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. Minimum level of inventory that triggers the need to order more






2. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales






3. Expenses incurred due to the fact that inventory is held






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






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






6. Systems that integrate materials and capacity planning into one system






7. The assumption that there is an infinite amount of capacity available






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






9. 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






10. A strategy that includes some elements of level production and some elements of chase production strategies






11. Quantities of each finished product to be completed for each period






12. An order for the exact amount needed






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






14. An illustration of the pattern of ordering and inventory levels






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






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






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






18. How much should be ordered and when?






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






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






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






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






23. Amount paid to suppliers for products that are purchased






24. 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






25. The individual time period for planning






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






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






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






29. An event that occurs when no inventory is available






30. 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)






31. items in transit from ont location to another






32. 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






33. 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






34. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company


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






36. The minimum amount needed in the period






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






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)






39. The part of panned production that is not committed to a customer






40. The portion of average inventory determined as order quantity divided by two






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






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






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






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






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






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






47. 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.






48. Technique that seeks inputs from people who are in close contact with customers and products






49. Process where each item in inventory is physically counted on a routine schedule






50. items that are ready for sale to customers