SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 combination of common sense inputs from frontline personnel and a computer simulation process
business model
focused forecasting
options to accomplish the objective of a chase plan
single period inventory model
2. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
Steps of designing a forecasting process
bullwhip effect
demand management
service level
3. The amount of an item that is planned to be ordered in a period
Advantages of high inventory turnover
planned order release
demand forecasting
capacity requirements planning (CRP)
4. 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
items included in the inventory record
rules of forecasting
Disadvantages when inventory turnover is too high
weighted moving average (time-series - statistical)
5. Administrative expenses and the expenses of rearranging a work center to produce an item
ways to improve demand planning
types of costs that must be identified and quantified in aggregate planning
planned order receipt
setup cost
6. 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
time bucket
judgement-based forecasting
inventory turnover
MRO inventory
7. Forecasting techniques that use input from high-level experienced managers
executive judgment (judgement-based)
inventory turnover
reorder point (ROP)
exponential smoothing (time-series - statistical)
8. Simple forecasting approach that assumes that recent history is a good predictor of the near future
total system inventory
collaborative activities in CPFR
naive model (time-series - statistical)
service level policy
9. Expenses incurred due to the fact that inventory is held
distribution requirements planning (DRP)
carrying (holding cost)
important trends influencing operations management and the emergence of business models
forecast bias / mean forecast error
10. items in transit from ont location to another
Wastes produced throughout the five product life cycle stages
Cost of being overstocked by one unit
transit inventory
gross requirements
11. Unit cost + disposal cost - salvage value
Cost of being overstocked by one unit
demand management
grassroots forecasting (judgement-based)
stockout (shortage) cost
12. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
measures of inventory performance
uncertainty period
Impact of lot size restrictions on quantity discounts
lot-for-lot (L4L)
13. 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
master production schedule (MPS)
mean absolute deviation / mean absolute error
rules of forecasting
life cycle analysis
14. 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
total system inventory
options to accomplish the objective of a chase plan
service level
exponential smoothing (time-series - statistical)
15. Difference between a forecast and the actual demand
dependent demand inventory systems
the financial impact of inventory
forecast error
master production schedule (MPS)
16. Determination of replenishement and postioining of finished goods in the distribution network
seasonality and cycles
distribution requirements planning (DRP)
Techniques used to manage inventory
important trends influencing operations management and the emergence of business models
17. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
18. items that are ready for sale to customers
finished goods inventory
product cost
sales and operations planning (S&OP)
aggregate production plan
19. The determination of how many additional units are needed
uncertainty period
Advantages of high inventory turnover
single period inventory model
requirements explosion
20. inventory management systems used when the demand for an item is beyond the control of the organization
Advantages of high inventory turnover
historical analogy (judgement-based)
items included in the inventory record
independent demand inventory systems
21. The assumption that there is an infinite amount of capacity available
infinite loading
quantitative ABC analysis procedure
Disadvantages when inventory turnover is too high
inventory
22. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Pareto's law
Wastes produced throughout the five product life cycle stages
life cycle waste assessment matrix (LCWAM)
Impact of lot size restrictions on quantity discounts
23. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
stockout (shortage) cost
inefficiencies caused by unpredictably fluctuating customer demand
reorder point (ROP)
fixed order quantity (FOQ)
24. 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
saw-tooth diagram
demand forecasting
two-bin system
inefficiencies caused by unpredictably fluctuating customer demand
25. Items bought from suppliers to use in the production of a product
periodic order quantity (POQ)
raw materials and components parts
the roles of inventory
cycle counting
26. Unit selling price - unit cost
fixed order quantity (FOQ)
Cost of being overstocked by one unit
service level policy
cost of a unit stockout
27. Supply of items held by a firm to meet demand
cycle stock
Three components of resource requirements planning
inventory
periodic review model
28. Sum of all relevant inventory costs incurred each year
fixed order quantity (FOQ)
total acquisition cost (TAC)
order interval
the expense components of carrying cost
29. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
causal models vs. simulation models
basic questions to answer when planning inventories
load profile
rules of forecasting
30. 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.
life cycle analysis
difference between order & setup costs
executive judgment (judgement-based)
rolling planning horizons
31. The individual time period for planning
forecast bias / mean forecast error
work in process inventory
order cost
time bucket
32. Measurement of how closely the forecast aligns with the observations over time
forecast accuracy
total system inventory
Impact of lot size restrictions on quantity discounts
the financial impact of inventory
33. Regular demand patterns of repeating highs and lows
aggregate production plan
seasonality and cycles
options to accomplish the objective of a chase plan
materials requirements planning (MRP)
34. 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
dependent demand inventory systems
Outputs of materials requirements planning (MRP)
Wastes produced throughout the five product life cycle stages
inventory status file
35. An order for an amount that covers a fixed period of time
setup cost
total acquisition cost (TAC)
postponable product
periodic order quantity (POQ)
36. Model used to determine the order size for a one-time purchase
grassroots forecasting (judgement-based)
single period inventory model
quantitative ABC analysis procedure
measures of inventory performance
37. Correlation of current demand values with past demand values
stable pattern
autocorrelation
shift or step change
materials requirements planning (MRP)
38. Replan each period (month or quarter) - for a given number of periods into the future
planning horizon
rolling planning horizons
product cost
quantitative ABC analysis procedure
39. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
level production strategy (aggregate production strategy)
MRO inventory
order cost
collaborative planning - forecasting and replenishment (CPFR)
40. The tendency of a forecasting technique to continually overpredict or underpredict demand.
nervousness
independet demand
days of supply
forecast bias / mean forecast error
41. Production rate is changed in each period to match the amount of expected demand
enterprise resource planning (ERP) system
chase strategy (aggregate production strategy)
Managerial approaches to reducing inventory costs
master production schedule (MPS)
42. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
saw-tooth diagram
bill of materials (BOM)
planning horizon
cost of a unit stockout
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
Advantages of high inventory turnover
important trends influencing operations management and the emergence of business models
load profile
judgement-based forecasting
44. inventory that is in the production process
dependent demand inventory systems
mean absolute deviation / mean absolute error
target service level (TSL)
work in process inventory
45. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
ways to improve demand planning
cumulative lead time
Managerial approaches to reducing inventory costs
load profile
46. A planning system used to ensure the right quantities of materials are available when needed
materials requirements planning (MRP)
forecast accuracy
raw materials and components parts
the expense components of carrying cost
47. Extra inventory held to guard against uncertainty in demand or supply
buffer (safety) stock
moving average (time-series - statistical)
level production strategy (aggregate production strategy)
planned order receipt
48. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
focused forecasting
target service level (TSL)
ABC analysis
life cycle analysis
49. Decision process in which managers predict demand and make operational plans accordingly
nervousness
demand forecasting
demand management
Disadvantages when inventory turnover is too high
50. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
ABC analysis
service level policy
independet demand
grassroots forecasting (judgement-based)