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. Forecasting techniques that use input from high-level experienced managers






2. The sum of the inventory held across all of the locations in a company






3. 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.






4. 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






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






6. 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






7. The entire time period covered by the MPS






8. An order for the exact amount needed






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






10. Management systems used when the demand for an item is derived from the demand for some other item






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






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






13. The determination of how many additional units are needed






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






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






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






17. Replan each period (month or quarter) - for a given number of periods into the future






18. 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






19. 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






20. Sum of all relevant inventory costs incurred each year






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






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






23. Computing power will double every 18 months while computing cost will decrease by half


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






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






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






27. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling






28. 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)






29. inventory that is in the production process






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






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






32. Simple forecasting approach that assumes that recent history is a good predictor of the near future






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






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






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






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






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






38. A mathematical approach for fitting an equation to a set of data






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






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






41. The longest lead-time path in the BOM






42. 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






43. Average size of forecast errors - irrespective of their directions.






44. 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






45. 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.






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






47. Production processes halted






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






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






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