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. Expenses incurred due to the fact that inventory is held






2. 1) Produce all units internally by hiring workers in high-demand monts and firing/laying off workers in low-demand months 2) Produce internally the quantity required to meet demand in the lowest-demand month and use overtime production to meet demand






3. 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






4. Simple forecasting approach that assumes that recent history is a good predictor of the near future






5. 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






6. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization






7. The entire time period covered by the MPS






8. 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






9. Replan each period (month or quarter) - for a given number of periods into the future






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






11. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling






12. Production processes halted






13. 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)






14. The determination of how many additional units are needed






15. Comparison of production needs to actual capacity






16. File that contains detailed inventory and procurement records






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






18. 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






19. Correlation of current demand values with past demand values






20. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods






21. Vendor is responsible for managing the inventory located at a customer's facility






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






23. Demand that depends upon decisions made by internal operations managers






24. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






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






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






27. A mathematical approach for fitting an equation to a set of data






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






29. inventory that is in the production process






30. items that are ready for sale to customers






31. The tendency of a forecasting technique to continually overpredict or underpredict demand.






32. 1) Determine each item's annual useage/sales (in units and/or value) 2) Determine % of total useage/sales by each item 3) Rank items from highest to lowest percentage 4) Classify the items into ABC categories






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






34. inventory management systems used when the demand for an item is beyond the control of the organization






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






36. The assumption that there is an infinite amount of capacity available






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






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






39. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)






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






41. Technique that seeks inputs from people who are in close contact with customers and products






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






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






44. A combination of common sense inputs from frontline personnel and a computer simulation process






45. 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






46. The amount that is planned to arrive at the beginning of a period






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






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






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






50. 1) Identify the price breaks on offer 2) Calculate the EOQ at each price break - starting with the lowest 3) Evaluate the feasibility of each EOQ value 4) Calculate the TAC for each feasible EOQ and for the minimum quantity required to attain each p