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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. The determination of how many additional units are needed






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






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






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






5. Difference between a forecast and the actual demand






6. 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.






7. 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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8. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






9. The entire time period covered by the MPS






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






11. 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






12. 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)






13. 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.






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






15. Maintenance - repair and operating supplies






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






17. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






18. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






19. inventory of an item is stored in two different locations






20. An event that occurs when no inventory is available






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






22. 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






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






24. Unit selling price - unit cost






25. 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






26. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






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






28. An order for the exact amount needed






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






30. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






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






32. Forecasting technique that usees data and experience from similar products to foreast the demand for a new product






33. inventory classification - info systems - accurate records






34. Extra inventory held to guard against uncertainty in demand or supply






35. items that are ready for sale to customers






36. 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






37. 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






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






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






40. A fixed time period that passes between inventory reviews






41. 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






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






43. inventory that is in the production process






44. Decision process in which managers predict demand and make operational plans accordingly






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






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






47. The firm produces at a constant rate over the year






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






49. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans






50. 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






Can you answer 50 questions in 15 minutes?



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