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






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






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






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






5. Correlation of current demand values with past demand values






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






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






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






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






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






11. 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






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






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






14. The minimum amount needed in the period






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






16. Production processes halted






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






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






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






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






21. The longest lead-time path in the BOM






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






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






24. 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






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






26. 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






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






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






29. The entire time period covered by the MPS






30. An order for the exact amount needed






31. Comparison of production needs to actual capacity






32. 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






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






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. Expenses incurred due to the fact that inventory is held






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






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






38. An order for an amount that covers a fixed period of time






39. 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






40. 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)






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






42. 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






43. inventory that is in the production process






44. 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






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






46. Regular demand patterns of repeating highs and lows






47. items in transit from ont location to another






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






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






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