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






2. Demand that is created by customers






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






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






5. The amount of an item that is planned to be ordered in a period






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






7. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






8. Consistent horizontal stream of demands






9. How much should be ordered and when?






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






11. The determination of how many additional units are needed






12. A planning system used to ensure the right quantities of materials are available when needed






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






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






15. The minimum amount needed in the period






16. 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)






17. Maintenance - repair and operating supplies






18. An order for the exact amount needed






19. 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.






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






21. 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






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






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






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






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






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






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






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






29. 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.






30. An estimate of the capacity needed at work centers






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

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






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






34. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






35. Model used to determine the order size for a one-time purchase






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






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






38. Amount paid to suppliers for products that are purchased






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






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






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






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






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






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






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






46. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions






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






48. 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






49. An order for the same amount each time






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







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