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. Difference between a forecast and the actual demand






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






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






4. 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.






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






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






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






8. An order for the same amount each time






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






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






11. The longest lead-time path in the BOM






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






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






14. An estimate of the capacity needed at work centers






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






16. items in transit from ont location to another






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






18. The entire time period covered by the MPS






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






20. An estimation of the availability of the critical resources needed to support the MPS






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






22. items that are ready for sale to customers






23. 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






24. 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.






25. A method of estimating the impact of changing the number of lcoations on the quantity of inventory held






26. 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






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






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






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






30. Administrative expenses and the expenses of rearranging a work center to produce an item






31. Comparison of production needs to actual capacity






32. 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






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






34. A fixed time period that passes between inventory reviews






35. 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






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






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






38. inventory classification - info systems - accurate records






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






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






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






43. 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






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






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






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






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






49. 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






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