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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. An order for the exact amount needed
lot-for-lot (L4L)
inefficiencies caused by unpredictably fluctuating customer demand
net requriements
life cycle analysis
2. Technique that seeks inputs from people who are in close contact with customers and products
Outputs of materials requirements planning (MRP)
grassroots forecasting (judgement-based)
trend
cycle counting
3. inventory is constantly monitored to decide when a replenishement order needs to be placed
load profile
time series and analysis methods
weighted moving average (time-series - statistical)
continuous review model
4. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
economic order quantity (EOQ)
work in process inventory
simulation models
Managerial approaches to reducing inventory costs
5. A fixed time period that passes between inventory reviews
infinite loading
order interval
single period inventory model
options to accomplish the objective of a chase plan
6. File that contains detailed inventory and procurement records
Three components of resource requirements planning
executive judgment (judgement-based)
inventory status file
smoothing coefficient
7. Production rate is changed in each period to match the amount of expected demand
Three components of resource requirements planning
types of costs that must be identified and quantified in aggregate planning
chase strategy (aggregate production strategy)
yield management
8. Cycle stocks - safety stocks - managing locations - implementing inventory models
Managerial approaches to reducing inventory costs
rought-cut capacity planning
dependent demand inventory systems
part number
9. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
Delphi method (judgement-based)
aggregate production plan
Three components of resource requirements planning
collaborative planning - forecasting and replenishment (CPFR)
10. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
MRO inventory
Cost of being overstocked by one unit
exponential smoothing (time-series - statistical)
regression analysis
11. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
ways to improve demand planning
yield management
important trends influencing operations management and the emergence of business models
collaborative planning - forecasting and replenishment (CPFR)
12. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
difference between order & setup costs
Pareto's law
important trends influencing operations management and the emergence of business models
quantitative ABC analysis procedure
13. Average size of forecast errors - irrespective of their directions.
Three components of resource requirements planning
trend
mean absolute deviation / mean absolute error
causal models vs. simulation models
14. A period of time when an unknown amount of inventory is on hand
uncertainty period
part number
planned order release
judgement-based forecasting
15. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
Pareto's law
forecast accuracy
square root rule
simulation models
16. Expenses incurred due to the fact that inventory is held
single period inventory model
carrying (holding cost)
rolling planning horizons
the financial impact of inventory
17. items that are ready for sale to customers
carrying (holding cost)
impact of raw material and compontent part stockouts
finished goods inventory
simulation models
18. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
sales and operations planning (S&OP)
advance planning and scheduling (APS) systems
buffer (safety) stock
infinite loading
19. Correlation of current demand values with past demand values
single period inventory model
rolling planning horizons
autocorrelation
Advantages of high inventory turnover
20. 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.
autocorrelation
judgement-based forecasting
Disadvantages when inventory turnover is too high
economic order quantity (EOQ)
21. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
aggregate production plan
the expense components of carrying cost
inefficiencies caused by unpredictably fluctuating customer demand
seasonality and cycles
22. 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
independent demand inventory systems
steps to determine order quantity when quantity discounts are available
carrying (holding cost)
the financial impact of inventory
23. 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
the expense components of carrying cost
options to accomplish the objective of a chase plan
lot-for-lot (L4L)
the financial impact of inventory
24. 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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25. Replan each period (month or quarter) - for a given number of periods into the future
cycle stock
rolling planning horizons
sales and operations planning (S&OP)
historical analogy (judgement-based)
26. 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
Outputs of materials requirements planning (MRP)
life cycle waste assessment matrix (LCWAM)
Managerial approaches to reducing inventory costs
impact of raw material and compontent part stockouts
27. Measurement of how closely the forecast aligns with the observations over time
dependent demand
historical analogy (judgement-based)
forecast accuracy
production order quantity
28. Amount paid to suppliers for products that are purchased
product cost
requirements explosion
part number
nervousness
29. Comparison of production needs to actual capacity
load profile
simulation models
Soft benefits of S&OP
planning horizon
30. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
service level policy
infinite loading
independent demand inventory systems
planned order receipt
31. items in transit from ont location to another
naive model (time-series - statistical)
transit inventory
level production strategy (aggregate production strategy)
demand management
32. 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
marketing research (judgement-based)
collaborative activities in CPFR
trend
bill of materials (BOM)
33. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
rought-cut capacity planning
demand planning
important trends influencing operations management and the emergence of business models
order cost
34. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
bill of materials (BOM)
mixed or hybrid strategy
Steps of designing a forecasting process
transit inventory
35. Systems that integrate materials and capacity planning into one system
Outputs of materials requirements planning (MRP)
fixed order quantity (FOQ)
advance planning and scheduling (APS) systems
time bucket
36. The minimum amount needed in the period
enterprise resource planning (ERP) system
net requriements
types of costs that must be identified and quantified in aggregate planning
simulation models
37. Decision process in which managers predict demand and make operational plans accordingly
demand forecasting
stockout (shortage) cost
requirements explosion
inventory status file
38. Management systems used when the demand for an item is derived from the demand for some other item
moving average (time-series - statistical)
dependent demand inventory systems
planning horizon
single period inventory model
39. Management system built around checking and ordering inventory at some regular interval
product cost
inventory status file
periodic review model
ways to improve demand planning
40. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
the roles of inventory
grassroots forecasting (judgement-based)
single period inventory model
mixed or hybrid strategy
41. A one-time change in demand - susually due to some external influence on demand
cycle stock
periodic order quantity (POQ)
cumulative lead time
shift or step change
42. A mathematical approach for fitting an equation to a set of data
seasonality and cycles
rought-cut capacity planning
regression analysis
buffer (safety) stock
43. 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
smoothing coefficient
cost of a unit stockout
types of costs that must be identified and quantified in aggregate planning
dependent demand
44. Maintenance - repair and operating supplies
total system inventory
MRO inventory
time bucket
items included in the inventory record
45. inventory of an item is stored in two different locations
moving average (time-series - statistical)
saw-tooth diagram
two-bin system
time series and analysis methods
46. The ranking of all items of inventory acording to importance
important trends influencing operations management and the emergence of business models
impact of raw material and compontent part stockouts
demand management
ABC analysis
47. The portion of average inventory determined as order quantity divided by two
dependent demand
capacity requirements planning (CRP)
cycle stock
Hard benefits of S&OP
48. 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
Techniques used to manage inventory
cost of a unit stockout
rules of forecasting
enterprise resource planning (ERP) system
49. The tendency of a forecasting technique to continually overpredict or underpredict demand.
Steps of designing a forecasting process
forecast bias / mean forecast error
collaborative activities in CPFR
capacity requirements planning (CRP)
50. Process where each item in inventory is physically counted on a routine schedule
cycle counting
Global Trade Item Number (GTIN)
items included in the inventory record
historical analogy (judgement-based)