SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Correlation of current demand values with past demand values
collaborative planning - forecasting and replenishment (CPFR)
simulation models
Impact of lot size restrictions on quantity discounts
autocorrelation
2. Average size of forecast errors - irrespective of their directions.
autocorrelation
vendor-managed inventory (VIM)
executive judgment (judgement-based)
mean absolute deviation / mean absolute error
3. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
enterprise resource planning (ERP) system
Disadvantages when inventory turnover is too high
postponable product
life cycle analysis
4. 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
capacity requirements planning (CRP)
mixed or hybrid strategy
quantitative ABC analysis procedure
impact of raw material and compontent part stockouts
5. The individual time period for planning
time bucket
the expense components of carrying cost
carrying (holding cost)
master production schedule (MPS)
6. Ratio between average inventory and the level of sales: = COGS/Average inventory@cost = Net sales/Average inventory@sales price = Unit sales/Average inventory in units
stockout (shortage) cost
square root rule
inventory turnover
Global Trade Item Number (GTIN)
7. 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)
target service level (TSL)
finished goods inventory
Techniques used to manage inventory
seasonality and cycles
8. Determination of replenishement and postioining of finished goods in the distribution network
steps to determine order quantity when quantity discounts are available
distribution requirements planning (DRP)
Moore's law
time series and analysis methods
9. inventory management systems used when the demand for an item is beyond the control of the organization
forecast accuracy
ABC analysis
independent demand inventory systems
the expense components of carrying cost
10. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
impact of raw material and compontent part stockouts
independent demand inventory systems
aggregate production plan
Delphi method (judgement-based)
11. 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.
judgement-based forecasting
uncertainty period
Soft benefits of S&OP
Wastes produced throughout the five product life cycle stages
12. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
forecast accuracy
Delphi method (judgement-based)
the expense components of carrying cost
total acquisition cost (TAC)
13. 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
service level
uncertainty period
assumptions underlying the EOQ formulation
single period inventory model
14. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
bullwhip effect
exponential smoothing (time-series - statistical)
impact of raw material and compontent part stockouts
total system inventory
15. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
setup cost
periodic review model
weighted moving average (time-series - statistical)
simulation models
16. Maintenance - repair and operating supplies
part number
MRO inventory
focused forecasting
ABC analysis
17. Simple forecasting approach that assumes that recent history is a good predictor of the near future
naive model (time-series - statistical)
shift or step change
bill of materials (BOM)
master production schedule (MPS)
18. Extra inventory held to guard against uncertainty in demand or supply
planning horizon
single period inventory model
buffer (safety) stock
Wastes produced throughout the five product life cycle stages
19. inventory classification - info systems - accurate records
Techniques used to manage inventory
planned order release
distribution requirements planning (DRP)
stockout
20. inventory is constantly monitored to decide when a replenishement order needs to be placed
important trends influencing operations management and the emergence of business models
judgement-based forecasting
quantitative ABC analysis procedure
continuous review model
21. 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
total acquisition cost (TAC)
Hard benefits of S&OP
service level
regression analysis
22. The sum of the inventory held across all of the locations in a company
master production schedule (MPS)
Hard benefits of S&OP
product cost
total system inventory
23. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
uncertainty period
stockout
Moore's law
moving average (time-series - statistical)
24. Unique ID for a part used by a specific company
part number
mixed or hybrid strategy
level production strategy (aggregate production strategy)
marketing research (judgement-based)
25. Supply of items held by a firm to meet demand
collaborative activities in CPFR
Managerial approaches to reducing inventory costs
quantitative ABC analysis procedure
inventory
26. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
27. File that contains detailed inventory and procurement records
inventory status file
planned order receipt
time series and analysis methods
distribution requirements planning (DRP)
28. The longest lead-time path in the BOM
cumulative lead time
Cost of being overstocked by one unit
periodic review model
quantitative ABC analysis procedure
29. Replan each period (month or quarter) - for a given number of periods into the future
historical analogy (judgement-based)
rolling planning horizons
square root rule
chase strategy (aggregate production strategy)
30. An estimation of the availability of the critical resources needed to support the MPS
production order quantity
rought-cut capacity planning
level production strategy (aggregate production strategy)
quantitative ABC analysis procedure
31. Management system built around checking and ordering inventory at some regular interval
periodic review model
regression analysis
measures of inventory performance
Delphi method (judgement-based)
32. 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
business model
rules of forecasting
level production strategy (aggregate production strategy)
33. Consistent horizontal stream of demands
Hard benefits of S&OP
stable pattern
stockout
enterprise resource planning (ERP) system
34. 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
collaborative activities in CPFR
Delphi method (judgement-based)
focused forecasting
demand management
35. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
Global Trade Item Number (GTIN)
yield management
vendor-managed inventory (VIM)
causal models vs. simulation models
36. 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
measures of inventory performance
periodic review model
the expense components of carrying cost
fixed order quantity (FOQ)
37. Computing power will double every 18 months while computing cost will decrease by half
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
38. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
life cycle analysis
capacity requirements planning (CRP)
order interval
distribution requirements planning (DRP)
39. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
demand management
measures of inventory performance
requirements explosion
ABC analysis
40. The tendency of a forecasting technique to continually overpredict or underpredict demand.
level production strategy (aggregate production strategy)
forecast bias / mean forecast error
rolling planning horizons
stockout (shortage) cost
41. 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
inventory turnover
rules of forecasting
planning horizon
trend
42. A period of time when an unknown amount of inventory is on hand
saw-tooth diagram
uncertainty period
chase strategy (aggregate production strategy)
exponential smoothing (time-series - statistical)
43. 1) item number 2) item description 3) Lead time to order and receive the item from a supplier or to produce it internally 4) Preferred order quantity (lot size) 5) Safety stock quantity 6) Other info (cost/process descriptions) 7) Quantity on hand 8)
items included in the inventory record
inventory
infinite loading
autocorrelation
44. 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
capacity requirements planning (CRP)
level production strategy (aggregate production strategy)
Steps of designing a forecasting process
part number
45. A planning system used to ensure the right quantities of materials are available when needed
requirements explosion
single period inventory model
planned order release
materials requirements planning (MRP)
46. Production processes halted
exponential smoothing (time-series - statistical)
autocorrelation
impact of raw material and compontent part stockouts
trend
47. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
order cost
days of supply
carrying (holding cost)
moving average (time-series - statistical)
48. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
load profile
exponential smoothing (time-series - statistical)
stockout
service level policy
49. 1) Enhanced teamwork at executive & operating levels 2) Better decisions with less effort and time 3) Better alignment of operational - marketing and financial plans 4) Greater accountability for results 5) Ability to see potential problems sooner
total system inventory
master production schedule (MPS)
Soft benefits of S&OP
total acquisition cost (TAC)
50. Regular demand patterns of repeating highs and lows
seasonality and cycles
buffer (safety) stock
advance planning and scheduling (APS) systems
Advantages of high inventory turnover