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 entire time period covered by the MPS






2. An illustration of the pattern of ordering and inventory levels






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






4. How much should be ordered and when?






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






6. An event that occurs when no inventory is available






7. Correlation of current demand values with past demand values






8. Difference between a forecast and the actual demand






9. Simple forecasting approach that assumes that recent history is a good predictor of the near future






10. 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






11. 1) Improved forecast accuracy 2) Higher customer service with lower finished goods inventory levels due to better forecasts and coordination fo supply with demand 3) More stable supply rates -> Higher productivity for purchasing - suppliers and oper






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






13. 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






14. The determination of how many additional units are needed






15. The individual time period for planning






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






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






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






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






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






21. 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






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






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






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






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






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






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






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






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






30. 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






31. items in transit from ont location to another






32. Sum of all relevant inventory costs incurred each year






33. inventory classification - info systems - accurate records






34. 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






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






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






37. Average size of forecast errors - irrespective of their directions.






38. items that are ready for sale to customers






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






40. Administrative expenses and the expenses of rearranging a work center to produce an item






41. Decision process in which managers predict demand and make operational plans accordingly






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






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






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






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






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






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






48. 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.






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






50. 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