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. The individual time period for planning






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






3. 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






4. Comparison of production needs to actual capacity






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






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

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7. Consistent horizontal stream of demands






8. Correlation of current demand values with past demand values






9. 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






10. Amount paid to suppliers for products that are purchased






11. 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






12. An estimation of the availability of the critical resources needed to support the MPS






13. 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






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






15. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






16. 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






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






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






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






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






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






22. Sum of all relevant inventory costs incurred each year






23. 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






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






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. A fixed time period that passes between inventory reviews






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






28. inventory that is in the production process






29. The determination of how many additional units are needed






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






31. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






32. Extra inventory held to guard against uncertainty in demand or supply






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






34. The minimum amount needed in the period






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






36. Demand that is created by customers






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






38. 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






39. 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






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






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






42. Production processes halted






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






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)






45. 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)






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






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






48. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






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






50. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions