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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. A parameter indicating the weight given to the most recent demand
smoothing coefficient
rought-cut capacity planning
chase strategy (aggregate production strategy)
postponable product
2. How much should be ordered and when?
economic order quantity (EOQ)
bullwhip effect
focused forecasting
basic questions to answer when planning inventories
3. Difference between a forecast and the actual demand
postponable product
Impact of lot size restrictions on quantity discounts
MRO inventory
forecast error
4. inventory management systems used when the demand for an item is beyond the control of the organization
independent demand inventory systems
carrying (holding cost)
time bucket
continuous review model
5. The firm produces at a constant rate over the year
Hard benefits of S&OP
demand management
stable pattern
level production strategy (aggregate production strategy)
6. 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
the financial impact of inventory
historical analogy (judgement-based)
collaborative activities in CPFR
service level
7. 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
periodic review model
business model
Pareto's law
service level
8. 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
available to promise
stable pattern
inefficiencies caused by unpredictably fluctuating customer demand
types of costs that must be identified and quantified in aggregate planning
9. Minimum level of inventory that triggers the need to order more
MRO inventory
Soft benefits of S&OP
reorder point (ROP)
level production strategy (aggregate production strategy)
10. The determination of how many additional units are needed
chase strategy (aggregate production strategy)
demand planning
requirements explosion
order interval
11. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
seasonality and cycles
moving average (time-series - statistical)
simulation models
bill of materials (BOM)
12. Supply of items held by a firm to meet demand
Cost of being overstocked by one unit
inventory
collaborative planning - forecasting and replenishment (CPFR)
Impact of lot size restrictions on quantity discounts
13. The entire time period covered by the MPS
enterprise resource planning (ERP) system
planning horizon
MRO inventory
planned order release
14. Demand that depends upon decisions made by internal operations managers
dependent demand
rolling planning horizons
bill of materials (BOM)
time bucket
15. The individual time period for planning
Cost of being overstocked by one unit
dependent demand inventory systems
time bucket
business model
16. The portion of average inventory determined as order quantity divided by two
assumptions underlying the EOQ formulation
inventory turnover
order interval
cycle stock
17. 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
items included in the inventory record
materials requirements planning (MRP)
Moore's law
Soft benefits of S&OP
18. Comparison of production needs to actual capacity
periodic order quantity (POQ)
Global Trade Item Number (GTIN)
measures of inventory performance
load profile
19. The longest lead-time path in the BOM
cumulative lead time
Outputs of materials requirements planning (MRP)
order cost
distribution requirements planning (DRP)
20. 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
planning horizon
service level policy
inventory turnover
postponable product
21. A fixed time period that passes between inventory reviews
Hard benefits of S&OP
carrying (holding cost)
forecast bias / mean forecast error
order interval
22. A planning system used to ensure the right quantities of materials are available when needed
time bucket
materials requirements planning (MRP)
Outputs of materials requirements planning (MRP)
independent demand inventory systems
23. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
aggregate production plan
Soft benefits of S&OP
difference between order & setup costs
requirements explosion
24. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
marketing research (judgement-based)
level production strategy (aggregate production strategy)
planning horizon
advance planning and scheduling (APS) systems
25. items in transit from ont location to another
forecast bias / mean forecast error
naive model (time-series - statistical)
transit inventory
stable pattern
26. Unique ID for a part used by a specific company
Soft benefits of S&OP
nervousness
historical analogy (judgement-based)
part number
27. Measurement of how closely the forecast aligns with the observations over time
net requriements
forecast accuracy
buffer (safety) stock
bill of materials (BOM)
28. 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
the financial impact of inventory
quantitative ABC analysis procedure
demand planning
stockout
29. A one-time change in demand - susually due to some external influence on demand
shift or step change
aggregate production plan
life cycle analysis
periodic review model
30. An illustration of the pattern of ordering and inventory levels
forecast accuracy
historical analogy (judgement-based)
total system inventory
saw-tooth diagram
31. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
measures of inventory performance
postponable product
time series and analysis methods
important trends influencing operations management and the emergence of business models
32. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
gross requirements
Techniques used to manage inventory
smoothing coefficient
sales and operations planning (S&OP)
33. 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
infinite loading
regression analysis
the expense components of carrying cost
Disadvantages when inventory turnover is too high
34. 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
quantitative ABC analysis procedure
Steps of designing a forecasting process
difference between order & setup costs
single period inventory model
35. A combination of common sense inputs from frontline personnel and a computer simulation process
carrying (holding cost)
aggregate production plan
focused forecasting
periodic order quantity (POQ)
36. Unit selling price - unit cost
regression analysis
Disadvantages when inventory turnover is too high
cost of a unit stockout
distribution requirements planning (DRP)
37. An order for the same amount each time
stockout (shortage) cost
fixed order quantity (FOQ)
demand during lead time
Soft benefits of S&OP
38. 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
transit inventory
collaborative activities in CPFR
demand forecasting
part number
39. 1) item number 2) item description 3) Lead time to order and receive the item from a supplier or to produce it internally 4) Preferred order quantity (lot size) 5) Safety stock quantity 6) Other info (cost/process descriptions) 7) Quantity on hand 8)
stockout
inventory
cumulative lead time
items included in the inventory record
40. 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.
types of costs that must be identified and quantified in aggregate planning
causal models vs. simulation models
Impact of lot size restrictions on quantity discounts
difference between order & setup costs
41. inventory that is in the production process
inefficiencies caused by unpredictably fluctuating customer demand
dependent demand inventory systems
continuous review model
work in process inventory
42. The amount that is planned to arrive at the beginning of a period
mixed or hybrid strategy
steps to determine order quantity when quantity discounts are available
planned order receipt
yield management
43. Amount paid to suppliers for products that are purchased
distribution requirements planning (DRP)
Pareto's law
collaborative planning - forecasting and replenishment (CPFR)
product cost
44. The tendency of a forecasting technique to continually overpredict or underpredict demand.
planned order receipt
forecast bias / mean forecast error
inventory status file
inventory
45. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
production order quantity
moving average (time-series - statistical)
target service level (TSL)
seasonality and cycles
46. Production rate is changed in each period to match the amount of expected demand
collaborative planning - forecasting and replenishment (CPFR)
demand management
chase strategy (aggregate production strategy)
service level policy
47. 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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48. 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
Disadvantages when inventory turnover is too high
requirements explosion
Outputs of materials requirements planning (MRP)
important trends influencing operations management and the emergence of business models
49. Items bought from suppliers to use in the production of a product
raw materials and components parts
ways to improve demand planning
types of costs that must be identified and quantified in aggregate planning
stockout (shortage) cost
50. 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
setup cost
aggregate production plan
regression analysis
types of costs that must be identified and quantified in aggregate planning