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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. items in transit from ont location to another
cycle counting
Delphi method (judgement-based)
transit inventory
available to promise
2. Consistent horizontal stream of demands
stable pattern
exponential smoothing (time-series - statistical)
Pareto's law
judgement-based forecasting
3. 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.
collaborative activities in CPFR
judgement-based forecasting
buffer (safety) stock
economic order quantity (EOQ)
4. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
judgement-based forecasting
two-bin system
demand during lead time
service level policy
5. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
Moore's law
bullwhip effect
mixed or hybrid strategy
important trends influencing operations management and the emergence of business models
6. Determination of replenishement and postioining of finished goods in the distribution network
Hard benefits of S&OP
cycle stock
moving average (time-series - statistical)
distribution requirements planning (DRP)
7. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
stockout (shortage) cost
grassroots forecasting (judgement-based)
square root rule
buffer (safety) stock
8. Unit cost + disposal cost - salvage value
Cost of being overstocked by one unit
executive judgment (judgement-based)
autocorrelation
causal models vs. simulation models
9. Demand that is created by customers
life cycle analysis
independet demand
transit inventory
chase strategy (aggregate production strategy)
10. Forecasting techniques that use input from high-level experienced managers
Three components of resource requirements planning
reorder point (ROP)
stable pattern
executive judgment (judgement-based)
11. A one-time change in demand - susually due to some external influence on demand
reorder point (ROP)
life cycle analysis
raw materials and components parts
shift or step change
12. An estimation of the availability of the critical resources needed to support the MPS
order cost
requirements explosion
square root rule
rought-cut capacity planning
13. Computing power will double every 18 months while computing cost will decrease by half
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14. 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
planned order release
rolling planning horizons
periodic order quantity (POQ)
Advantages of high inventory turnover
15. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
bill of materials (BOM)
production order quantity
judgement-based forecasting
independet demand
16. How much should be ordered and when?
mean absolute deviation / mean absolute error
the financial impact of inventory
inventory
basic questions to answer when planning inventories
17. 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
weighted moving average (time-series - statistical)
postponable product
total acquisition cost (TAC)
types of costs that must be identified and quantified in aggregate planning
18. 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.
product cost
rules of forecasting
Impact of lot size restrictions on quantity discounts
collaborative planning - forecasting and replenishment (CPFR)
19. Average size of forecast errors - irrespective of their directions.
mean absolute deviation / mean absolute error
stockout
rolling planning horizons
carrying (holding cost)
20. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
demand management
reorder point (ROP)
regression analysis
rolling planning horizons
21. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
ways to improve demand planning
inventory
buffer (safety) stock
production order quantity
22. 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
assumptions underlying the EOQ formulation
collaborative activities in CPFR
stockout
naive model (time-series - statistical)
23. The ranking of all items of inventory acording to importance
collaborative activities in CPFR
Soft benefits of S&OP
inventory status file
ABC analysis
24. inconsistencies in the plan causes by changes to the MPS
Cost of being overstocked by one unit
nervousness
Impact of lot size restrictions on quantity discounts
periodic order quantity (POQ)
25. The firm produces at a constant rate over the year
level production strategy (aggregate production strategy)
cycle stock
yield management
order cost
26. Extra inventory held to guard against uncertainty in demand or supply
part number
demand management
buffer (safety) stock
transit inventory
27. Maintenance - repair and operating supplies
Managerial approaches to reducing inventory costs
days of supply
requirements explosion
MRO inventory
28. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
independent demand inventory systems
trend
collaborative activities in CPFR
collaborative planning - forecasting and replenishment (CPFR)
29. A strategy that includes some elements of level production and some elements of chase production strategies
mixed or hybrid strategy
Cost of being overstocked by one unit
saw-tooth diagram
inefficiencies caused by unpredictably fluctuating customer demand
30. 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
Disadvantages when inventory turnover is too high
inventory turnover
Three components of resource requirements planning
fixed order quantity (FOQ)
31. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
collaborative activities in CPFR
requirements explosion
bullwhip effect
continuous review model
32. Quantities of each finished product to be completed for each period
Soft benefits of S&OP
master production schedule (MPS)
economic order quantity (EOQ)
demand during lead time
33. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
Soft benefits of S&OP
marketing research (judgement-based)
demand forecasting
Cost of being overstocked by one unit
34. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
Global Trade Item Number (GTIN)
simulation models
mixed or hybrid strategy
order interval
35. Process that adjusts prices as demand for a service occurs (or does not occur)
Soft benefits of S&OP
transit inventory
yield management
cumulative lead time
36. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
forecast error
available to promise
causal models vs. simulation models
dependent demand
37. 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
dependent demand
inefficiencies caused by unpredictably fluctuating customer demand
forecast accuracy
planned order release
38. Decision process in which managers predict demand and make operational plans accordingly
finished goods inventory
total system inventory
demand forecasting
moving average (time-series - statistical)
39. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
assumptions underlying the EOQ formulation
two-bin system
enterprise resource planning (ERP) system
square root rule
40. Items bought from suppliers to use in the production of a product
capacity requirements planning (CRP)
Disadvantages when inventory turnover is too high
vendor-managed inventory (VIM)
raw materials and components parts
41. A fixed time period that passes between inventory reviews
inefficiencies caused by unpredictably fluctuating customer demand
yield management
order interval
Wastes produced throughout the five product life cycle stages
42. Management systems used when the demand for an item is derived from the demand for some other item
grassroots forecasting (judgement-based)
dependent demand inventory systems
periodic review model
trend
43. The amount of an item that is planned to be ordered in a period
regression analysis
Disadvantages when inventory turnover is too high
planned order release
target service level (TSL)
44. Tool created by AT&T for assessing life cycle costs
naive model (time-series - statistical)
life cycle waste assessment matrix (LCWAM)
dependent demand inventory systems
time bucket
45. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
continuous review model
square root rule
the roles of inventory
46. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
smoothing coefficient
life cycle analysis
total acquisition cost (TAC)
inventory turnover
47. 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
Wastes produced throughout the five product life cycle stages
the financial impact of inventory
independet demand
target service level (TSL)
48. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing
advance planning and scheduling (APS) systems
economic order quantity (EOQ)
order cost
days of supply
49. Minimum level of inventory that triggers the need to order more
reorder point (ROP)
the roles of inventory
cost of a unit stockout
stockout (shortage) cost
50. inventory classification - info systems - accurate records
dependent demand
the expense components of carrying cost
distribution requirements planning (DRP)
Techniques used to manage inventory