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Supply And Logistics

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. An estimate of the capacity needed at work centers






2. The minimum amount needed in the period






3. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






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






5. 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.






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






7. items that are ready for sale to customers






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






9. The determination of how many additional units are needed






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






11. 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






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






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






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






15. A fixed time period that passes between inventory reviews






16. 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






17. An order for the same amount each time






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






19. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






20. Amount paid to suppliers for products that are purchased






21. 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






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






23. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






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






25. Correlation of current demand values with past demand values






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






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






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






29. A parameter indicating the weight given to the most recent demand






30. items in transit from ont location to another






31. A mathematical approach for fitting an equation to a set of data






32. 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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33. inconsistencies in the plan causes by changes to the MPS






34. 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






35. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






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






37. 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






38. 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)






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






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






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






43. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






44. 1) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up






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






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






47. 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






48. 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






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






50. 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







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