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. 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






2. inconsistencies in the plan causes by changes to the MPS






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






4. 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






5. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






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






7. 1) Identify the price breaks on offer 2) Calculate the EOQ at each price break - starting with the lowest 3) Evaluate the feasibility of each EOQ value 4) Calculate the TAC for each feasible EOQ and for the minimum quantity required to attain each p






8. 1) Enhanced teamwork at executive & operating levels 2) Better decisions with less effort and time 3) Better alignment of operational - marketing and financial plans 4) Greater accountability for results 5) Ability to see potential problems sooner






9. 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






10. The total amount of an end item that is required






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






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






13. Forecasting model model that assigns a different weight to each period's demand according to its importance






14. A mathematical approach for fitting an equation to a set of data






15. inventory management systems used when the demand for an item is beyond the control of the organization






16. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






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






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






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






20. 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






21. Unit selling price - unit cost






22. 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






23. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)






24. The ranking of all items of inventory acording to importance






25. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






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






27. Sum of all relevant inventory costs incurred each year






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






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






30. 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)






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






32. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales






33. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






34. 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






35. 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






36. The sum of the inventory held across all of the locations in a company






37. Production processes halted






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






39. inventory that is in the production process






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






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






42. A combination of common sense inputs from frontline personnel and a computer simulation process






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






44. Demand that is created by customers






45. Model used to determine the order size for a one-time purchase






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






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






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






49. Comparison of production needs to actual capacity






50. An order for the exact amount needed