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. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






2. Sum of all relevant inventory costs incurred each year






3. Production rate is changed in each period to match the amount of expected demand






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






5. Amount paid to suppliers for products that are purchased






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






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






9. 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






10. Regular demand patterns of repeating highs and lows






11. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






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






13. Process where each item in inventory is physically counted on a routine schedule






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






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






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






17. Extra inventory held to guard against uncertainty in demand or supply






18. Consistent horizontal stream of demands






19. 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






20. The firm produces at a constant rate over the year






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






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






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






24. 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






25. The entire time period covered by the MPS






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






27. 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






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






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






30. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






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






32. 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






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






34. 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






35. The minimum amount needed in the period






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






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






38. 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






39. A planning system used to ensure the right quantities of materials are available when needed






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






41. Measurement of how closely the forecast aligns with the observations over time






42. 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






43. Process that adjusts prices as demand for a service occurs (or does not occur)






44. 1) item number 2) item description 3) Lead time to order and receive the item from a supplier or to produce it internally 4) Preferred order quantity (lot size) 5) Safety stock quantity 6) Other info (cost/process descriptions) 7) Quantity on hand 8)






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






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






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






48. Comparison of production needs to actual capacity






49. File that contains detailed inventory and procurement records






50. 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)