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. An order for the exact amount needed






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






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






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






5. A fixed time period that passes between inventory reviews






6. File that contains detailed inventory and procurement records






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






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






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






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






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






12. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






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






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






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






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






17. items that are ready for sale to customers






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






19. Correlation of current demand values with past demand values






20. Built upon estimates and opinions of people - e.g. experts. Attempt to incorporate factors of demand that are difficult to capture in a purely statistical model.






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






22. 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






23. 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






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






26. 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






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






28. Amount paid to suppliers for products that are purchased






29. Comparison of production needs to actual capacity






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






31. items in transit from ont location to another






32. 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






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






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






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






36. The minimum amount needed in the period






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






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






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






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






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






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






43. 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






44. Maintenance - repair and operating supplies






45. inventory of an item is stored in two different locations






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






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






48. 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






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






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