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. How much should be ordered and when?






2. items in transit from ont location to another






3. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies






4. Difference between a forecast and the actual demand






5. Amount paid to suppliers for products that are purchased






6. The entire time period covered by the MPS






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






8. 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






9. 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.






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






11. An illustration of the pattern of ordering and inventory levels






12. 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






13. Quantities of each finished product to be completed for each period






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






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






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






17. A fixed time period that passes between inventory reviews






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






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






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






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






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






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






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






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






26. 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.






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






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






29. 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






30. Sum of all relevant inventory costs incurred each year






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






32. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






33. Decision process in which managers predict demand and make operational plans accordingly






34. Maintenance - repair and operating supplies






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






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






37. 1) Extra resources expand and contract capacity to meet varying demand 2) Backlogging of certain orders to smooth out demand fluctuations 3) Customer dissatisfaction with inability to meet all demands 4) Buffering the system with safety stocks - saf






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






39. 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.






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






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

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






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






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






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






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






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






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






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