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. 1) Improved forecast accuracy 2) Higher customer service with lower finished goods inventory levels due to better forecasts and coordination fo supply with demand 3) More stable supply rates -> Higher productivity for purchasing - suppliers and oper






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






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






4. items in transit from ont location to another






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






6. 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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7. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






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






9. 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






10. Combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm's operations and financial goals (includes demand forecasting and management)






11. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






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






13. Decision process in which managers predict demand and make operational plans accordingly






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






15. The determination of how many additional units are needed






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






17. Sum of all relevant inventory costs incurred each year






18. An event that occurs when no inventory is available






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






20. inventory that is in the production process






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






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






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






24. The individual time period for planning






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






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






27. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






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






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






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






31. Comparison of production needs to actual capacity






32. 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






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






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






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






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






37. A fixed time period that passes between inventory reviews






38. 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






39. 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






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






41. Demand that is created by customers






42. 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






43. 1) Identify the price breaks on offer 2) Calculate the EOQ at each price break - starting with the lowest 3) Evaluate the feasibility of each EOQ value 4) Calculate the TAC for each feasible EOQ and for the minimum quantity required to attain each p






44. How much should be ordered and when?






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






46. 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






47. Amount paid to suppliers for products that are purchased






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






49. 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






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