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. inventory management systems used when the demand for an item is beyond the control of the organization






2. 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






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. An illustration of the pattern of ordering and inventory levels






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






6. Difference between a forecast and the actual demand






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






8. The tendency of a forecasting technique to continually overpredict or underpredict demand.






9. Tool created by AT&T for assessing life cycle costs






10. Amount paid to suppliers for products that are purchased






11. 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






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






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






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






15. 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






16. Comparison of production needs to actual capacity






17. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain






18. 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






19. Measure of how well the objective of meeting customer demand is met: usually in terms of # or % of inventory items for which there is no inventory on hand






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






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






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






23. The ranking of all items of inventory acording to importance






24. The total amount of an end item that is required






25. How much should be ordered and when?






26. 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






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






28. Demand that is created by customers






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






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






31. 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






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






33. An order for an amount that covers a fixed period of time






34. The determination of how many additional units are needed






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






36. 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






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






38. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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39. An order for the exact amount needed






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






41. 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






42. Sum of all relevant inventory costs incurred each year






43. Correlation of current demand values with past demand values






44. Model used to determine the order size for a one-time purchase






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






46. 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






47. Vendor is responsible for managing the inventory located at a customer's facility






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






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






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