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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. inventory that is in the production process
regression analysis
work in process inventory
impact of raw material and compontent part stockouts
part number
2. A mathematical approach for fitting an equation to a set of data
Techniques used to manage inventory
the financial impact of inventory
regression analysis
uncertainty period
3. The determination of how many additional units are needed
business model
lot-for-lot (L4L)
economic order quantity (EOQ)
requirements explosion
4. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
marketing research (judgement-based)
exponential smoothing (time-series - statistical)
ways to improve demand planning
aggregate production plan
5. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
chase strategy (aggregate production strategy)
inventory status file
Techniques used to manage inventory
causal models vs. simulation models
6. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
seasonality and cycles
trend
aggregate production plan
Advantages of high inventory turnover
7. Regular demand patterns of repeating highs and lows
seasonality and cycles
advance planning and scheduling (APS) systems
nervousness
ABC analysis
8. Sum of all relevant inventory costs incurred each year
ways to improve demand planning
business model
total acquisition cost (TAC)
target service level (TSL)
9. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
total system inventory
steps to determine order quantity when quantity discounts are available
assumptions underlying the EOQ formulation
measures of inventory performance
10. 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
historical analogy (judgement-based)
rolling planning horizons
cycle counting
rules of forecasting
11. Management system built around checking and ordering inventory at some regular interval
naive model (time-series - statistical)
types of costs that must be identified and quantified in aggregate planning
Managerial approaches to reducing inventory costs
periodic review model
12. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
types of costs that must be identified and quantified in aggregate planning
inventory
regression analysis
the roles of inventory
13. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
demand management tactics
simulation models
aggregate production plan
assumptions underlying the EOQ formulation
14. A one-time change in demand - susually due to some external influence on demand
shift or step change
rolling planning horizons
demand management
demand planning
15. 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
inventory turnover
available to promise
exponential smoothing (time-series - statistical)
planned order release
16. items that are ready for sale to customers
planned order receipt
collaborative planning - forecasting and replenishment (CPFR)
finished goods inventory
capacity requirements planning (CRP)
17. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
two-bin system
ways to improve demand planning
Moore's law
service level policy
18. The firm produces at a constant rate over the year
business model
level production strategy (aggregate production strategy)
moving average (time-series - statistical)
net requriements
19. 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
the financial impact of inventory
Outputs of materials requirements planning (MRP)
executive judgment (judgement-based)
Hard benefits of S&OP
20. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
Managerial approaches to reducing inventory costs
bill of materials (BOM)
finished goods inventory
trend
21. Unit cost + disposal cost - salvage value
finished goods inventory
Cost of being overstocked by one unit
types of costs that must be identified and quantified in aggregate planning
bill of materials (BOM)
22. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
the financial impact of inventory
moving average (time-series - statistical)
reorder point (ROP)
Three components of resource requirements planning
23. The longest lead-time path in the BOM
sales and operations planning (S&OP)
target service level (TSL)
cumulative lead time
vendor-managed inventory (VIM)
24. 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)
economic order quantity (EOQ)
demand management tactics
life cycle waste assessment matrix (LCWAM)
items included in the inventory record
25. A parameter indicating the weight given to the most recent demand
life cycle waste assessment matrix (LCWAM)
smoothing coefficient
single period inventory model
advance planning and scheduling (APS) systems
26. inventory classification - info systems - accurate records
part number
Techniques used to manage inventory
uncertainty period
demand during lead time
27. An estimate of the capacity needed at work centers
Moore's law
measures of inventory performance
marketing research (judgement-based)
capacity requirements planning (CRP)
28. The sum of the inventory held across all of the locations in a company
types of costs that must be identified and quantified in aggregate planning
Three components of resource requirements planning
service level
total system inventory
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
Disadvantages when inventory turnover is too high
Three components of resource requirements planning
collaborative planning - forecasting and replenishment (CPFR)
work in process inventory
30. An order for the same amount each time
regression analysis
fixed order quantity (FOQ)
measures of inventory performance
marketing research (judgement-based)
31. The assumption that there is an infinite amount of capacity available
distribution requirements planning (DRP)
infinite loading
cycle counting
collaborative planning - forecasting and replenishment (CPFR)
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
aggregate production plan
regression analysis
collaborative activities in CPFR
seasonality and cycles
33. Average size of forecast errors - irrespective of their directions.
cycle stock
executive judgment (judgement-based)
mean absolute deviation / mean absolute error
historical analogy (judgement-based)
34. Quantities of each finished product to be completed for each period
buffer (safety) stock
service level policy
master production schedule (MPS)
business model
35. Technique that seeks inputs from people who are in close contact with customers and products
inventory status file
available to promise
grassroots forecasting (judgement-based)
rought-cut capacity planning
36. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
two-bin system
distribution requirements planning (DRP)
bullwhip effect
forecast accuracy
37. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
the financial impact of inventory
postponable product
Moore's law
demand during lead time
38. 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
types of costs that must be identified and quantified in aggregate planning
transit inventory
carrying (holding cost)
dependent demand inventory systems
39. Comparison of production needs to actual capacity
stable pattern
important trends influencing operations management and the emergence of business models
load profile
collaborative planning - forecasting and replenishment (CPFR)
40. Systems that integrate materials and capacity planning into one system
bullwhip effect
Outputs of materials requirements planning (MRP)
advance planning and scheduling (APS) systems
mean absolute deviation / mean absolute error
41. An order for an amount that covers a fixed period of time
periodic order quantity (POQ)
demand management
Steps of designing a forecasting process
net requriements
42. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
order cost
raw materials and components parts
finished goods inventory
causal models vs. simulation models
43. File that contains detailed inventory and procurement records
Disadvantages when inventory turnover is too high
inventory status file
independent demand inventory systems
moving average (time-series - statistical)
44. A strategy that includes some elements of level production and some elements of chase production strategies
Delphi method (judgement-based)
planned order release
available to promise
mixed or hybrid strategy
45. A planning system used to ensure the right quantities of materials are available when needed
stockout
sales and operations planning (S&OP)
planning horizon
materials requirements planning (MRP)
46. The entire time period covered by the MPS
executive judgment (judgement-based)
Pareto's law
inventory status file
planning horizon
47. Items bought from suppliers to use in the production of a product
important trends influencing operations management and the emergence of business models
raw materials and components parts
part number
the expense components of carrying cost
48. The amount that is planned to arrive at the beginning of a period
planned order receipt
enterprise resource planning (ERP) system
steps to determine order quantity when quantity discounts are available
carrying (holding cost)
49. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
chase strategy (aggregate production strategy)
naive model (time-series - statistical)
production order quantity
the financial impact of inventory
50. items in transit from ont location to another
setup cost
Advantages of high inventory turnover
rules of forecasting
transit inventory