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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. items that are ready for sale to customers
trend
continuous review model
planning horizon
finished goods inventory
2. 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
Advantages of high inventory turnover
Disadvantages when inventory turnover is too high
cost of a unit stockout
materials requirements planning (MRP)
3. Forecasting techniques that use input from high-level experienced managers
service level
the roles of inventory
types of costs that must be identified and quantified in aggregate planning
executive judgment (judgement-based)
4. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
exponential smoothing (time-series - statistical)
square root rule
MRO inventory
marketing research (judgement-based)
5. Demand that is created by customers
forecast error
gross requirements
independet demand
time series and analysis methods
6. 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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7. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
collaborative planning - forecasting and replenishment (CPFR)
single period inventory model
days of supply
causal models vs. simulation models
8. Model used to determine the order size for a one-time purchase
postponable product
service level policy
single period inventory model
judgement-based forecasting
9. Production rate is changed in each period to match the amount of expected demand
forecast bias / mean forecast error
chase strategy (aggregate production strategy)
periodic review model
dependent demand
10. inventory that is in the production process
work in process inventory
stockout (shortage) cost
Advantages of high inventory turnover
order cost
11. 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
economic order quantity (EOQ)
seasonality and cycles
Soft benefits of S&OP
vendor-managed inventory (VIM)
12. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
seasonality and cycles
trend
demand forecasting
stockout (shortage) cost
13. 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
Advantages of high inventory turnover
executive judgment (judgement-based)
planning horizon
infinite loading
14. Ratio between average inventory and the level of sales: = COGS/Average inventory@cost = Net sales/Average inventory@sales price = Unit sales/Average inventory in units
inventory turnover
demand forecasting
continuous review model
collaborative activities in CPFR
15. An event that occurs when no inventory is available
stockout
naive model (time-series - statistical)
life cycle analysis
time bucket
16. The ranking of all items of inventory acording to importance
ABC analysis
enterprise resource planning (ERP) system
forecast bias / mean forecast error
quantitative ABC analysis procedure
17. Unit cost + disposal cost - salvage value
Three components of resource requirements planning
Cost of being overstocked by one unit
Managerial approaches to reducing inventory costs
life cycle waste assessment matrix (LCWAM)
18. 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
planning horizon
transit inventory
distribution requirements planning (DRP)
collaborative activities in CPFR
19. 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)
cycle counting
planning horizon
demand planning
total system inventory
20. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
demand management
items included in the inventory record
basic questions to answer when planning inventories
sales and operations planning (S&OP)
21. An order for an amount that covers a fixed period of time
aggregate production plan
sales and operations planning (S&OP)
basic questions to answer when planning inventories
periodic order quantity (POQ)
22. The longest lead-time path in the BOM
moving average (time-series - statistical)
cumulative lead time
basic questions to answer when planning inventories
buffer (safety) stock
23. 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.
mean absolute deviation / mean absolute error
judgement-based forecasting
part number
saw-tooth diagram
24. inconsistencies in the plan causes by changes to the MPS
nervousness
cycle stock
square root rule
service level policy
25. How much should be ordered and when?
basic questions to answer when planning inventories
master production schedule (MPS)
Impact of lot size restrictions on quantity discounts
planned order release
26. items in transit from ont location to another
enterprise resource planning (ERP) system
transit inventory
stockout
mean absolute deviation / mean absolute error
27. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
postponable product
Three components of resource requirements planning
moving average (time-series - statistical)
important trends influencing operations management and the emergence of business models
28. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
advance planning and scheduling (APS) systems
fixed order quantity (FOQ)
cumulative lead time
marketing research (judgement-based)
29. A period of time when an unknown amount of inventory is on hand
uncertainty period
Steps of designing a forecasting process
rought-cut capacity planning
Advantages of high inventory turnover
30. Average size of forecast errors - irrespective of their directions.
mean absolute deviation / mean absolute error
focused forecasting
inefficiencies caused by unpredictably fluctuating customer demand
Managerial approaches to reducing inventory costs
31. Quantities of each finished product to be completed for each period
dependent demand inventory systems
grassroots forecasting (judgement-based)
finished goods inventory
master production schedule (MPS)
32. The minimum amount needed in the period
net requriements
available to promise
ways to improve demand planning
Three components of resource requirements planning
33. 1) Short-term forecasts are usually more accurate than long-term forecasts 2) Forecasts of aggregated demand are usually more accurate than forecasts of demand at detailed levels 3) Forecasts developed using multiple information sources are usually
rules of forecasting
life cycle waste assessment matrix (LCWAM)
load profile
cycle stock
34. Management system built around checking and ordering inventory at some regular interval
reorder point (ROP)
the financial impact of inventory
demand during lead time
periodic review model
35. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
demand during lead time
service level policy
Disadvantages when inventory turnover is too high
periodic order quantity (POQ)
36. Sum of all relevant inventory costs incurred each year
planning horizon
MRO inventory
total acquisition cost (TAC)
collaborative activities in CPFR
37. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
Global Trade Item Number (GTIN)
two-bin system
materials requirements planning (MRP)
collaborative planning - forecasting and replenishment (CPFR)
38. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
stockout
the roles of inventory
collaborative planning - forecasting and replenishment (CPFR)
advance planning and scheduling (APS) systems
39. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
marketing research (judgement-based)
moving average (time-series - statistical)
inventory
aggregate production plan
40. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
economic order quantity (EOQ)
regression analysis
raw materials and components parts
capacity requirements planning (CRP)
41. A fixed time period that passes between inventory reviews
mixed or hybrid strategy
order interval
service level
stable pattern
42. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
planned order release
service level
enterprise resource planning (ERP) system
aggregate production plan
43. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
mixed or hybrid strategy
net requriements
naive model (time-series - statistical)
important trends influencing operations management and the emergence of business models
44. Demand that depends upon decisions made by internal operations managers
buffer (safety) stock
dependent demand
single period inventory model
continuous review model
45. Regular demand patterns of repeating highs and lows
exponential smoothing (time-series - statistical)
reorder point (ROP)
seasonality and cycles
types of costs that must be identified and quantified in aggregate planning
46. Administrative expenses and the expenses of rearranging a work center to produce an item
basic questions to answer when planning inventories
lot-for-lot (L4L)
setup cost
types of costs that must be identified and quantified in aggregate planning
47. Minimum level of inventory that triggers the need to order more
reorder point (ROP)
MRO inventory
mixed or hybrid strategy
uncertainty period
48. Vendor is responsible for managing the inventory located at a customer's facility
Three components of resource requirements planning
single period inventory model
net requriements
vendor-managed inventory (VIM)
49. 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
carrying (holding cost)
inventory
weighted moving average (time-series - statistical)
demand management tactics
50. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Wastes produced throughout the five product life cycle stages
order interval
executive judgment (judgement-based)
gross requirements