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. 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)






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






3. 1) Rapid technological change 2) Increasing importance of sustainability 3) Growing roles of national and corporate cultures






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






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

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






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






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






9. 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.






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






11. The entire time period covered by the MPS






12. The probability of meeting all demand for an item = cost of a unit stockout / (cost of a unit stockout + cost of being overstocked by one unit)






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






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






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






16. 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






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






18. 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






19. File that contains detailed inventory and procurement records






20. Expenses incurred due to the fact that inventory is held






21. The minimum amount needed in the period






22. Unit cost + disposal cost - salvage value






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






24. 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.






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






26. Supply of items held by a firm to meet demand






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






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






29. Unit selling price - unit cost






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






31. 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.






32. Demand that depends upon decisions made by internal operations managers






33. An estimate of the capacity needed at work centers






34. 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






35. Correlation of current demand values with past demand values






36. Regular demand patterns of repeating highs and lows






37. items in transit from ont location to another






38. How much should be ordered and when?






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






40. Combination of the choice of which customer segment the firm will target with a specific value proposition and the supply chain capabilities used to deliver it






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






42. Production processes halted






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






44. 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






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






46. An event that occurs when no inventory is available






47. Sum of all relevant inventory costs incurred each year






48. 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






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






50. 1) Short-term forecasts are usually more accurate than long-term forecasts 2) Forecasts of aggregated demand are usually more accurate than forecasts of demand at detailed levels 3) Forecasts developed using multiple information sources are usually