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. Correlation of current demand values with past demand values






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






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






4. 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






5. The individual time period for planning






6. 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






7. 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)






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






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






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






11. 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.






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






13. 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






14. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain






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






16. Maintenance - repair and operating supplies






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






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






19. inventory classification - info systems - accurate records






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






21. 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






22. The sum of the inventory held across all of the locations in a company






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






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






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






26. 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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27. File that contains detailed inventory and procurement records






28. The longest lead-time path in the BOM






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






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






31. Management system built around checking and ordering inventory at some regular interval






32. 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






33. Consistent horizontal stream of demands






34. 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






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






36. 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






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

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






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






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






41. 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






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






43. 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)






44. 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






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






46. Production processes halted






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






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






49. 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






50. Regular demand patterns of repeating highs and lows