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Test your basic knowledge |
Supply And Logistics
Start Test
Study First
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. Determination of replenishement and postioining of finished goods in the distribution network
enterprise resource planning (ERP) system
demand management tactics
setup cost
distribution requirements planning (DRP)
2. Process where each item in inventory is physically counted on a routine schedule
reorder point (ROP)
cycle counting
judgement-based forecasting
materials requirements planning (MRP)
3. items in transit from ont location to another
inventory turnover
transit inventory
Three components of resource requirements planning
Techniques used to manage inventory
4. The amount of an item that is planned to be ordered in a period
exponential smoothing (time-series - statistical)
independent demand inventory systems
planned order release
Hard benefits of S&OP
5. Production processes halted
inventory
impact of raw material and compontent part stockouts
Global Trade Item Number (GTIN)
smoothing coefficient
6. A strategy that includes some elements of level production and some elements of chase production strategies
advance planning and scheduling (APS) systems
exponential smoothing (time-series - statistical)
mixed or hybrid strategy
part number
7. 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
mean absolute deviation / mean absolute error
grassroots forecasting (judgement-based)
the expense components of carrying cost
Disadvantages when inventory turnover is too high
8. Management system built around checking and ordering inventory at some regular interval
demand during lead time
collaborative planning - forecasting and replenishment (CPFR)
Delphi method (judgement-based)
periodic review model
9. An estimate of the capacity needed at work centers
capacity requirements planning (CRP)
types of costs that must be identified and quantified in aggregate planning
total system inventory
Delphi method (judgement-based)
10. A product designed so that it can be configured to its final form quickly and inexpensively once actual customer demand is known
demand management tactics
forecast bias / mean forecast error
postponable product
Advantages of high inventory turnover
11. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
impact of raw material and compontent part stockouts
Steps of designing a forecasting process
Three components of resource requirements planning
days of supply
12. An order for the exact amount needed
moving average (time-series - statistical)
periodic review model
enterprise resource planning (ERP) system
lot-for-lot (L4L)
13. A fixed time period that passes between inventory reviews
the expense components of carrying cost
fixed order quantity (FOQ)
capacity requirements planning (CRP)
order interval
14. File that contains detailed inventory and procurement records
total system inventory
basic questions to answer when planning inventories
inventory status file
cycle counting
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
shift or step change
quantitative ABC analysis procedure
square root rule
Hard benefits of S&OP
16. A one-time change in demand - susually due to some external influence on demand
shift or step change
demand during lead time
order cost
stockout
17. Minimum level of inventory that triggers the need to order more
reorder point (ROP)
forecast error
the roles of inventory
infinite loading
18. The entire time period covered by the MPS
ways to improve demand planning
autocorrelation
planning horizon
aggregate production plan
19. The determination of how many additional units are needed
demand planning
square root rule
requirements explosion
judgement-based forecasting
20. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
setup cost
exponential smoothing (time-series - statistical)
advance planning and scheduling (APS) systems
aggregate production plan
21. Items bought from suppliers to use in the production of a product
inventory turnover
master production schedule (MPS)
collaborative activities in CPFR
raw materials and components parts
22. inventory that is in the production process
life cycle analysis
work in process inventory
difference between order & setup costs
saw-tooth diagram
23. Difference between a forecast and the actual demand
Techniques used to manage inventory
Managerial approaches to reducing inventory costs
forecast error
cumulative lead time
24. inventory classification - info systems - accurate records
demand forecasting
Techniques used to manage inventory
infinite loading
demand management tactics
25. A mathematical approach for fitting an equation to a set of data
regression analysis
cycle counting
ABC analysis
infinite loading
26. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
Techniques used to manage inventory
demand during lead time
ABC analysis
impact of raw material and compontent part stockouts
27. 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
stable pattern
vendor-managed inventory (VIM)
demand management tactics
smoothing coefficient
28. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
planned order receipt
bullwhip effect
postponable product
executive judgment (judgement-based)
29. inventory is constantly monitored to decide when a replenishement order needs to be placed
setup cost
exponential smoothing (time-series - statistical)
Impact of lot size restrictions on quantity discounts
continuous review model
30. Specification of the amount of risk of incurring a stockout that a firm is willing to incur
independent demand inventory systems
service level policy
inventory
demand management tactics
31. Supply of items held by a firm to meet demand
basic questions to answer when planning inventories
the financial impact of inventory
inventory
measures of inventory performance
32. Approach used to evaluate the costs generated by wastes produced throughout a product's life cycle
life cycle analysis
planned order receipt
available to promise
two-bin system
33. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
buffer (safety) stock
business model
economic order quantity (EOQ)
Outputs of materials requirements planning (MRP)
34. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
Three components of resource requirements planning
cycle counting
rolling planning horizons
business model
35. Forecasts developed by asking a panel fo experts to individually and repeatedly respond to a series of questions
target service level (TSL)
Delphi method (judgement-based)
uncertainty period
collaborative planning - forecasting and replenishment (CPFR)
36. 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
rules of forecasting
marketing research (judgement-based)
steps to determine order quantity when quantity discounts are available
moving average (time-series - statistical)
37. Expenses incurred due to the fact that inventory is held
rules of forecasting
carrying (holding cost)
mixed or hybrid strategy
stockout
38. The individual time period for planning
time bucket
enterprise resource planning (ERP) system
net requriements
lot-for-lot (L4L)
39. Production rate is changed in each period to match the amount of expected demand
marketing research (judgement-based)
stable pattern
chase strategy (aggregate production strategy)
collaborative activities in CPFR
40. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
materials requirements planning (MRP)
Three components of resource requirements planning
collaborative planning - forecasting and replenishment (CPFR)
quantitative ABC analysis procedure
41. Cost incurred when inventory is not available to meet demand - cost of lost current and future sales
single period inventory model
stockout (shortage) cost
gross requirements
Pareto's law
42. 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
stockout
impact of raw material and compontent part stockouts
inefficiencies caused by unpredictably fluctuating customer demand
basic questions to answer when planning inventories
43. Item ID system for finished goods sold to consumers (e.g. UPC. 12 or 14 digits)
Global Trade Item Number (GTIN)
advance planning and scheduling (APS) systems
seasonality and cycles
life cycle analysis
44. 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
naive model (time-series - statistical)
the expense components of carrying cost
inventory
forecast bias / mean forecast error
45. Amount paid to suppliers for products that are purchased
product cost
impact of raw material and compontent part stockouts
judgement-based forecasting
autocorrelation
46. The minimum amount needed in the period
net requriements
naive model (time-series - statistical)
lot-for-lot (L4L)
demand management tactics
47. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
product cost
measures of inventory performance
materials requirements planning (MRP)
collaborative planning - forecasting and replenishment (CPFR)
48. Comparison of production needs to actual capacity
distribution requirements planning (DRP)
master production schedule (MPS)
Cost of being overstocked by one unit
load profile
49. items that are ready for sale to customers
collaborative planning - forecasting and replenishment (CPFR)
rules of forecasting
transit inventory
finished goods inventory
50. 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
options to accomplish the objective of a chase plan
bill of materials (BOM)
continuous review model
uncertainty period