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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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.
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. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
Pareto's law
service level policy
inventory turnover
target service level (TSL)
2. Unit cost + disposal cost - salvage value
carrying (holding cost)
Cost of being overstocked by one unit
economic order quantity (EOQ)
the expense components of carrying cost
3. A period of time when an unknown amount of inventory is on hand
steps to determine order quantity when quantity discounts are available
vendor-managed inventory (VIM)
enterprise resource planning (ERP) system
uncertainty period
4. 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
impact of raw material and compontent part stockouts
Outputs of materials requirements planning (MRP)
steps to determine order quantity when quantity discounts are available
Advantages of high inventory turnover
5. Forecasting model model that assigns a different weight to each period's demand according to its importance
carrying (holding cost)
inventory turnover
materials requirements planning (MRP)
weighted moving average (time-series - statistical)
6. An event that occurs when no inventory is available
stockout
rought-cut capacity planning
master production schedule (MPS)
cycle counting
7. Maintenance - repair and operating supplies
MRO inventory
moving average (time-series - statistical)
forecast error
mean absolute deviation / mean absolute error
8. Quantities of each finished product to be completed for each period
inventory status file
infinite loading
items included in the inventory record
master production schedule (MPS)
9. 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
steps to determine order quantity when quantity discounts are available
part number
marketing research (judgement-based)
seasonality and cycles
10. An estimate of the capacity needed at work centers
demand during lead time
marketing research (judgement-based)
smoothing coefficient
capacity requirements planning (CRP)
11. Items bought from suppliers to use in the production of a product
demand forecasting
continuous review model
raw materials and components parts
quantitative ABC analysis procedure
12. Difference between a forecast and the actual demand
Pareto's law
forecast error
gross requirements
Delphi method (judgement-based)
13. 1) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up
Disadvantages when inventory turnover is too high
rought-cut capacity planning
Outputs of materials requirements planning (MRP)
production order quantity
14. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
Wastes produced throughout the five product life cycle stages
chase strategy (aggregate production strategy)
demand during lead time
gross requirements
15. 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.
fixed order quantity (FOQ)
difference between order & setup costs
time bucket
service level
16. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
carrying (holding cost)
Outputs of materials requirements planning (MRP)
Soft benefits of S&OP
measures of inventory performance
17. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
impact of raw material and compontent part stockouts
postponable product
Delphi method (judgement-based)
focused forecasting
18. 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
MRO inventory
Outputs of materials requirements planning (MRP)
demand forecasting
Soft benefits of S&OP
19. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
moving average (time-series - statistical)
available to promise
Moore's law
infinite loading
20. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
Steps of designing a forecasting process
demand management
seasonality and cycles
product cost
21. The assumption that there is an infinite amount of capacity available
infinite loading
level production strategy (aggregate production strategy)
trend
Disadvantages when inventory turnover is too high
22. A fixed time period that passes between inventory reviews
transit inventory
marketing research (judgement-based)
yield management
order interval
23. Minimum level of inventory that triggers the need to order more
bullwhip effect
reorder point (ROP)
historical analogy (judgement-based)
collaborative planning - forecasting and replenishment (CPFR)
24. Technique that seeks inputs from people who are in close contact with customers and products
Outputs of materials requirements planning (MRP)
Moore's law
grassroots forecasting (judgement-based)
cycle counting
25. 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
types of costs that must be identified and quantified in aggregate planning
Steps of designing a forecasting process
demand forecasting
difference between order & setup costs
26. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
time series and analysis methods
carrying (holding cost)
Disadvantages when inventory turnover is too high
life cycle analysis
27. 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
dependent demand
Advantages of high inventory turnover
demand management tactics
stockout
28. 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
nervousness
independent demand inventory systems
planned order release
collaborative activities in CPFR
29. Expenses incurred due to the fact that inventory is held
business model
stable pattern
carrying (holding cost)
capacity requirements planning (CRP)
30. File that contains detailed inventory and procurement records
steps to determine order quantity when quantity discounts are available
trend
inventory status file
weighted moving average (time-series - statistical)
31. Tool created by AT&T for assessing life cycle costs
shift or step change
assumptions underlying the EOQ formulation
nervousness
life cycle waste assessment matrix (LCWAM)
32. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
square root rule
naive model (time-series - statistical)
independent demand inventory systems
bullwhip effect
33. An order for an amount that covers a fixed period of time
part number
forecast error
naive model (time-series - statistical)
periodic order quantity (POQ)
34. Computing power will double every 18 months while computing cost will decrease by half
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35. 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
transit inventory
the expense components of carrying cost
bullwhip effect
ABC analysis
36. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
forecast accuracy
requirements explosion
judgement-based forecasting
bullwhip effect
37. Simple forecasting approach that assumes that recent history is a good predictor of the near future
cycle counting
naive model (time-series - statistical)
bill of materials (BOM)
total acquisition cost (TAC)
38. Management systems used when the demand for an item is derived from the demand for some other item
steps to determine order quantity when quantity discounts are available
Outputs of materials requirements planning (MRP)
dependent demand inventory systems
work in process inventory
39. Amount paid to suppliers for products that are purchased
inventory
product cost
Outputs of materials requirements planning (MRP)
Managerial approaches to reducing inventory costs
40. inventory management systems used when the demand for an item is beyond the control of the organization
days of supply
order cost
part number
independent demand inventory systems
41. Demand that depends upon decisions made by internal operations managers
forecast accuracy
dependent demand
Delphi method (judgement-based)
stockout (shortage) cost
42. The tendency of a forecasting technique to continually overpredict or underpredict demand.
periodic order quantity (POQ)
planning horizon
forecast bias / mean forecast error
dependent demand
43. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
days of supply
mean absolute deviation / mean absolute error
finished goods inventory
Three components of resource requirements planning
44. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
enterprise resource planning (ERP) system
independet demand
collaborative planning - forecasting and replenishment (CPFR)
regression analysis
45. inventory that is in the production process
planned order receipt
executive judgment (judgement-based)
forecast accuracy
work in process inventory
46. Demand that is created by customers
independet demand
economic order quantity (EOQ)
important trends influencing operations management and the emergence of business models
inventory status file
47. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
the expense components of carrying cost
focused forecasting
economic order quantity (EOQ)
weighted moving average (time-series - statistical)
48. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
simulation models
aggregate production plan
Advantages of high inventory turnover
work in process inventory
49. Production rate is changed in each period to match the amount of expected demand
chase strategy (aggregate production strategy)
rought-cut capacity planning
impact of raw material and compontent part stockouts
order interval
50. An illustration of the pattern of ordering and inventory levels
days of supply
stockout (shortage) cost
saw-tooth diagram
life cycle analysis
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