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






2. 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






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






4. 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






5. 1) No quantity discounts 2) No lot size restrictions 3) No partial deliveries 4) No variability 5) Quantity of one product is not dependent on that of another






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






7. Difference between a forecast and the actual demand






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






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






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






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






12. Consistent horizontal stream of demands






13. 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






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






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

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16. Regular demand patterns of repeating highs and lows






17. Forecasting model model that assigns a different weight to each period's demand according to its importance






18. 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)






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






20. 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






21. items that are ready for sale to customers






22. The amount that is planned to arrive at the beginning of a period






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






24. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level






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






26. 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






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






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






29. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost






30. An estimate of the capacity needed at work centers






31. Systems that integrate materials and capacity planning into one system






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






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






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






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






36. Unit selling price - unit cost






37. Decision process in which managers predict demand and make operational plans accordingly






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






39. An order for the same amount each time






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






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






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






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






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






45. The portion of average inventory determined as order quantity divided by two






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






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






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






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






50. inventory that is in the production process