SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. 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
carrying (holding cost)
types of costs that must be identified and quantified in aggregate planning
Steps of designing a forecasting process
the roles of inventory
2. 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
quantitative ABC analysis procedure
judgement-based forecasting
weighted moving average (time-series - statistical)
3. Cycle stocks - safety stocks - managing locations - implementing inventory models
saw-tooth diagram
stable pattern
Managerial approaches to reducing inventory costs
life cycle waste assessment matrix (LCWAM)
4. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
infinite loading
trend
planned order release
planning horizon
5. inventory management systems used when the demand for an item is beyond the control of the organization
independent demand inventory systems
requirements explosion
marketing research (judgement-based)
capacity requirements planning (CRP)
6. Decision process in which managers predict demand and make operational plans accordingly
demand forecasting
service level policy
Wastes produced throughout the five product life cycle stages
periodic review model
7. Determination of replenishement and postioining of finished goods in the distribution network
lot-for-lot (L4L)
mean absolute deviation / mean absolute error
items included in the inventory record
distribution requirements planning (DRP)
8. The total amount of an end item that is required
transit inventory
mixed or hybrid strategy
gross requirements
ABC analysis
9. Process that adjusts prices as demand for a service occurs (or does not occur)
demand management tactics
historical analogy (judgement-based)
yield management
postponable product
10. Forecasting model model that assigns a different weight to each period's demand according to its importance
raw materials and components parts
weighted moving average (time-series - statistical)
trend
forecast bias / mean forecast error
11. The determination of how many additional units are needed
options to accomplish the objective of a chase plan
forecast bias / mean forecast error
requirements explosion
nervousness
12. Vendor is responsible for managing the inventory located at a customer's facility
vendor-managed inventory (VIM)
Outputs of materials requirements planning (MRP)
sales and operations planning (S&OP)
continuous review model
13. A strategy that includes some elements of level production and some elements of chase production strategies
mixed or hybrid strategy
collaborative planning - forecasting and replenishment (CPFR)
continuous review model
grassroots forecasting (judgement-based)
14. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
capacity requirements planning (CRP)
stockout
bill of materials (BOM)
independent demand inventory systems
15. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
product cost
Steps of designing a forecasting process
Wastes produced throughout the five product life cycle stages
moving average (time-series - statistical)
16. The minimum amount needed in the period
net requriements
raw materials and components parts
demand forecasting
executive judgment (judgement-based)
17. A one-time change in demand - susually due to some external influence on demand
independent demand inventory systems
rought-cut capacity planning
shift or step change
square root rule
18. 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
demand management tactics
the expense components of carrying cost
business model
rolling planning horizons
19. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
demand forecasting
work in process inventory
demand management
order cost
20. Management system built around checking and ordering inventory at some regular interval
periodic review model
yield management
bill of materials (BOM)
forecast error
21. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
weighted moving average (time-series - statistical)
stockout
bullwhip effect
materials requirements planning (MRP)
22. 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.
judgement-based forecasting
dependent demand
service level
Three components of resource requirements planning
23. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
Delphi method (judgement-based)
infinite loading
single period inventory model
ways to improve demand planning
24. A period of time when an unknown amount of inventory is on hand
total acquisition cost (TAC)
uncertainty period
planned order release
net requriements
25. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
26. An illustration of the pattern of ordering and inventory levels
items included in the inventory record
saw-tooth diagram
inventory
rules of forecasting
27. inventory that is in the production process
time bucket
carrying (holding cost)
smoothing coefficient
work in process inventory
28. Administrative expenses and the expenses of rearranging a work center to produce an item
lot-for-lot (L4L)
vendor-managed inventory (VIM)
setup cost
order cost
29. The sum of the inventory held across all of the locations in a company
stockout (shortage) cost
total system inventory
steps to determine order quantity when quantity discounts are available
bullwhip effect
30. 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
historical analogy (judgement-based)
demand management tactics
forecast accuracy
order cost
31. A combination of common sense inputs from frontline personnel and a computer simulation process
Steps of designing a forecasting process
focused forecasting
forecast error
Global Trade Item Number (GTIN)
32. 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
raw materials and components parts
assumptions underlying the EOQ formulation
planning horizon
mixed or hybrid strategy
33. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
forecast error
steps to determine order quantity when quantity discounts are available
Wastes produced throughout the five product life cycle stages
periodic order quantity (POQ)
34. How much should be ordered and when?
demand management
target service level (TSL)
Steps of designing a forecasting process
basic questions to answer when planning inventories
35. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
independent demand inventory systems
the roles of inventory
time series and analysis methods
options to accomplish the objective of a chase plan
36. 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
forecast error
dependent demand
collaborative activities in CPFR
mean absolute deviation / mean absolute error
37. 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
items included in the inventory record
Soft benefits of S&OP
Managerial approaches to reducing inventory costs
Pareto's law
38. The amount of an item that is planned to be ordered in a period
infinite loading
important trends influencing operations management and the emergence of business models
cycle stock
planned order release
39. The amount that is planned to arrive at the beginning of a period
planned order receipt
dependent demand inventory systems
single period inventory model
demand management tactics
40. Production rate is changed in each period to match the amount of expected demand
square root rule
quantitative ABC analysis procedure
cycle counting
chase strategy (aggregate production strategy)
41. Maintenance - repair and operating supplies
fixed order quantity (FOQ)
Global Trade Item Number (GTIN)
product cost
MRO inventory
42. Regular demand patterns of repeating highs and lows
Impact of lot size restrictions on quantity discounts
ways to improve demand planning
seasonality and cycles
collaborative activities in CPFR
43. Forecasting techniques that use input from high-level experienced managers
impact of raw material and compontent part stockouts
inventory turnover
target service level (TSL)
executive judgment (judgement-based)
44. 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
weighted moving average (time-series - statistical)
order interval
quantitative ABC analysis procedure
lot-for-lot (L4L)
45. File that contains detailed inventory and procurement records
demand management
yield management
inventory status file
simulation models
46. The assumption that there is an infinite amount of capacity available
product cost
enterprise resource planning (ERP) system
difference between order & setup costs
infinite loading
47. 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
aggregate production plan
order cost
Hard benefits of S&OP
Disadvantages when inventory turnover is too high
48. Quantities of each finished product to be completed for each period
Global Trade Item Number (GTIN)
demand management
master production schedule (MPS)
forecast error
49. Extra inventory held to guard against uncertainty in demand or supply
buffer (safety) stock
Hard benefits of S&OP
enterprise resource planning (ERP) system
dependent demand inventory systems
50. Comparison of production needs to actual capacity
Soft benefits of S&OP
load profile
Three components of resource requirements planning
ABC analysis