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. Process that adjusts prices as demand for a service occurs (or does not occur)






2. Unit cost + disposal cost - salvage value






3. An order for the same amount each time






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






5. 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.






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






7. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling






8. A fixed time period that passes between inventory reviews






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






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






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






12. 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






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






14. Technique that seeks inputs from people who are in close contact with customers and products






15. Measurement of how closely the forecast aligns with the observations over time






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






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






18. The portion of average inventory determined as order quantity divided by two






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






20. Sum of all relevant inventory costs incurred each year






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






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






23. An illustration of the pattern of ordering and inventory levels






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






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






26. 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






27. inconsistencies in the plan causes by changes to the MPS






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






29. How much should be ordered and when?






30. Computing power will double every 18 months while computing cost will decrease by half

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






32. Difference between a forecast and the actual demand






33. Unit selling price - unit cost






34. 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






35. A one-time change in demand - susually due to some external influence on demand






36. 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






37. inventory classification - info systems - accurate records






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






39. Systems that integrate materials and capacity planning into one system






40. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






41. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






42. 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






43. items that are ready for sale to customers






44. 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.






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






46. Production processes halted






47. Maintenance - repair and operating supplies






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






49. 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






50. 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