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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. Difference between a forecast and the actual demand
master production schedule (MPS)
marketing research (judgement-based)
life cycle waste assessment matrix (LCWAM)
forecast error
2. A combination of common sense inputs from frontline personnel and a computer simulation process
demand planning
measures of inventory performance
focused forecasting
collaborative planning - forecasting and replenishment (CPFR)
3. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers
the roles of inventory
options to accomplish the objective of a chase plan
demand during lead time
marketing research (judgement-based)
4. 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.
order cost
demand planning
difference between order & setup costs
setup cost
5. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods
moving average (time-series - statistical)
service level policy
forecast bias / mean forecast error
Outputs of materials requirements planning (MRP)
6. The portion of average inventory determined as order quantity divided by two
dependent demand
days of supply
uncertainty period
cycle stock
7. The tendency of a forecasting technique to continually overpredict or underpredict demand.
shift or step change
autocorrelation
forecast bias / mean forecast error
trend
8. An order for the same amount each time
fixed order quantity (FOQ)
finished goods inventory
carrying (holding cost)
buffer (safety) stock
9. Items bought from suppliers to use in the production of a product
raw materials and components parts
stockout
options to accomplish the objective of a chase plan
cost of a unit stockout
10. The part of panned production that is not committed to a customer
available to promise
gross requirements
inventory
forecast bias / mean forecast error
11. The longest lead-time path in the BOM
mean absolute deviation / mean absolute error
raw materials and components parts
order cost
cumulative lead time
12. Decision process in which managers predict demand and make operational plans accordingly
impact of raw material and compontent part stockouts
demand forecasting
naive model (time-series - statistical)
inventory turnover
13. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
continuous review model
demand during lead time
chase strategy (aggregate production strategy)
yield management
14. An estimate of the capacity needed at work centers
Wastes produced throughout the five product life cycle stages
focused forecasting
capacity requirements planning (CRP)
ways to improve demand planning
15. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
life cycle analysis
order interval
Managerial approaches to reducing inventory costs
collaborative planning - forecasting and replenishment (CPFR)
16. items in transit from ont location to another
service level policy
focused forecasting
Steps of designing a forecasting process
transit inventory
17. Production rate is changed in each period to match the amount of expected demand
chase strategy (aggregate production strategy)
saw-tooth diagram
level production strategy (aggregate production strategy)
planned order receipt
18. The entire time period covered by the MPS
cycle counting
advance planning and scheduling (APS) systems
finished goods inventory
planning horizon
19. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
demand management tactics
aggregate production plan
life cycle analysis
shift or step change
20. An estimation of the availability of the critical resources needed to support the MPS
rought-cut capacity planning
gross requirements
available to promise
continuous review model
21. Technique that seeks inputs from people who are in close contact with customers and products
grassroots forecasting (judgement-based)
chase strategy (aggregate production strategy)
steps to determine order quantity when quantity discounts are available
planned order release
22. items that are ready for sale to customers
finished goods inventory
demand management tactics
Disadvantages when inventory turnover is too high
Outputs of materials requirements planning (MRP)
23. 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
basic questions to answer when planning inventories
Soft benefits of S&OP
the expense components of carrying cost
stockout (shortage) cost
24. Built upon estimates and opinions of people - e.g. experts. Attempt to incorporate factors of demand that are difficult to capture in a purely statistical model.
judgement-based forecasting
saw-tooth diagram
requirements explosion
load profile
25. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held
materials requirements planning (MRP)
difference between order & setup costs
seasonality and cycles
square root rule
26. 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
infinite loading
finished goods inventory
steps to determine order quantity when quantity discounts are available
continuous review model
27. Forecasting techniques that use input from high-level experienced managers
carrying (holding cost)
life cycle analysis
executive judgment (judgement-based)
finished goods inventory
28. The sum of the inventory held across all of the locations in a company
Impact of lot size restrictions on quantity discounts
total system inventory
cumulative lead time
business model
29. Unique ID for a part used by a specific company
rules of forecasting
planned order receipt
part number
MRO inventory
30. Administrative expenses and the expenses of rearranging a work center to produce an item
options to accomplish the objective of a chase plan
setup cost
dependent demand inventory systems
saw-tooth diagram
31. Comparison of production needs to actual capacity
forecast error
production order quantity
impact of raw material and compontent part stockouts
load profile
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
advance planning and scheduling (APS) systems
quantitative ABC analysis procedure
seasonality and cycles
the expense components of carrying cost
33. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
bullwhip effect
grassroots forecasting (judgement-based)
mixed or hybrid strategy
dependent demand
34. A fixed time period that passes between inventory reviews
order interval
cycle counting
setup cost
important trends influencing operations management and the emergence of business models
35. 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
two-bin system
bill of materials (BOM)
collaborative planning - forecasting and replenishment (CPFR)
items included in the inventory record
36. A parameter indicating the weight given to the most recent demand
inventory
smoothing coefficient
focused forecasting
Delphi method (judgement-based)
37. Measurement of how closely the forecast aligns with the observations over time
yield management
exponential smoothing (time-series - statistical)
moving average (time-series - statistical)
forecast accuracy
38. inventory classification - info systems - accurate records
historical analogy (judgement-based)
Techniques used to manage inventory
bill of materials (BOM)
transit inventory
39. A planning system used to ensure the right quantities of materials are available when needed
order cost
work in process inventory
production order quantity
materials requirements planning (MRP)
40. 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
fixed order quantity (FOQ)
demand during lead time
chase strategy (aggregate production strategy)
Steps of designing a forecasting process
41. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
fixed order quantity (FOQ)
demand management
life cycle analysis
advance planning and scheduling (APS) systems
42. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes
naive model (time-series - statistical)
target service level (TSL)
collaborative planning - forecasting and replenishment (CPFR)
simulation models
43. 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
focused forecasting
part number
Hard benefits of S&OP
total system inventory
44. 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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45. Simple forecasting approach that assumes that recent history is a good predictor of the near future
planning horizon
mean absolute deviation / mean absolute error
naive model (time-series - statistical)
causal models vs. simulation models
46. Cycle stocks - safety stocks - managing locations - implementing inventory models
steps to determine order quantity when quantity discounts are available
moving average (time-series - statistical)
Managerial approaches to reducing inventory costs
total system inventory
47. Minimum level of inventory that triggers the need to order more
Global Trade Item Number (GTIN)
quantitative ABC analysis procedure
time series and analysis methods
reorder point (ROP)
48. Forecasting model model that assigns a different weight to each period's demand according to its importance
smoothing coefficient
Managerial approaches to reducing inventory costs
seasonality and cycles
weighted moving average (time-series - statistical)
49. 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
assumptions underlying the EOQ formulation
naive model (time-series - statistical)
Techniques used to manage inventory
planned order receipt
50. A strategy that includes some elements of level production and some elements of chase production strategies
mixed or hybrid strategy
Impact of lot size restrictions on quantity discounts
Hard benefits of S&OP
marketing research (judgement-based)