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 same amount each time






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






3. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






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






5. The longest lead-time path in the BOM






6. Unit selling price - unit cost






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






8. items that are ready for sale to customers






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






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






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






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






13. 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)






14. inventory that is in the production process






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






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






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

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






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






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






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






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






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






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






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






26. inventory classification - info systems - accurate records






27. 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






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






29. How much should be ordered and when?






30. Forecasting model model that assigns a different weight to each period's demand according to its importance






31. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






32. 1) Determine each item's annual useage/sales (in units and/or value) 2) Determine % of total useage/sales by each item 3) Rank items from highest to lowest percentage 4) Classify the items into ABC categories






33. Order costs are associated with replenishing inventories - while setup costs are associated with producing inventory internally. Both are often considered "fixed" regardless of batch size - although this is not strictly true.






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






35. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.






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






37. An estimate of the capacity needed at work centers






38. 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






39. A planning system used to ensure the right quantities of materials are available when needed






40. Supply of items held by a firm to meet demand






41. 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






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






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






44. Vendor is responsible for managing the inventory located at a customer's facility






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






46. The total amount of an end item that is required






47. Comparison of production needs to actual capacity






48. Consistent horizontal stream of demands






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






50. 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