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






2. A fixed time period that passes between inventory reviews






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. 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






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






6. An event that occurs when no inventory is available






7. The minimum amount needed in the period






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






9. The amount of an item that is planned to be ordered in a period






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






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






12. 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






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






14. items that are ready for sale to customers






15. 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






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






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






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






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

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






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






22. 1) Stockout risk up 2) COGS up because of inability to purchase or produce in quantity 3) Purchasing - ordering & receiving time - effort and cost up






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






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






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






26. Correlation of current demand values with past demand values






27. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)






28. 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






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






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






31. 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






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






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






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






35. Demand that is created by customers






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






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






38. 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






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






40. The individual time period for planning






41. Regular demand patterns of repeating highs and lows






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






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






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






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






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






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






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






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






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