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Supply And Logistics
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. A one-time change in demand - susually due to some external influence on demand
Cost of being overstocked by one unit
shift or step change
two-bin system
periodic review model
2. Measurement of how closely the forecast aligns with the observations over time
continuous review model
chase strategy (aggregate production strategy)
lot-for-lot (L4L)
forecast accuracy
3. 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
business model
Soft benefits of S&OP
advance planning and scheduling (APS) systems
quantitative ABC analysis procedure
4. Items bought from suppliers to use in the production of a product
aggregate production plan
planned order receipt
raw materials and components parts
enterprise resource planning (ERP) system
5. Administrative expenses and the expenses of rearranging a work center to produce an item
Disadvantages when inventory turnover is too high
setup cost
periodic order quantity (POQ)
demand planning
6. A combination of common sense inputs from frontline personnel and a computer simulation process
stockout
mean absolute deviation / mean absolute error
chase strategy (aggregate production strategy)
focused forecasting
7. How much should be ordered and when?
Pareto's law
aggregate production plan
basic questions to answer when planning inventories
dependent demand
8. Unique ID for a part used by a specific company
load profile
part number
weighted moving average (time-series - statistical)
cost of a unit stockout
9. 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)
stable pattern
materials requirements planning (MRP)
target service level (TSL)
autocorrelation
10. Systems that integrate materials and capacity planning into one system
bill of materials (BOM)
advance planning and scheduling (APS) systems
demand management tactics
inventory turnover
11. The assumption that there is an infinite amount of capacity available
periodic order quantity (POQ)
seasonality and cycles
stockout (shortage) cost
infinite loading
12. The amount that is planned to arrive at the beginning of a period
planned order receipt
inventory status file
gross requirements
total acquisition cost (TAC)
13. Unit selling price - unit cost
Three components of resource requirements planning
cost of a unit stockout
target service level (TSL)
trend
14. 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
order interval
postponable product
MRO inventory
collaborative planning - forecasting and replenishment (CPFR)
15. The minimum amount needed in the period
forecast error
collaborative planning - forecasting and replenishment (CPFR)
net requriements
mean absolute deviation / mean absolute error
16. An estimate of the capacity needed at work centers
square root rule
saw-tooth diagram
mean absolute deviation / mean absolute error
capacity requirements planning (CRP)
17. Determination of replenishement and postioining of finished goods in the distribution network
distribution requirements planning (DRP)
periodic review model
assumptions underlying the EOQ formulation
the expense components of carrying cost
18. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o
work in process inventory
the financial impact of inventory
Moore's law
order interval
19. inventory of an item is stored in two different locations
trend
continuous review model
focused forecasting
two-bin system
20. inventory that is in the production process
level production strategy (aggregate production strategy)
grassroots forecasting (judgement-based)
work in process inventory
bill of materials (BOM)
21. 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
business model
seasonality and cycles
planning horizon
Hard benefits of S&OP
22. A period of time when an unknown amount of inventory is on hand
forecast error
uncertainty period
demand forecasting
single period inventory model
23. 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
Outputs of materials requirements planning (MRP)
exponential smoothing (time-series - statistical)
Disadvantages when inventory turnover is too high
naive model (time-series - statistical)
24. The amount of an item that is planned to be ordered in a period
moving average (time-series - statistical)
planned order release
mean absolute deviation / mean absolute error
inventory turnover
25. 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
work in process inventory
smoothing coefficient
postponable product
assumptions underlying the EOQ formulation
26. File that contains detailed inventory and procurement records
sales and operations planning (S&OP)
forecast accuracy
inventory status file
steps to determine order quantity when quantity discounts are available
27. The determination of how many additional units are needed
Impact of lot size restrictions on quantity discounts
demand management tactics
exponential smoothing (time-series - statistical)
requirements explosion
28. Quantities of each finished product to be completed for each period
aggregate production plan
master production schedule (MPS)
nervousness
MRO inventory
29. Management systems used when the demand for an item is derived from the demand for some other item
saw-tooth diagram
dependent demand inventory systems
available to promise
planned order receipt
30. Computing power will double every 18 months while computing cost will decrease by half
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31. The portion of average inventory determined as order quantity divided by two
service level
cycle stock
measures of inventory performance
saw-tooth diagram
32. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
Delphi method (judgement-based)
periodic order quantity (POQ)
lot-for-lot (L4L)
fixed order quantity (FOQ)
33. Amount paid to suppliers for products that are purchased
order cost
single period inventory model
finished goods inventory
product cost
34. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
cumulative lead time
demand planning
service level policy
Three components of resource requirements planning
35. Consistent horizontal stream of demands
finished goods inventory
judgement-based forecasting
stable pattern
advance planning and scheduling (APS) systems
36. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
stockout (shortage) cost
bill of materials (BOM)
Pareto's law
demand management
37. Average size of forecast errors - irrespective of their directions.
raw materials and components parts
enterprise resource planning (ERP) system
requirements explosion
mean absolute deviation / mean absolute error
38. 1) item number 2) item description 3) Lead time to order and receive the item from a supplier or to produce it internally 4) Preferred order quantity (lot size) 5) Safety stock quantity 6) Other info (cost/process descriptions) 7) Quantity on hand 8)
items included in the inventory record
raw materials and components parts
Cost of being overstocked by one unit
measures of inventory performance
39. A parameter indicating the weight given to the most recent demand
smoothing coefficient
demand during lead time
setup cost
master production schedule (MPS)
40. 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
rules of forecasting
the expense components of carrying cost
days of supply
independet demand
41. The entire time period covered by the MPS
planning horizon
gross requirements
raw materials and components parts
yield management
42. Supply of items held by a firm to meet demand
inventory
postponable product
two-bin system
part number
43. Comparison of production needs to actual capacity
forecast accuracy
planned order receipt
chase strategy (aggregate production strategy)
load profile
44. A fixed time period that passes between inventory reviews
enterprise resource planning (ERP) system
ways to improve demand planning
stockout
order interval
45. The individual time period for planning
mixed or hybrid strategy
rolling planning horizons
weighted moving average (time-series - statistical)
time bucket
46. 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
planning horizon
types of costs that must be identified and quantified in aggregate planning
setup cost
quantitative ABC analysis procedure
47. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)
planned order release
demand forecasting
autocorrelation
production order quantity
48. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization
service level policy
part number
the roles of inventory
materials requirements planning (MRP)
49. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
sales and operations planning (S&OP)
two-bin system
economic order quantity (EOQ)
reorder point (ROP)
50. The firm produces at a constant rate over the year
level production strategy (aggregate production strategy)
assumptions underlying the EOQ formulation
sales and operations planning (S&OP)
difference between order & setup costs
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