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Supply And Logistics
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. The tendency of a forecasting technique to continually overpredict or underpredict demand.
mean absolute deviation / mean absolute error
forecast bias / mean forecast error
stable pattern
inefficiencies caused by unpredictably fluctuating customer demand
2. Demand that is created by customers
target service level (TSL)
weighted moving average (time-series - statistical)
independet demand
forecast error
3. Technique that seeks inputs from people who are in close contact with customers and products
Global Trade Item Number (GTIN)
Impact of lot size restrictions on quantity discounts
grassroots forecasting (judgement-based)
demand management tactics
4. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
assumptions underlying the EOQ formulation
saw-tooth diagram
options to accomplish the objective of a chase plan
time series and analysis methods
5. The amount of an item that is planned to be ordered in a period
measures of inventory performance
naive model (time-series - statistical)
production order quantity
planned order release
6. An order for an amount that covers a fixed period of time
demand planning
vendor-managed inventory (VIM)
Pareto's law
periodic order quantity (POQ)
7. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
rules of forecasting
capacity requirements planning (CRP)
service level policy
Three components of resource requirements planning
8. Consistent horizontal stream of demands
MRO inventory
life cycle analysis
stable pattern
economic order quantity (EOQ)
9. How much should be ordered and when?
available to promise
basic questions to answer when planning inventories
periodic order quantity (POQ)
load profile
10. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
the roles of inventory
chase strategy (aggregate production strategy)
days of supply
time series and analysis methods
11. The determination of how many additional units are needed
requirements explosion
Three components of resource requirements planning
rules of forecasting
production order quantity
12. A planning system used to ensure the right quantities of materials are available when needed
basic questions to answer when planning inventories
stable pattern
materials requirements planning (MRP)
grassroots forecasting (judgement-based)
13. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
bill of materials (BOM)
Wastes produced throughout the five product life cycle stages
Soft benefits of S&OP
saw-tooth diagram
14. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
regression analysis
Managerial approaches to reducing inventory costs
service level policy
requirements explosion
15. The minimum amount needed in the period
cycle stock
types of costs that must be identified and quantified in aggregate planning
service level
net requriements
16. 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)
measures of inventory performance
gross requirements
ABC analysis
target service level (TSL)
17. Maintenance - repair and operating supplies
stable pattern
rolling planning horizons
MRO inventory
Cost of being overstocked by one unit
18. An order for the exact amount needed
days of supply
load profile
lot-for-lot (L4L)
ABC analysis
19. Lot size is the "batch size" of an order - e.g. you must order in increments of fifty - you should order the increment with the lowest TAC.
product cost
square root rule
demand forecasting
Impact of lot size restrictions on quantity discounts
20. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
aggregate production plan
collaborative planning - forecasting and replenishment (CPFR)
bill of materials (BOM)
work in process inventory
21. 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
assumptions underlying the EOQ formulation
raw materials and components parts
simulation models
Impact of lot size restrictions on quantity discounts
22. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
stable pattern
bill of materials (BOM)
Techniques used to manage inventory
part number
23. Process that adjusts prices as demand for a service occurs (or does not occur)
order interval
measures of inventory performance
Cost of being overstocked by one unit
yield management
24. Administrative expenses and the expenses of rearranging a work center to produce an item
planned order release
net requriements
setup cost
stable pattern
25. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
mixed or hybrid strategy
postponable product
target service level (TSL)
enterprise resource planning (ERP) system
26. The sum of the inventory held across all of the locations in a company
seasonality and cycles
total system inventory
inventory turnover
transit inventory
27. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
transit inventory
reorder point (ROP)
demand during lead time
important trends influencing operations management and the emergence of business models
28. Tool created by AT&T for assessing life cycle costs
Cost of being overstocked by one unit
forecast accuracy
independet demand
life cycle waste assessment matrix (LCWAM)
29. 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.
difference between order & setup costs
net requriements
stockout
carrying (holding cost)
30. An estimate of the capacity needed at work centers
capacity requirements planning (CRP)
basic questions to answer when planning inventories
MRO inventory
cycle counting
31. Computing power will double every 18 months while computing cost will decrease by half
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32. Determination of replenishement and postioining of finished goods in the distribution network
distribution requirements planning (DRP)
measures of inventory performance
mixed or hybrid strategy
saw-tooth diagram
33. Average size of forecast errors - irrespective of their directions.
order interval
mean absolute deviation / mean absolute error
finished goods inventory
Hard benefits of S&OP
34. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
net requriements
Pareto's law
order cost
periodic review model
35. Model used to determine the order size for a one-time purchase
autocorrelation
single period inventory model
difference between order & setup costs
items included in the inventory record
36. Forecasting model model that assigns a different weight to each period's demand according to its importance
naive model (time-series - statistical)
capacity requirements planning (CRP)
weighted moving average (time-series - statistical)
Impact of lot size restrictions on quantity discounts
37. A period of time when an unknown amount of inventory is on hand
marketing research (judgement-based)
uncertainty period
dependent demand
the expense components of carrying cost
38. Amount paid to suppliers for products that are purchased
assumptions underlying the EOQ formulation
impact of raw material and compontent part stockouts
cumulative lead time
product cost
39. Decision process in which managers predict demand and make operational plans accordingly
order interval
demand forecasting
inventory turnover
level production strategy (aggregate production strategy)
40. Cycle stocks - safety stocks - managing locations - implementing inventory models
inefficiencies caused by unpredictably fluctuating customer demand
Managerial approaches to reducing inventory costs
reorder point (ROP)
inventory status file
41. Production rate is changed in each period to match the amount of expected demand
forecast bias / mean forecast error
shift or step change
chase strategy (aggregate production strategy)
difference between order & setup costs
42. Unique ID for a part used by a specific company
part number
days of supply
naive model (time-series - statistical)
dependent demand
43. Measurement of how closely the forecast aligns with the observations over time
demand management tactics
single period inventory model
important trends influencing operations management and the emergence of business models
forecast accuracy
44. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
distribution requirements planning (DRP)
assumptions underlying the EOQ formulation
days of supply
production order quantity
45. The amount that is planned to arrive at the beginning of a period
bill of materials (BOM)
planned order receipt
net requriements
Hard benefits of S&OP
46. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
uncertainty period
smoothing coefficient
types of costs that must be identified and quantified in aggregate planning
Delphi method (judgement-based)
47. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
stockout
cycle counting
chase strategy (aggregate production strategy)
trend
48. 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)
finished goods inventory
historical analogy (judgement-based)
moving average (time-series - statistical)
49. An order for the same amount each time
moving average (time-series - statistical)
infinite loading
fixed order quantity (FOQ)
stockout
50. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
Global Trade Item Number (GTIN)
fixed order quantity (FOQ)
simulation models
inefficiencies caused by unpredictably fluctuating customer demand
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