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






2. Forecasting models that compute forecasts using historical data arranged in the order of occurrence






3. inventory that is in the production process






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






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






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






7. Regular demand patterns of repeating highs and lows






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






9. An estimate of the capacity needed at work centers






10. The general sloping tendency of demand - wither upward or downward - in a linear or nonlinear fashion






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






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






13. An event that occurs when no inventory is available






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






15. An order for the exact amount needed






16. The entire time period covered by the MPS






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






19. Ratio between average inventory and the level of sales: = COGS/Average inventory@cost = Net sales/Average inventory@sales price = Unit sales/Average inventory in units






20. 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






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






22. 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






23. The determination of how many additional units are needed






24. 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






25. An order for the same amount each time






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






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






28. File that contains detailed inventory and procurement records






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






30. Production processes halted






31. 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






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






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






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






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






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






37. 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






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






39. The most economic quantity to order when units become available at the rate at which they are produced (i.e. with partial order deliveries)






40. Sum of all relevant inventory costs incurred each year






41. 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)






42. 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






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






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






45. inconsistencies in the plan causes by changes to the MPS






46. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales






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






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






49. Comparison of production needs to actual capacity






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






Can you answer 50 questions in 15 minutes?



Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests