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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. How much should be ordered and when?






2. Unit cost + disposal cost - salvage value






3. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle






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






5. 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.






6. Proactive approach in which managers attempt to influence either the pattern or consistency of demand






7. 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






8. Comparison of production needs to actual capacity






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






10. Times series models use only past demand values as indicators of future demand. Causal models use other independent - observed data to predict demand.






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






12. Sophisticated mathematical programs that offer forecasters the ability to evaluate different business scenarios that might yield different demand outcomes






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






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






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






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






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






18. Unit selling price - unit cost






19. 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






20. 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






21. items that are ready for sale to customers






22. The longest lead-time path in the BOM






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






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






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






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






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






28. Model used to determine the order size for a one-time purchase






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






30. 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






31. 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)






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






33. inventory is constantly monitored to decide when a replenishement order needs to be placed






34. An estimate of the capacity needed at work centers






35. 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






36. Consistent horizontal stream of demands






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






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






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






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






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






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






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






44. Extra inventory held to guard against uncertainty in demand or supply






45. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand






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






47. An order for the same amount each time






48. 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






49. Demand that is created by customers






50. Cycle stocks - safety stocks - managing locations - implementing inventory models







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