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. The minimum amount needed in the period






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






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






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






5. Process where each item in inventory is physically counted on a routine schedule






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






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






8. 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)






9. 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






10. Regular demand patterns of repeating highs and lows






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






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






13. items that are ready for sale to customers






14. 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






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






16. 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)






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






18. 1) Balancing supply and demand 2) Buffering uncertainty in supply/demand 3) Enabling economies of buying 4) Enabling geographic specialization






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






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






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






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






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






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






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






26. Unit selling price - unit cost






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






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






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






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






31. 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






32. 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






33. 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.






34. 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






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






36. 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






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






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






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






40. Demand that is created by customers






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






42. 1) Opportunity cost - including cost of capital 2) Owning/maintaining storage space 3) Taxes 4) Insurance 5) Obsolescence and loss 6) Materials handling - tracking - management






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






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






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






46. An order for the same amount each time






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

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48. 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






49. 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






50. An order for the exact amount needed