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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. An event that occurs when no inventory is available
exponential smoothing (time-series - statistical)
gross requirements
materials requirements planning (MRP)
stockout
2. The ranking of all items of inventory acording to importance
ways to improve demand planning
ABC analysis
cumulative lead time
enterprise resource planning (ERP) system
3. 1) Short-term forecasts are usually more accurate than long-term forecasts 2) Forecasts of aggregated demand are usually more accurate than forecasts of demand at detailed levels 3) Forecasts developed using multiple information sources are usually
simulation models
Soft benefits of S&OP
rules of forecasting
demand management tactics
4. The firm produces at a constant rate over the year
Outputs of materials requirements planning (MRP)
level production strategy (aggregate production strategy)
causal models vs. simulation models
inventory status file
5. The sum of the inventory held across all of the locations in a company
total system inventory
collaborative planning - forecasting and replenishment (CPFR)
items included in the inventory record
cycle counting
6. Forecasting model model that assigns a different weight to each period's demand according to its importance
yield management
seasonality and cycles
cycle stock
weighted moving average (time-series - statistical)
7. Production rate is changed in each period to match the amount of expected demand
chase strategy (aggregate production strategy)
stockout (shortage) cost
square root rule
mixed or hybrid strategy
8. Comparison of production needs to actual capacity
load profile
trend
Global Trade Item Number (GTIN)
difference between order & setup costs
9. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion
order interval
trend
aggregate production plan
Three components of resource requirements planning
10. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
seasonality and cycles
demand management
economic order quantity (EOQ)
smoothing coefficient
11. 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
service level policy
demand forecasting
infinite loading
service level
12. 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
the expense components of carrying cost
historical analogy (judgement-based)
setup cost
types of costs that must be identified and quantified in aggregate planning
13. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
exponential smoothing (time-series - statistical)
items included in the inventory record
periodic review model
gross requirements
14. The assumption that there is an infinite amount of capacity available
postponable product
rules of forecasting
infinite loading
dependent demand
15. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
life cycle analysis
Wastes produced throughout the five product life cycle stages
cycle stock
judgement-based forecasting
16. inconsistencies in the plan causes by changes to the MPS
uncertainty period
gross requirements
master production schedule (MPS)
nervousness
17. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product
historical analogy (judgement-based)
aggregate production plan
demand forecasting
collaborative activities in CPFR
18. 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)
options to accomplish the objective of a chase plan
demand planning
life cycle waste assessment matrix (LCWAM)
Advantages of high inventory turnover
19. The part of panned production that is not committed to a customer
available to promise
distribution requirements planning (DRP)
Techniques used to manage inventory
trend
20. An order for an amount that covers a fixed period of time
life cycle waste assessment matrix (LCWAM)
days of supply
product cost
periodic order quantity (POQ)
21. An illustration of the pattern of ordering and inventory levels
single period inventory model
production order quantity
saw-tooth diagram
basic questions to answer when planning inventories
22. 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
Disadvantages when inventory turnover is too high
inventory turnover
aggregate production plan
inventory status file
23. Unit cost + disposal cost - salvage value
the roles of inventory
gross requirements
days of supply
Cost of being overstocked by one unit
24. 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.
capacity requirements planning (CRP)
Impact of lot size restrictions on quantity discounts
weighted moving average (time-series - statistical)
Techniques used to manage inventory
25. 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
planned order release
quantitative ABC analysis procedure
Pareto's law
business model
26. File that contains detailed inventory and procurement records
inventory status file
life cycle waste assessment matrix (LCWAM)
the roles of inventory
planned order receipt
27. 1) Market planning: intro of new products - store openings/closings - promotions - inventory policies - etc. 2) Demand and resource planning: customer demand & shipping requirements are forecasted 3) Execution: orders are placed - delivered - r
collaborative activities in CPFR
carrying (holding cost)
order cost
Managerial approaches to reducing inventory costs
28. 1) Improved forecast accuracy 2) Higher customer service with lower finished goods inventory levels due to better forecasts and coordination fo supply with demand 3) More stable supply rates -> Higher productivity for purchasing - suppliers and oper
carrying (holding cost)
Cost of being overstocked by one unit
lot-for-lot (L4L)
Hard benefits of S&OP
29. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
rolling planning horizons
product cost
simulation models
independet demand
30. Administrative expenses and the expenses of rearranging a work center to produce an item
setup cost
the roles of inventory
work in process inventory
marketing research (judgement-based)
31. 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
chase strategy (aggregate production strategy)
options to accomplish the objective of a chase plan
MRO inventory
work in process inventory
32. Model used to determine the order size for a one-time purchase
single period inventory model
historical analogy (judgement-based)
stable pattern
enterprise resource planning (ERP) system
33. Expenses incurred due to the fact that inventory is held
smoothing coefficient
causal models vs. simulation models
carrying (holding cost)
requirements explosion
34. Extra inventory held to guard against uncertainty in demand or supply
buffer (safety) stock
types of costs that must be identified and quantified in aggregate planning
setup cost
stockout
35. The minimum amount needed in the period
net requriements
Pareto's law
gross requirements
buffer (safety) stock
36. Forecasting models that compute forecasts using historical data arranged in the order of occurrence
time series and analysis methods
Disadvantages when inventory turnover is too high
setup cost
order cost
37. The entire time period covered by the MPS
buffer (safety) stock
items included in the inventory record
planning horizon
Managerial approaches to reducing inventory costs
38. 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
infinite loading
Hard benefits of S&OP
Soft benefits of S&OP
production order quantity
39. 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)
cycle counting
judgement-based forecasting
items included in the inventory record
available to promise
40. The tendency of a forecasting technique to continually overpredict or underpredict demand.
Wastes produced throughout the five product life cycle stages
two-bin system
Outputs of materials requirements planning (MRP)
forecast bias / mean forecast error
41. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
Cost of being overstocked by one unit
cost of a unit stockout
cycle counting
Delphi method (judgement-based)
42. Determination of replenishement and postioining of finished goods in the distribution network
bullwhip effect
distribution requirements planning (DRP)
inventory turnover
materials requirements planning (MRP)
43. Computing power will double every 18 months while computing cost will decrease by half
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44. 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
aggregate production plan
rolling planning horizons
chase strategy (aggregate production strategy)
Advantages of high inventory turnover
45. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
postponable product
total acquisition cost (TAC)
raw materials and components parts
life cycle waste assessment matrix (LCWAM)
46. Consistent horizontal stream of demands
measures of inventory performance
part number
product cost
stable pattern
47. Software that consolidates all of the business planning systems and data throughout an organization
mixed or hybrid strategy
chase strategy (aggregate production strategy)
planned order release
enterprise resource planning (ERP) system
48. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
rules of forecasting
Cost of being overstocked by one unit
planning horizon
production order quantity
49. inventory is constantly monitored to decide when a replenishement order needs to be placed
continuous review model
impact of raw material and compontent part stockouts
days of supply
planned order receipt
50. Management systems used when the demand for an item is derived from the demand for some other item
basic questions to answer when planning inventories
days of supply
demand during lead time
dependent demand inventory systems