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. Technique that seeks inputs from people who are in close contact with customers and products






2. A one-time change in demand - susually due to some external influence on demand






3. items in transit from ont location to another






4. File that contains detailed inventory and procurement records






5. Process where each item in inventory is physically counted on a routine schedule






6. 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






7. Demand that is created by customers






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






9. The individual time period for planning






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






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






12. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.






13. An estimate of the capacity needed at work centers






14. Vendor is responsible for managing the inventory located at a customer's facility






15. Maintenance - repair and operating supplies






16. Computing power will double every 18 months while computing cost will decrease by half

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17. Items bought from suppliers to use in the production of a product






18. Replan each period (month or quarter) - for a given number of periods into the future






19. Specification of the amount of risk of incurring a stockout that a firm is willing to incur






20. The longest lead-time path in the BOM






21. 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






22. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






23. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling






24. 1) Influence the timing or quantity of demand through pricing changes - promotions - or sales incentives 2) Manage the timing of order fulfillment 3) Substitute by encouraging customers to shift their orders from one product to another - or from o






25. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






26. Administrative expenses and the expenses of rearranging a work center to produce an item






27. Systems that integrate materials and capacity planning into one system






28. inventory classification - info systems - accurate records






29. Combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm's operations and financial goals (includes demand forecasting and management)






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






31. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






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






33. Cycle stocks - safety stocks - managing locations - implementing inventory models






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






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






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






37. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






38. Unit cost + disposal cost - salvage value






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






40. An order for the exact amount needed






41. Decision process in which managers predict demand and make operational plans accordingly






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






43. 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






44. 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






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






46. The amount that is planned to arrive at the beginning of a period






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






48. 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






49. 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






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