably fluctuating customer demand
difference between order & setup costs
executive judgment (judgement-based)
Delphi method (judgement-based)
44. inventory that is in the production process
basic questions to answer when planning inventories
simulation models
work in process inventory
continuous review model
45. Supply of items held by a firm to meet demand
cycle stock
inventory
focused forecasting
forecast accuracy
46. The total amount of an end item that is required
forecast error
collaborative planning - forecasting and replenishment (CPFR)
gross requirements
planned order receipt
47. The amount of an item that is planned to be ordered in a period
cycle counting
planned order release
planning horizon
Three components of resource requirements planning
48. Quantities of each finished product to be completed for each period
master production schedule (MPS)
enterprise resource planning (ERP) system
total acquisition cost (TAC)
carrying (holding cost)
49. Model used to determine the order size for a one-time purchase
steps to determine order quantity when quantity discounts are available
single period inventory model
impact of raw material and compontent part stockouts
dependent demand inventory systems
50. The portion of average inventory determined as order quantity divided by two
available to promise
cycle stock
Cost of being overstocked by one unit
forecast bias / mean forecast error