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. Supply of items held by a firm to meet demand






2. Quantities of each finished product to be completed for each period






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






4. Inventory is both an asset and a cost that impacts profitability. Inventory represents ~30% of a company's assets - and it must be purchased with debt or investment. Keeping inventory low keeps investment/debt low and keeps cash free to be used of o






5. The entire time period covered by the MPS






6. Vendor is responsible for managing the inventory located at a customer's facility






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






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






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






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






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






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






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






15. Expenses incurred in placing receiving orders from suppliers - including order preparation - transmittal - receiving - and A/P processing






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






17. Determination of replenishement and postioining of finished goods in the distribution network






18. Correlation of current demand values with past demand values






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






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






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






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






23. 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






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






25. Unit cost + disposal cost - salvage value






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






27. How much should be ordered and when?






28. 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)






29. inventory that is in the production process






30. 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






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

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






33. items that are ready for sale to customers






34. File that contains detailed inventory and procurement records






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






36. Consistent horizontal stream of demands






37. 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






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






39. An order for the exact amount needed






40. A fixed time period that passes between inventory reviews






41. 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






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






43. 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






44. Comparison of production needs to actual capacity






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






46. items in transit from ont location to another






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






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






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






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







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