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. inventory classification - info systems - accurate records






2. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






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






4. A combination of common sense inputs from frontline personnel and a computer simulation process






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






6. 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






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






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






9. Amount paid to suppliers for products that are purchased






10. Difference between a forecast and the actual demand






11. 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






12. Maintenance - repair and operating supplies






13. Regular demand patterns of repeating highs and lows






14. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






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






16. 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






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






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






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






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






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






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






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






25. inventory that is in the production process






26. Minimum level of inventory that triggers the need to order more






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






28. Demand that depends upon decisions made by internal operations managers






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






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






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






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






33. A parameter indicating the weight given to the most recent demand






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






35. A method by which supply chain partners periodicaly hsare forecasts - demand palns - and resource plans in order to reduce uncertainty and risk in meeting customer demand






36. A fixed time period that passes between inventory reviews






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






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






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






40. Production processes halted






41. Sum of all relevant inventory costs incurred each year






42. An order for the exact amount needed






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






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






45. The individual time period for planning






46. Correlation of current demand values with past demand values






47. 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






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






49. 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.






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