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. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.






2. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






3. Computing power will double every 18 months while computing cost will decrease by half

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4. 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






5. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






6. 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






7. 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






8. 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






9. Unique ID for a part used by a specific company






10. An order for the exact amount needed






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






12. Order costs are associated with replenishing inventories - while setup costs are associated with producing inventory internally. Both are often considered "fixed" regardless of batch size - although this is not strictly true.






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






14. inconsistencies in the plan causes by changes to the MPS






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






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






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






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






19. Determination of replenishement and postioining of finished goods in the distribution network






20. The minimum amount needed in the period






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






22. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan






23. Items bought from suppliers to use in the production of a product






24. A fixed time period that passes between inventory reviews






25. Unit cost + disposal cost - salvage value






26. 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






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






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






29. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)






30. 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.






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






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






33. 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






34. A one-time change in demand - susually due to some external influence on demand






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






36. Consistent horizontal stream of demands






37. The part of panned production that is not committed to a customer






38. Lot size is the "batch size" of an order - e.g. you must order in increments of fifty - you should order the increment with the lowest TAC.






39. An order for the same amount each time






40. The longest lead-time path in the BOM






41. Difference between a forecast and the actual demand






42. 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






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






44. 1) Inventory holding cost 2) Regular production cost 3) Overtime cost 4) Hiring cost 5) Firing/layoff cost 6) Backorder/lost sales cost 7) Subcontracting cost






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






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






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






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






49. File that contains detailed inventory and procurement records






50. items that are ready for sale to customers