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






2. Unit cost + disposal cost - salvage value






3. inventory classification - info systems - accurate records






4. Maintenance - repair and operating supplies






5. 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






6. 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






7. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)






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






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






10. 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






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






12. 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






13. The determination of how many additional units are needed






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






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






16. Demand that is created by customers






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






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






19. 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






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






21. A period of time when an unknown amount of inventory is on hand






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






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






24. 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






25. Consistent horizontal stream of demands






26. 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






27. Regular demand patterns of repeating highs and lows






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






29. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known






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






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






32. Production processes halted






33. Comparison of production needs to actual capacity






34. Amount paid to suppliers for products that are purchased






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






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






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






38. 1) Improve information accuracy and timeliness 2) Reduce lead time 3) Redesign the product 4) Collaborate and share information






39. 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






40. Software that consolidates all of the business planning systems and data throughout an organization






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






42. How much should be ordered and when?






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






44. 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






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






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






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






48. 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






49. 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






50. Sum of all relevant inventory costs incurred each year