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Supply And Logistics

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. Production rate is changed in each period to match the amount of expected demand






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






3. Process where each item in inventory is physically counted on a routine schedule






4. Expenses incurred due to the fact that inventory is held






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






6. 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






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






8. 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






9. Management system built around checking and ordering inventory at some regular interval






10. 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)






11. Sum of all relevant inventory costs incurred each year






12. Software that consolidates all of the business planning systems and data throughout an organization






13. 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






14. 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.






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






16. A fixed time period that passes between inventory reviews






17. 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






18. 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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19. 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.






20. The entire time period covered by the MPS






21. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it






22. Forecasting model model that assigns a different weight to each period's demand according to its importance






23. The part of panned production that is not committed to a customer






24. Determination of replenishement and postioining of finished goods in the distribution network






25. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes






26. Demand that depends upon decisions made by internal operations managers






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






28. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain






29. Amount paid to suppliers for products that are purchased






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






31. 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






32. items that are ready for sale to customers






33. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






34. Correlation of current demand values with past demand values






35. 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)






36. A parameter indicating the weight given to the most recent demand






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






38. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)






39. 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






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






41. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






42. The longest lead-time path in the BOM






43. Administrative expenses and the expenses of rearranging a work center to produce an item






44. Management systems used when the demand for an item is derived from the demand for some other item






45. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






46. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies






47. The sum of the inventory held across all of the locations in a company






48. Demand that is created by customers






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






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







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