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. 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






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






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






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






5. Regular demand patterns of repeating highs and lows






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






7. The ranking of all items of inventory acording to importance






8. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






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






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






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






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






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






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






15. 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






16. The entire time period covered by the MPS






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






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






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






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






21. Amount paid to suppliers for products that are purchased






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

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






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






25. Demand that is created by customers






26. 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






27. The individual time period for planning






28. The firm produces at a constant rate over the year






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






30. The determination of how many additional units are needed






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






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






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






35. Unit cost + disposal cost - salvage value






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






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






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






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






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






41. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers






42. The minimum amount needed in the period






43. 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






44. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time






45. 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






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






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






48. An order for the same amount each time






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






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