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. An illustration of the pattern of ordering and inventory levels






2. File that contains detailed inventory and procurement records






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






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






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






7. Software that consolidates all of the business planning systems and data throughout an organization






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






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






10. Amount paid to suppliers for products that are purchased






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






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






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






14. The determination of how many additional units are needed






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






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)






17. inventory of an item is stored in two different locations






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






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






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






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






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






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






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






25. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






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






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






28. Demand that is created by customers






29. An order for an amount that covers a fixed period of time






30. inventory is constantly monitored to decide when a replenishement order needs to be placed






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






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






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






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






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






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






38. Production processes halted






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






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)






41. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






42. The individual time period for planning






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






44. inventory that is in the production process






45. Supply of items held by a firm to meet demand






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






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






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






49. Model used to determine the order size for a one-time purchase






50. The portion of average inventory determined as order quantity divided by two