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






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






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






4. 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






5. An estimate of the capacity needed at work centers






6. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






7. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






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






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






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






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






12. 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)






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






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






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






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






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






18. 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






19. 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.






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






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






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






23. inventory of an item is stored in two different locations






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






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






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






27. Consistent horizontal stream of demands






28. 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.






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. 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






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






32. A combination of common sense inputs from frontline personnel and a computer simulation process






33. A fixed time period that passes between inventory reviews






34. An order for the same amount each time






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






36. The individual time period for planning






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






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. How much should be ordered and when?






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






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






42. Demand that depends upon decisions made by internal operations managers






43. A one-time change in demand - susually due to some external influence on demand






44. 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






45. 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






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






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






48. Demand that is created by customers






49. A method by which supply chain partners periodicaly hsare forecasts - demand palns - and resource plans in order to reduce uncertainty and risk in meeting customer demand






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







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