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Supply And Logistics
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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 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)
ABC analysis
target service level (TSL)
independent demand inventory systems
inventory turnover
2. 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
assumptions underlying the EOQ formulation
rules of forecasting
demand management tactics
carrying (holding cost)
3. A combination of common sense inputs from frontline personnel and a computer simulation process
Steps of designing a forecasting process
focused forecasting
net requriements
total system inventory
4. Tool created by AT&T for assessing life cycle costs
life cycle waste assessment matrix (LCWAM)
collaborative planning - forecasting and replenishment (CPFR)
uncertainty period
sales and operations planning (S&OP)
5. An event that occurs when no inventory is available
Three components of resource requirements planning
transit inventory
stockout
enterprise resource planning (ERP) system
6. inventory classification - info systems - accurate records
focused forecasting
Techniques used to manage inventory
vendor-managed inventory (VIM)
dependent demand
7. Quantities of each finished product to be completed for each period
collaborative activities in CPFR
inventory status file
Moore's law
master production schedule (MPS)
8. Systems that integrate materials and capacity planning into one system
impact of raw material and compontent part stockouts
advance planning and scheduling (APS) systems
demand management tactics
planning horizon
9. 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
forecast bias / mean forecast error
independet demand
steps to determine order quantity when quantity discounts are available
stockout (shortage) cost
10. Forecasting techniques that use input from high-level experienced managers
executive judgment (judgement-based)
Disadvantages when inventory turnover is too high
simulation models
dependent demand inventory systems
11. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
ways to improve demand planning
inventory status file
Three components of resource requirements planning
Advantages of high inventory turnover
12. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information
chase strategy (aggregate production strategy)
ways to improve demand planning
demand forecasting
time bucket
13. Demand that depends upon decisions made by internal operations managers
periodic order quantity (POQ)
planned order receipt
dependent demand
the financial impact of inventory
14. 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
business model
demand management
the financial impact of inventory
total acquisition cost (TAC)
15. 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
Advantages of high inventory turnover
stockout (shortage) cost
Steps of designing a forecasting process
assumptions underlying the EOQ formulation
16. Demand that is created by customers
Wastes produced throughout the five product life cycle stages
planned order receipt
independet demand
setup cost
17. inventory that is in the production process
requirements explosion
dependent demand
work in process inventory
periodic order quantity (POQ)
18. The portion of average inventory determined as order quantity divided by two
Delphi method (judgement-based)
bill of materials (BOM)
reorder point (ROP)
cycle stock
19. Correlation of current demand values with past demand values
autocorrelation
Outputs of materials requirements planning (MRP)
infinite loading
cost of a unit stockout
20. Extra inventory held to guard against uncertainty in demand or supply
mean absolute deviation / mean absolute error
types of costs that must be identified and quantified in aggregate planning
buffer (safety) stock
ABC analysis
21. Production rate is changed in each period to match the amount of expected demand
chase strategy (aggregate production strategy)
load profile
rought-cut capacity planning
order interval
22. Sum of all relevant inventory costs incurred each year
single period inventory model
days of supply
total acquisition cost (TAC)
fixed order quantity (FOQ)
23. How much should be ordered and when?
Hard benefits of S&OP
basic questions to answer when planning inventories
days of supply
ways to improve demand planning
24. The minimum amount needed in the period
Wastes produced throughout the five product life cycle stages
stockout (shortage) cost
net requriements
MRO inventory
25. Consistent horizontal stream of demands
two-bin system
executive judgment (judgement-based)
product cost
stable pattern
26. A planning system used to ensure the right quantities of materials are available when needed
trend
materials requirements planning (MRP)
causal models vs. simulation models
load profile
27. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
Delphi method (judgement-based)
exponential smoothing (time-series - statistical)
lot-for-lot (L4L)
Pareto's law
28. The assumption that there is an infinite amount of capacity available
infinite loading
available to promise
advance planning and scheduling (APS) systems
uncertainty period
29. The sum of the inventory held across all of the locations in a company
total system inventory
lot-for-lot (L4L)
mean absolute deviation / mean absolute error
carrying (holding cost)
30. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
rules of forecasting
square root rule
ABC analysis
cycle stock
31. Administrative expenses and the expenses of rearranging a work center to produce an item
Cost of being overstocked by one unit
work in process inventory
infinite loading
setup cost
32. Unit cost + disposal cost - salvage value
Cost of being overstocked by one unit
nervousness
assumptions underlying the EOQ formulation
materials requirements planning (MRP)
33. 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
quantitative ABC analysis procedure
carrying (holding cost)
exponential smoothing (time-series - statistical)
Managerial approaches to reducing inventory costs
34. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.
causal models vs. simulation models
Global Trade Item Number (GTIN)
raw materials and components parts
continuous review model
35. Technique that seeks inputs from people who are in close contact with customers and products
grassroots forecasting (judgement-based)
saw-tooth diagram
shift or step change
life cycle waste assessment matrix (LCWAM)
36. Supply of items held by a firm to meet demand
setup cost
inventory
order interval
stockout (shortage) cost
37. Simple forecasting approach that assumes that recent history is a good predictor of the near future
naive model (time-series - statistical)
service level policy
dependent demand
materials requirements planning (MRP)
38. Minimum level of inventory that triggers the need to order more
trend
reorder point (ROP)
total system inventory
rolling planning horizons
39. Management system built around checking and ordering inventory at some regular interval
buffer (safety) stock
bullwhip effect
Global Trade Item Number (GTIN)
periodic review model
40. 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
types of costs that must be identified and quantified in aggregate planning
grassroots forecasting (judgement-based)
two-bin system
shift or step change
41. An order for the same amount each time
net requriements
carrying (holding cost)
square root rule
fixed order quantity (FOQ)
42. Maintenance - repair and operating supplies
impact of raw material and compontent part stockouts
shift or step change
MRO inventory
quantitative ABC analysis procedure
43. Decision process in which managers predict demand and make operational plans accordingly
ABC analysis
demand forecasting
measures of inventory performance
inefficiencies caused by unpredictably fluctuating customer demand
44. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
raw materials and components parts
requirements explosion
sales and operations planning (S&OP)
Wastes produced throughout the five product life cycle stages
45. inconsistencies in the plan causes by changes to the MPS
life cycle waste assessment matrix (LCWAM)
finished goods inventory
collaborative planning - forecasting and replenishment (CPFR)
nervousness
46. Measurement of how closely the forecast aligns with the observations over time
Hard benefits of S&OP
product cost
cycle counting
forecast accuracy
47. items in transit from ont location to another
MRO inventory
service level
net requriements
transit inventory
48. An order for the exact amount needed
rought-cut capacity planning
lot-for-lot (L4L)
types of costs that must be identified and quantified in aggregate planning
Managerial approaches to reducing inventory costs
49. A one-time change in demand - susually due to some external influence on demand
marketing research (judgement-based)
shift or step change
cost of a unit stockout
planned order receipt
50. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
periodic order quantity (POQ)
Outputs of materials requirements planning (MRP)
demand management
marketing research (judgement-based)
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