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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. Process where each item in inventory is physically counted on a routine schedule
forecast bias / mean forecast error
fixed order quantity (FOQ)
cycle counting
trend
2. The individual time period for planning
distribution requirements planning (DRP)
forecast error
Pareto's law
time bucket
3. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
stockout (shortage) cost
materials requirements planning (MRP)
order cost
bullwhip effect
4. Software that consolidates all of the business planning systems and data throughout an organization
sales and operations planning (S&OP)
enterprise resource planning (ERP) system
stable pattern
reorder point (ROP)
5. 1) Produce all units internally by hiring workers in high-demand monts and firing/laying off workers in low-demand months 2) Produce internally the quantity required to meet demand in the lowest-demand month and use overtime production to meet demand
Moore's law
types of costs that must be identified and quantified in aggregate planning
single period inventory model
options to accomplish the objective of a chase plan
6. Production rate is changed in each period to match the amount of expected demand
moving average (time-series - statistical)
chase strategy (aggregate production strategy)
demand forecasting
planned order receipt
7. Model used to determine the order size for a one-time purchase
trend
single period inventory model
independent demand inventory systems
business model
8. The determination of how many additional units are needed
reorder point (ROP)
infinite loading
requirements explosion
Moore's law
9. Administrative expenses and the expenses of rearranging a work center to produce an item
independent demand inventory systems
moving average (time-series - statistical)
nervousness
setup cost
10. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
demand forecasting
demand during lead time
postponable product
product cost
11. The longest lead-time path in the BOM
causal models vs. simulation models
cumulative lead time
collaborative planning - forecasting and replenishment (CPFR)
yield management
12. A strategy that includes some elements of level production and some elements of chase production strategies
mixed or hybrid strategy
infinite loading
historical analogy (judgement-based)
time series and analysis methods
13. A one-time change in demand - susually due to some external influence on demand
shift or step change
the financial impact of inventory
production order quantity
inventory turnover
14. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
sales and operations planning (S&OP)
time bucket
demand during lead time
square root rule
15. 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.
carrying (holding cost)
continuous review model
lot-for-lot (L4L)
judgement-based forecasting
16. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
fixed order quantity (FOQ)
demand during lead time
capacity requirements planning (CRP)
master production schedule (MPS)
17. Vendor is responsible for managing the inventory located at a customer's facility
regression analysis
vendor-managed inventory (VIM)
judgement-based forecasting
Three components of resource requirements planning
18. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
measures of inventory performance
saw-tooth diagram
collaborative planning - forecasting and replenishment (CPFR)
uncertainty period
19. inconsistencies in the plan causes by changes to the MPS
executive judgment (judgement-based)
nervousness
finished goods inventory
bill of materials (BOM)
20. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
chase strategy (aggregate production strategy)
product cost
trend
forecast error
21. 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
Soft benefits of S&OP
transit inventory
collaborative planning - forecasting and replenishment (CPFR)
22. A period of time when an unknown amount of inventory is on hand
uncertainty period
independet demand
capacity requirements planning (CRP)
nervousness
23. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
inventory turnover
materials requirements planning (MRP)
service level policy
Moore's law
24. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
saw-tooth diagram
aggregate production plan
judgement-based forecasting
stockout
25. 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
weighted moving average (time-series - statistical)
sales and operations planning (S&OP)
trend
business model
26. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
level production strategy (aggregate production strategy)
cost of a unit stockout
carrying (holding cost)
days of supply
27. Technique that seeks inputs from people who are in close contact with customers and products
grassroots forecasting (judgement-based)
work in process inventory
demand forecasting
collaborative activities in CPFR
28. Regular demand patterns of repeating highs and lows
quantitative ABC analysis procedure
demand forecasting
enterprise resource planning (ERP) system
seasonality and cycles
29. The entire time period covered by the MPS
forecast bias / mean forecast error
planned order release
planning horizon
dependent demand
30. inventory of an item is stored in two different locations
production order quantity
two-bin system
service level policy
autocorrelation
31. items in transit from ont location to another
stockout
square root rule
focused forecasting
transit inventory
32. inventory management systems used when the demand for an item is beyond the control of the organization
items included in the inventory record
independent demand inventory systems
demand forecasting
steps to determine order quantity when quantity discounts are available
33. A planning system used to ensure the right quantities of materials are available when needed
time bucket
materials requirements planning (MRP)
forecast bias / mean forecast error
bullwhip effect
34. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures
setup cost
Moore's law
important trends influencing operations management and the emergence of business models
inefficiencies caused by unpredictably fluctuating customer demand
35. Measurement of how closely the forecast aligns with the observations over time
materials requirements planning (MRP)
forecast accuracy
gross requirements
setup cost
36. Amount paid to suppliers for products that are purchased
product cost
collaborative planning - forecasting and replenishment (CPFR)
ABC analysis
cost of a unit stockout
37. A mathematical approach for fitting an equation to a set of data
target service level (TSL)
Wastes produced throughout the five product life cycle stages
regression analysis
Advantages of high inventory turnover
38. Systems that integrate materials and capacity planning into one system
order cost
Cost of being overstocked by one unit
items included in the inventory record
advance planning and scheduling (APS) systems
39. Management systems used when the demand for an item is derived from the demand for some other item
cycle stock
weighted moving average (time-series - statistical)
target service level (TSL)
dependent demand inventory systems
40. 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
moving average (time-series - statistical)
basic questions to answer when planning inventories
Delphi method (judgement-based)
Advantages of high inventory turnover
41. Quantities of each finished product to be completed for each period
dependent demand
collaborative activities in CPFR
master production schedule (MPS)
forecast error
42. Decision process in which managers predict demand and make operational plans accordingly
demand forecasting
impact of raw material and compontent part stockouts
MRO inventory
vendor-managed inventory (VIM)
43. File that contains detailed inventory and procurement records
cumulative lead time
simulation models
inventory status file
Advantages of high inventory turnover
44. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
nervousness
regression analysis
economic order quantity (EOQ)
forecast error
45. Process that adjusts prices as demand for a service occurs (or does not occur)
Soft benefits of S&OP
Delphi method (judgement-based)
stockout
yield management
46. Average size of forecast errors - irrespective of their directions.
stable pattern
requirements explosion
mean absolute deviation / mean absolute error
product cost
47. 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)
shift or step change
inefficiencies caused by unpredictably fluctuating customer demand
48. Production processes halted
demand management tactics
impact of raw material and compontent part stockouts
net requriements
independet demand
49. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product
carrying (holding cost)
historical analogy (judgement-based)
business model
options to accomplish the objective of a chase plan
50. inventory classification - info systems - accurate records
options to accomplish the objective of a chase plan
Techniques used to manage inventory
weighted moving average (time-series - statistical)
impact of raw material and compontent part stockouts