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 amount of demand that occurs while awaiting receipt of an inventory replenishment order






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






3. 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






4. The longest lead-time path in the BOM






5. How much should be ordered and when?






6. The total amount of an end item that is required






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






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






9. Items bought from suppliers to use in the production of a product






10. Demand that is created by customers






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






12. Maintenance - repair and operating supplies






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






14. 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






15. 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






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






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






18. The determination of how many additional units are needed






19. 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






20. Regular demand patterns of repeating highs and lows






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






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






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






24. 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






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






26. 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.






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






28. 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






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






30. Difference between a forecast and the actual demand






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






32. The rule that a small percentage of items account for a large percentage of sales - profit - or importance to a company

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


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






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






35. An event that occurs when no inventory is available






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






37. 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






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






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






40. 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






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






42. Correlation of current demand values with past demand values






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






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






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






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






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






48. The minimum amount needed in the period






49. 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)






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