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. Production rate is changed in each period to match the amount of expected demand






2. The tendency of a forecasting technique to continually overpredict or underpredict demand.






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






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






5. Amount paid to suppliers for products that are purchased






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






7. inventory is constantly monitored to decide when a replenishement order needs to be placed






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






9. Maintenance - repair and operating supplies






10. 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






11. 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)






12. Correlation of current demand values with past demand values






13. The determination of how many additional units are needed






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






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






16. inventory that is in the production process






17. 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.






18. 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






19. 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






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






21. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain






22. Tool created by AT&T for assessing life cycle costs






23. 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






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






25. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






26. The part of panned production that is not committed to a customer






27. The longest lead-time path in the BOM






28. Management system built around checking and ordering inventory at some regular interval






29. A period of time when an unknown amount of inventory is on hand






30. 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






31. 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






32. An illustration of the pattern of ordering and inventory levels






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






34. A strategy that includes some elements of level production and some elements of chase production strategies






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






36. 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






37. Unit selling price - unit cost






38. The amount of an item that is planned to be ordered in a period






39. The individual time period for planning






40. 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






41. The portion of average inventory determined as order quantity divided by two






42. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization






43. 1) No quantity discounts 2) No lot size restrictions 3) No partial deliveries 4) No variability 5) Quantity of one product is not dependent on that of another






44. 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






45. Extra inventory held to guard against uncertainty in demand or supply






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






47. File that contains detailed inventory and procurement records






48. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies






49. An event that occurs when no inventory is available






50. 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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