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. Determination of replenishement and postioining of finished goods in the distribution network






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






3. items in transit from ont location to another






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






5. Production processes halted






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






7. 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






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






9. An estimate of the capacity needed at work centers






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






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






12. An order for the exact amount needed






13. A fixed time period that passes between inventory reviews






14. File that contains detailed inventory and procurement records






15. 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






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






17. Minimum level of inventory that triggers the need to order more






18. The entire time period covered by the MPS






19. The determination of how many additional units are needed






20. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan






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






22. inventory that is in the production process






23. Difference between a forecast and the actual demand






24. inventory classification - info systems - accurate records






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






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






27. 1) Influence the timing or quantity of demand through pricing changes - promotions - or sales incentives 2) Manage the timing of order fulfillment 3) Substitute by encouraging customers to shift their orders from one product to another - or from o






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






29. inventory is constantly monitored to decide when a replenishement order needs to be placed






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






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






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






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






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






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






36. 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






37. Expenses incurred due to the fact that inventory is held






38. The individual time period for planning






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






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






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






42. 1) Extra resources expand and contract capacity to meet varying demand 2) Backlogging of certain orders to smooth out demand fluctuations 3) Customer dissatisfaction with inability to meet all demands 4) Buffering the system with safety stocks - saf






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






44. 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






45. Amount paid to suppliers for products that are purchased






46. The minimum amount needed in the period






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






48. Comparison of production needs to actual capacity






49. items that are ready for sale to customers






50. 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