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






2. 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






3. Demand that is created by customers






4. The determination of how many additional units are needed






5. The firm produces at a constant rate over the year






6. The entire time period covered by the MPS






7. 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.






8. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






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






10. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






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






12. 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






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






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






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






16. The longest lead-time path in the BOM






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






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






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






20. 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






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






22. 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)






23. Consistent horizontal stream of demands






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






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

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






28. 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






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






30. 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






31. 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






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






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






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






35. inventory of an item is stored in two different locations






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






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






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






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






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






41. 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)






42. Measure of how well the objective of meeting customer demand is met: usually in terms of # or % of inventory items for which there is no inventory on hand






43. An order for the exact amount needed






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






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






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






47. 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.






48. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers






49. The minimum amount needed in the period






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