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






2. Unit cost + disposal cost - salvage value






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






4. 1) Sales volume up 2) Risk of obsolescence or having to make discounts down 3) Holding expenses down 4) Asset investment down 5) Asset productivity up






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






6. An event that occurs when no inventory is available






7. Maintenance - repair and operating supplies






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






9. 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






10. An estimate of the capacity needed at work centers






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






12. Difference between a forecast and the actual demand






13. 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






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






15. Order costs are associated with replenishing inventories - while setup costs are associated with producing inventory internally. Both are often considered "fixed" regardless of batch size - although this is not strictly true.






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






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






18. 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






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






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






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






22. A fixed time period that passes between inventory reviews






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






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






25. 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






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






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






28. 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






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






30. File that contains detailed inventory and procurement records






31. Tool created by AT&T for assessing life cycle costs






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






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






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

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35. 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






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






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






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






39. Amount paid to suppliers for products that are purchased






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






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






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






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






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






45. inventory that is in the production process






46. Demand that is created by customers






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






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






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






50. An illustration of the pattern of ordering and inventory levels






Can you answer 50 questions in 15 minutes?



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