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. Comparison of production needs to actual capacity






2. 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






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






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






5. Process that adjusts prices as demand for a service occurs (or does not occur)






6. A planning system used to ensure the right quantities of materials are available when needed






7. 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






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






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






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






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






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






14. Regular demand patterns of repeating highs and lows






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






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






17. 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






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






19. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






20. inventory classification - info systems - accurate records






21. Unit cost + disposal cost - salvage value






22. 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






23. 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)






24. A parameter indicating the weight given to the most recent demand






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






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






27. Amount paid to suppliers for products that are purchased






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






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






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






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






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






33. 1) item number 2) item description 3) Lead time to order and receive the item from a supplier or to produce it internally 4) Preferred order quantity (lot size) 5) Safety stock quantity 6) Other info (cost/process descriptions) 7) Quantity on hand 8)






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






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






36. 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






37. 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






38. Forecasting techniques that use input from high-level experienced managers






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






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






41. An estimate of the capacity needed at work centers






42. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






43. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






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






45. 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






46. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






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






48. 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






49. 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






50. The determination of how many additional units are needed