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






2. How much should be ordered and when?






3. Difference between a forecast and the actual demand






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






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






6. 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






7. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it






8. 1) Extra resources expand and contract capacity to meet varying demand 2) Backlogging of certain orders to smooth out demand fluctuations 3) Customer dissatisfaction with inability to meet all demands 4) Buffering the system with safety stocks - saf






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






10. The determination of how many additional units are needed






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






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






13. The entire time period covered by the MPS






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






15. The individual time period for planning






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






17. 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






18. Comparison of production needs to actual capacity






19. The longest lead-time path in the BOM






20. Ratio between average inventory and the level of sales: = COGS/Average inventory@cost = Net sales/Average inventory@sales price = Unit sales/Average inventory in units






21. A fixed time period that passes between inventory reviews






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






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






24. Forecasting technique that bases forecastis on the purchasing patterns and attitutdes of current or potential customers






25. items in transit from ont location to another






26. Unique ID for a part used by a specific company






27. Measurement of how closely the forecast aligns with the observations over time






28. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






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






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






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






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






33. 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






34. 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






35. A combination of common sense inputs from frontline personnel and a computer simulation process






36. Unit selling price - unit cost






37. An order for the same amount each time






38. 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






39. 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)






40. 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.






41. inventory that is in the production process






42. The amount that is planned to arrive at the beginning of a period






43. Amount paid to suppliers for products that are purchased






44. The tendency of a forecasting technique to continually overpredict or underpredict demand.






45. Forecasting model that computes a forecast ast he average of demands over a number of immediate past periods






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






47. 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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48. 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






49. Items bought from suppliers to use in the production of a product






50. 1) Inventory holding cost 2) Regular production cost 3) Overtime cost 4) Hiring cost 5) Firing/layoff cost 6) Backorder/lost sales cost 7) Subcontracting cost