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. The amount of demand that occurs while awaiting receipt of an inventory replenishment order






2. 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






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






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






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






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






7. The longest lead-time path in the BOM






8. 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






9. 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)






10. 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






11. inventory classification - info systems - accurate records






12. 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






13. Unit selling price - unit cost






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






15. An event that occurs when no inventory is available






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






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






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






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






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






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






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






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






24. 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






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






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






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






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






30. An estimate of the capacity needed at work centers






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






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






33. 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






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






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






36. An order for the same amount each time






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






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






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






40. Comparison of production needs to actual capacity






41. Difference between a forecast and the actual demand






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






43. 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






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






45. 1) Sales volume up 2) Risk of obsolescence or having to make discounts down 3) Holding expenses down 4) Asset investment down 5) Asset productivity up






46. 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






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






48. Sum of all relevant inventory costs incurred each year






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






50. Consistent horizontal stream of demands