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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. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






2. 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)






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






4. 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.






5. A period of time when an unknown amount of inventory is on hand






6. items in transit from ont location to another






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






8. 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






9. The assumption that there is an infinite amount of capacity available






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






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






12. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan






13. A fixed time period that passes between inventory reviews






14. inventory that is in the production process






15. Regular demand patterns of repeating highs and lows






16. The minimum amount needed in the period






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






18. An estimation of the availability of the critical resources needed to support the MPS






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






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






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






22. Unit cost + disposal cost - salvage value






23. items that are ready for sale to customers






24. Decision process in which managers predict demand and make operational plans accordingly






25. Consistent horizontal stream of demands






26. 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






27. Average size of forecast errors - irrespective of their directions.






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






29. 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






30. Forecasting techniques that use input from high-level experienced managers






31. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






32. A method by which supply chain partners periodicaly hsare forecasts - demand palns - and resource plans in order to reduce uncertainty and risk in meeting customer demand






33. Comparison of production needs to actual capacity






34. 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






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






36. Production processes halted






37. Cycle stocks - safety stocks - managing locations - implementing inventory models






38. 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






39. inventory classification - info systems - accurate records






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






41. Difference between a forecast and the actual demand






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






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






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






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






46. 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






47. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers






48. An event that occurs when no inventory is available






49. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods






50. Primary reports (schedules of the planned order releases that are used to trigger purchases and production of items on time) - and secondary reports (cost - inventory and schedule attainment information that helps judge how well the operation is pe






Can you answer 50 questions in 15 minutes?



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