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. Comparison of production needs to actual capacity






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






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






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






6. Production processes halted






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






8. The determination of how many additional units are needed






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






10. Maintenance - repair and operating supplies






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






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






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






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






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






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






17. Minimum level of inventory that triggers the need to order more






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






19. Forecasting techniques that use input from high-level experienced managers






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






21. inventory that is in the production process






22. Administrative expenses and the expenses of rearranging a work center to produce an item






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






24. Cycle stocks - safety stocks - managing locations - implementing inventory models






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






26. Demand that is created by customers






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






28. Software that consolidates all of the business planning systems and data throughout an organization






29. 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






30. Measure of how well the objective of meeting customer demand is met: usually in terms of # or % of inventory items for which there is no inventory on hand






31. 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






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

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33. Difference between a forecast and the actual demand






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






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






36. 1) Produce all units internally by hiring workers in high-demand monts and firing/laying off workers in low-demand months 2) Produce internally the quantity required to meet demand in the lowest-demand month and use overtime production to meet demand






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






38. inventory classification - info systems - accurate records






39. Unit cost + disposal cost - salvage value






40. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it






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






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






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






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






45. An order for the exact amount needed






46. items that are ready for sale to customers






47. An order for the same amount each time






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






49. 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






50. An event that occurs when no inventory is available