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 rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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2. 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






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






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






5. File that contains detailed inventory and procurement records






6. 1) Identify users and decision-making processes that the forecast will support. Consider time horizon - level of detail - accuracy vs. cost - fit with existing business processes 2) Identify likely sources of good data 3) Select forecasting techni






7. Simple forecasting approach that assumes that recent history is a good predictor of the near future






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






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






10. inventory that is in the production process






11. A strategy that includes some elements of level production and some elements of chase production strategies






12. items in transit from ont location to another






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






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






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






16. 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






17. 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






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






19. Unit selling price - unit cost






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






21. Unit cost + disposal cost - salvage value






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






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






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






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






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






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






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






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






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






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






32. Comparison of production needs to actual capacity






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






34. inventory management systems used when the demand for an item is beyond the control of the organization






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






36. An order for the exact amount needed






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






38. The longest lead-time path in the BOM






39. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






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






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






42. 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)






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






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






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






46. An event that occurs when no inventory is available






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






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






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






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

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Can you answer 50 questions in 15 minutes?


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