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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
weighted moving average (time-series - statistical)
inventory status file
ways to improve demand planning
part number
2. Comparison of production needs to actual capacity
dependent demand inventory systems
cost of a unit stockout
load profile
collaborative planning - forecasting and replenishment (CPFR)
3. Correlation of current demand values with past demand values
inventory turnover
autocorrelation
Cost of being overstocked by one unit
raw materials and components parts
4. A planning system used to ensure the right quantities of materials are available when needed
Impact of lot size restrictions on quantity discounts
total system inventory
marketing research (judgement-based)
materials requirements planning (MRP)
5. Software that consolidates all of the business planning systems and data throughout an organization
Soft benefits of S&OP
enterprise resource planning (ERP) system
Managerial approaches to reducing inventory costs
Outputs of materials requirements planning (MRP)
6. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
service level
demand management tactics
bullwhip effect
stockout
7. Unit selling price - unit cost
time bucket
assumptions underlying the EOQ formulation
difference between order & setup costs
cost of a unit stockout
8. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
moving average (time-series - statistical)
independet demand
naive model (time-series - statistical)
uncertainty period
9. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
life cycle waste assessment matrix (LCWAM)
Global Trade Item Number (GTIN)
moving average (time-series - statistical)
forecast bias / mean forecast error
10. A one-time change in demand - susually due to some external influence on demand
shift or step change
gross requirements
historical analogy (judgement-based)
Disadvantages when inventory turnover is too high
11. An event that occurs when no inventory is available
independent demand inventory systems
infinite loading
time bucket
stockout
12. Decision process in which managers predict demand and make operational plans accordingly
Three components of resource requirements planning
demand forecasting
order interval
items included in the inventory record
13. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
the roles of inventory
bill of materials (BOM)
requirements explosion
Hard benefits of S&OP
14. A mathematical approach for fitting an equation to a set of data
regression analysis
work in process inventory
the financial impact of inventory
stockout (shortage) cost
15. The portion of average inventory determined as order quantity divided by two
planning horizon
cycle stock
Disadvantages when inventory turnover is too high
Moore's law
16. A parameter indicating the weight given to the most recent demand
types of costs that must be identified and quantified in aggregate planning
smoothing coefficient
independent demand inventory systems
trend
17. Systems that integrate materials and capacity planning into one system
inventory status file
two-bin system
advance planning and scheduling (APS) systems
sales and operations planning (S&OP)
18. The amount of an item that is planned to be ordered in a period
Cost of being overstocked by one unit
judgement-based forecasting
service level policy
planned order release
19. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
service level policy
smoothing coefficient
vendor-managed inventory (VIM)
simulation models
20. The assumption that there is an infinite amount of capacity available
infinite loading
exponential smoothing (time-series - statistical)
time bucket
inventory turnover
21. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
order cost
collaborative planning - forecasting and replenishment (CPFR)
Techniques used to manage inventory
cost of a unit stockout
22. The sum of the inventory held across all of the locations in a company
the expense components of carrying cost
assumptions underlying the EOQ formulation
Pareto's law
total system inventory
23. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)
cycle stock
rought-cut capacity planning
target service level (TSL)
planning horizon
24. A period of time when an unknown amount of inventory is on hand
economic order quantity (EOQ)
uncertainty period
setup cost
difference between order & setup costs
25. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
order cost
Three components of resource requirements planning
days of supply
collaborative planning - forecasting and replenishment (CPFR)
26. 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
net requriements
Delphi method (judgement-based)
the expense components of carrying cost
Managerial approaches to reducing inventory costs
27. 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
continuous review model
bill of materials (BOM)
rules of forecasting
impact of raw material and compontent part stockouts
28. 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
steps to determine order quantity when quantity discounts are available
gross requirements
cumulative lead time
collaborative activities in CPFR
29. Management systems used when the demand for an item is derived from the demand for some other item
chase strategy (aggregate production strategy)
target service level (TSL)
total acquisition cost (TAC)
dependent demand inventory systems
30. An order for an amount that covers a fixed period of time
vendor-managed inventory (VIM)
Hard benefits of S&OP
periodic order quantity (POQ)
fixed order quantity (FOQ)
31. inventory classification - info systems - accurate records
demand planning
single period inventory model
Techniques used to manage inventory
simulation models
32. Unit cost + disposal cost - salvage value
dependent demand
chase strategy (aggregate production strategy)
product cost
Cost of being overstocked by one unit
33. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
buffer (safety) stock
order cost
production order quantity
historical analogy (judgement-based)
34. The part of panned production that is not committed to a customer
collaborative activities in CPFR
available to promise
capacity requirements planning (CRP)
MRO inventory
35. 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.
rules of forecasting
two-bin system
difference between order & setup costs
demand planning
36. Production processes halted
impact of raw material and compontent part stockouts
time bucket
lot-for-lot (L4L)
Three components of resource requirements planning
37. Computing power will double every 18 months while computing cost will decrease by half
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38. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
Managerial approaches to reducing inventory costs
independet demand
Global Trade Item Number (GTIN)
postponable product
39. Amount paid to suppliers for products that are purchased
Wastes produced throughout the five product life cycle stages
uncertainty period
periodic order quantity (POQ)
product cost
40. How much should be ordered and when?
reorder point (ROP)
inventory turnover
basic questions to answer when planning inventories
dependent demand
41. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
stockout (shortage) cost
regression analysis
lot-for-lot (L4L)
Moore's law
42. The longest lead-time path in the BOM
cumulative lead time
Pareto's law
Steps of designing a forecasting process
production order quantity
43. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
life cycle analysis
focused forecasting
sales and operations planning (S&OP)
exponential smoothing (time-series - statistical)
44. Built upon estimates and opinions of people - e.g. experts. Attempt to incorporate factors of demand that are difficult to capture in a purely statistical model.
forecast bias / mean forecast error
demand planning
judgement-based forecasting
independet demand
45. Model used to determine the order size for a one-time purchase
cumulative lead time
options to accomplish the objective of a chase plan
single period inventory model
periodic review model
46. Cycle stocks - safety stocks - managing locations - implementing inventory models
advance planning and scheduling (APS) systems
Managerial approaches to reducing inventory costs
smoothing coefficient
master production schedule (MPS)
47. inventory that is in the production process
part number
stockout
marketing research (judgement-based)
work in process inventory
48. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
assumptions underlying the EOQ formulation
Wastes produced throughout the five product life cycle stages
transit inventory
time series and analysis methods
49. Determination of replenishement and postioining of finished goods in the distribution network
mean absolute deviation / mean absolute error
single period inventory model
distribution requirements planning (DRP)
advance planning and scheduling (APS) systems
50. 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
work in process inventory
Outputs of materials requirements planning (MRP)
life cycle analysis
autocorrelation