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






2. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






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






4. How much should be ordered and when?






5. 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






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






7. Comparison of production needs to actual capacity






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






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






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






11. An order for the same amount each time






12. A combination of common sense inputs from frontline personnel and a computer simulation process






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






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

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






16. 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.






17. An order for the exact amount needed






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






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






20. 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






21. 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)






22. inventory is constantly monitored to decide when a replenishement order needs to be placed






23. A mathematical approach for fitting an equation to a set of data






24. items that are ready for sale to customers






25. Extra inventory held to guard against uncertainty in demand or supply






26. 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






27. Quantities of each finished product to be completed for each period






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






29. Maintenance - repair and operating supplies






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






31. 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






32. Correlation of current demand values with past demand values






33. 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






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






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






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






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






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






39. Supply of items held by a firm to meet demand






40. 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.






41. Difference between a forecast and the actual demand






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






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






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






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






46. Combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm's operations and financial goals (includes demand forecasting and management)






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






48. 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






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






50. An estimate of the capacity needed at work centers