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Supply And Logistics
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. 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.
the expense components of carrying cost
mixed or hybrid strategy
Impact of lot size restrictions on quantity discounts
smoothing coefficient
2. Vendor is responsible for managing the inventory located at a customer's facility
service level policy
vendor-managed inventory (VIM)
focused forecasting
net requriements
3. 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
transit inventory
uncertainty period
types of costs that must be identified and quantified in aggregate planning
Managerial approaches to reducing inventory costs
4. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
marketing research (judgement-based)
planned order release
bullwhip effect
demand management
5. Cycle stocks - safety stocks - managing locations - implementing inventory models
quantitative ABC analysis procedure
Managerial approaches to reducing inventory costs
ABC analysis
independent demand inventory systems
6. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
Cost of being overstocked by one unit
mean absolute deviation / mean absolute error
demand during lead time
moving average (time-series - statistical)
7. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
simulation models
planned order release
mean absolute deviation / mean absolute error
naive model (time-series - statistical)
8. An order for the exact amount needed
chase strategy (aggregate production strategy)
lot-for-lot (L4L)
time bucket
service level policy
9. 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
historical analogy (judgement-based)
difference between order & setup costs
rolling planning horizons
rules of forecasting
10. Unit cost + disposal cost - salvage value
Cost of being overstocked by one unit
available to promise
naive model (time-series - statistical)
periodic review model
11. 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
the expense components of carrying cost
executive judgment (judgement-based)
impact of raw material and compontent part stockouts
Soft benefits of S&OP
12. Management system built around checking and ordering inventory at some regular interval
periodic review model
saw-tooth diagram
smoothing coefficient
forecast bias / mean forecast error
13. Amount paid to suppliers for products that are purchased
trend
product cost
time bucket
sales and operations planning (S&OP)
14. The firm produces at a constant rate over the year
inefficiencies caused by unpredictably fluctuating customer demand
buffer (safety) stock
level production strategy (aggregate production strategy)
shift or step change
15. Administrative expenses and the expenses of rearranging a work center to produce an item
distribution requirements planning (DRP)
demand forecasting
production order quantity
setup cost
16. Unique ID for a part used by a specific company
causal models vs. simulation models
part number
total acquisition cost (TAC)
raw materials and components parts
17. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
production order quantity
bill of materials (BOM)
demand during lead time
life cycle analysis
18. 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
two-bin system
business model
planned order release
product cost
19. Simple forecasting approach that assumes that recent history is a good predictor of the near future
assumptions underlying the EOQ formulation
continuous review model
naive model (time-series - statistical)
the financial impact of inventory
20. Unit selling price - unit cost
service level
forecast bias / mean forecast error
load profile
cost of a unit stockout
21. inventory is constantly monitored to decide when a replenishement order needs to be placed
postponable product
grassroots forecasting (judgement-based)
continuous review model
rules of forecasting
22. inventory of an item is stored in two different locations
two-bin system
load profile
trend
raw materials and components parts
23. The total amount of an end item that is required
gross requirements
demand planning
demand forecasting
trend
24. 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
planned order receipt
Hard benefits of S&OP
inventory
carrying (holding cost)
25. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
target service level (TSL)
Outputs of materials requirements planning (MRP)
marketing research (judgement-based)
nervousness
26. A strategy that includes some elements of level production and some elements of chase production strategies
types of costs that must be identified and quantified in aggregate planning
mixed or hybrid strategy
Disadvantages when inventory turnover is too high
seasonality and cycles
27. items in transit from ont location to another
carrying (holding cost)
impact of raw material and compontent part stockouts
chase strategy (aggregate production strategy)
transit inventory
28. Forecasting techniques that use input from high-level experienced managers
work in process inventory
life cycle waste assessment matrix (LCWAM)
historical analogy (judgement-based)
executive judgment (judgement-based)
29. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
cycle stock
collaborative planning - forecasting and replenishment (CPFR)
focused forecasting
transit inventory
30. Minimum level of inventory that triggers the need to order more
reorder point (ROP)
inventory status file
production order quantity
independet demand
31. Determination of replenishement and postioining of finished goods in the distribution network
sales and operations planning (S&OP)
Impact of lot size restrictions on quantity discounts
distribution requirements planning (DRP)
inventory status file
32. A period of time when an unknown amount of inventory is on hand
impact of raw material and compontent part stockouts
postponable product
difference between order & setup costs
uncertainty period
33. A moving average approach that applies exponentially decreasing weights to each demand that occurred farther back in time
grassroots forecasting (judgement-based)
exponential smoothing (time-series - statistical)
Impact of lot size restrictions on quantity discounts
dependent demand inventory systems
34. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
rules of forecasting
Cost of being overstocked by one unit
Delphi method (judgement-based)
total system inventory
35. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
shift or step change
postponable product
production order quantity
stable pattern
36. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
bill of materials (BOM)
regression analysis
days of supply
cumulative lead time
37. Management systems used when the demand for an item is derived from the demand for some other item
impact of raw material and compontent part stockouts
independent demand inventory systems
distribution requirements planning (DRP)
dependent demand inventory systems
38. Expenses incurred due to the fact that inventory is held
items included in the inventory record
carrying (holding cost)
independent demand inventory systems
executive judgment (judgement-based)
39. The tendency of a forecasting technique to continually overpredict or underpredict demand.
Techniques used to manage inventory
demand forecasting
demand planning
forecast bias / mean forecast error
40. 1) Influence the timing or quantity of demand through pricing changes - promotions - or sales incentives 2) Manage the timing of order fulfillment 3) Substitute by encouraging customers to shift their orders from one product to another - or from o
demand management tactics
total system inventory
Steps of designing a forecasting process
two-bin system
41. The entire time period covered by the MPS
target service level (TSL)
stockout (shortage) cost
advance planning and scheduling (APS) systems
planning horizon
42. Correlation of current demand values with past demand values
autocorrelation
periodic order quantity (POQ)
exponential smoothing (time-series - statistical)
inventory status file
43. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
enterprise resource planning (ERP) system
transit inventory
planned order receipt
44. An order for the same amount each time
raw materials and components parts
fixed order quantity (FOQ)
seasonality and cycles
mean absolute deviation / mean absolute error
45. Consistent horizontal stream of demands
stable pattern
transit inventory
chase strategy (aggregate production strategy)
Moore's law
46. Production processes halted
shift or step change
quantitative ABC analysis procedure
impact of raw material and compontent part stockouts
master production schedule (MPS)
47. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
planning horizon
aggregate production plan
historical analogy (judgement-based)
independent demand inventory systems
48. 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
materials requirements planning (MRP)
autocorrelation
dependent demand inventory systems
service level
49. inconsistencies in the plan causes by changes to the MPS
nervousness
demand management tactics
load profile
product cost
50. Production rate is changed in each period to match the amount of expected demand
stable pattern
mean absolute deviation / mean absolute error
chase strategy (aggregate production strategy)
production order quantity
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