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






2. Unique ID for a part used by a specific company






3. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni






4. 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.






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






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






7. items in transit from ont location to another






8. 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






9. An estimate of the capacity needed at work centers






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






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. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






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






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






15. 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.






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






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






18. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






19. inventory classification - info systems - accurate records






20. Consistent horizontal stream of demands






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






22. 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






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






24. 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)






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






26. Amount paid to suppliers for products that are purchased






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






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






29. 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






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






31. 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






32. How much should be ordered and when?






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






34. 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






35. Unit cost + disposal cost - salvage value






36. 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






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






38. The entire time period covered by the MPS






39. 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






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






41. Expenses incurred due to the fact that inventory is held






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






43. 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






44. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales






45. File that contains detailed inventory and procurement records






46. items that are ready for sale to customers






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






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






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






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