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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. 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
forecast error
Hard benefits of S&OP
demand forecasting
the roles of inventory
2. Small disturbance generated by a customer produces sucessively larger disturbances at each upstream stage in the supply chain
finished goods inventory
load profile
focused forecasting
bullwhip effect
3. Model used to determine the order size for a one-time purchase
Disadvantages when inventory turnover is too high
total acquisition cost (TAC)
shift or step change
single period inventory model
4. items in transit from ont location to another
Soft benefits of S&OP
stable pattern
transit inventory
executive judgment (judgement-based)
5. inventory of an item is stored in two different locations
cumulative lead time
raw materials and components parts
order interval
two-bin system
6. 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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7. 1) MRP (Materials Requirements Planning) 2) DRP (Distribution Requirements Planning) 3) CRP (Capacity Requirements Planning)
Pareto's law
total acquisition cost (TAC)
fixed order quantity (FOQ)
Three components of resource requirements planning
8. A detailed description of an "end item" and al ist of all of its raw materials - parts and subassemblies
gross requirements
bill of materials (BOM)
Hard benefits of S&OP
Steps of designing a forecasting process
9. 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
planned order release
independet demand
types of costs that must be identified and quantified in aggregate planning
independent demand inventory systems
10. Combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm's operations and financial goals (includes demand forecasting and management)
independent demand inventory systems
chase strategy (aggregate production strategy)
demand planning
collaborative planning - forecasting and replenishment (CPFR)
11. Order quantity that minimizes the sum of annual inventory carrying cost and annual ordering cost
aggregate production plan
executive judgment (judgement-based)
economic order quantity (EOQ)
production order quantity
12. Supply chain partner firms share invormation and insights in order to generate better forecasts and plans
Soft benefits of S&OP
basic questions to answer when planning inventories
collaborative planning - forecasting and replenishment (CPFR)
regression analysis
13. Decision process in which managers predict demand and make operational plans accordingly
moving average (time-series - statistical)
demand forecasting
quantitative ABC analysis procedure
independet demand
14. The amount of demand that occurs while awaiting receipt of an inventory replenishment order
independet demand
items included in the inventory record
reorder point (ROP)
demand during lead time
15. The determination of how many additional units are needed
requirements explosion
periodic order quantity (POQ)
marketing research (judgement-based)
rought-cut capacity planning
16. A planning system used to ensure the right quantities of materials are available when needed
Moore's law
materials requirements planning (MRP)
yield management
inventory
17. Sum of all relevant inventory costs incurred each year
Pareto's law
life cycle waste assessment matrix (LCWAM)
naive model (time-series - statistical)
total acquisition cost (TAC)
18. An event that occurs when no inventory is available
options to accomplish the objective of a chase plan
stockout
total acquisition cost (TAC)
judgement-based forecasting
19. Replan each period (month or quarter) - for a given number of periods into the future
vendor-managed inventory (VIM)
ABC analysis
rolling planning horizons
grassroots forecasting (judgement-based)
20. inventory that is in the production process
work in process inventory
Impact of lot size restrictions on quantity discounts
master production schedule (MPS)
sales and operations planning (S&OP)
21. A one-time change in demand - susually due to some external influence on demand
demand during lead time
uncertainty period
the financial impact of inventory
shift or step change
22. An order for an amount that covers a fixed period of time
grassroots forecasting (judgement-based)
the roles of inventory
periodic order quantity (POQ)
nervousness
23. Tool created by AT&T for assessing life cycle costs
simulation models
life cycle waste assessment matrix (LCWAM)
the roles of inventory
autocorrelation
24. The individual time period for planning
level production strategy (aggregate production strategy)
time bucket
continuous review model
ABC analysis
25. Proactive approach in which managers attempt to influence either the pattern or consistency of demand
planned order receipt
total system inventory
forecast error
demand management
26. The number of days of business operations that can be supported with the inventory on hand = Current inventory/Expected daily demand
load profile
days of supply
gross requirements
demand forecasting
27. 1) Asset productivity issues: measured by inventory turnover and days of supply 2) Effectiveness in meeting demand requriements - a.k.a. service level
service level policy
important trends influencing operations management and the emergence of business models
forecast bias / mean forecast error
measures of inventory performance
28. A mathematical approach for fitting an equation to a set of data
work in process inventory
target service level (TSL)
square root rule
regression analysis
29. Process to develop tactical plans by integrating customer-focused marketing plans for new and existing products with the operational management of the supply chain
sales and operations planning (S&OP)
mixed or hybrid strategy
planning horizon
fixed order quantity (FOQ)
30. The amount that is planned to arrive at the beginning of a period
planned order receipt
Wastes produced throughout the five product life cycle stages
ways to improve demand planning
forecast accuracy
31. Comparison of production needs to actual capacity
economic order quantity (EOQ)
production order quantity
load profile
business model
32. 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
ABC analysis
periodic order quantity (POQ)
Advantages of high inventory turnover
master production schedule (MPS)
33. 1) Extraction 2) Production 3) Packaging and Transport 4) Usage 5) Disposal/Recycling
Disadvantages when inventory turnover is too high
Wastes produced throughout the five product life cycle stages
business model
steps to determine order quantity when quantity discounts are available
34. The sum of the inventory held across all of the locations in a company
MRO inventory
capacity requirements planning (CRP)
vendor-managed inventory (VIM)
total system inventory
35. The tendency of a forecasting technique to continually overpredict or underpredict demand.
mean absolute deviation / mean absolute error
life cycle analysis
cost of a unit stockout
forecast bias / mean forecast error
36. Systems that integrate materials and capacity planning into one system
advance planning and scheduling (APS) systems
stockout
ABC analysis
raw materials and components parts
37. A fixed time period that passes between inventory reviews
rules of forecasting
order interval
forecast bias / mean forecast error
basic questions to answer when planning inventories
38. 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
total acquisition cost (TAC)
materials requirements planning (MRP)
Techniques used to manage inventory
Outputs of materials requirements planning (MRP)
39. 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
Advantages of high inventory turnover
Hard benefits of S&OP
inefficiencies caused by unpredictably fluctuating customer demand
requirements explosion
40. Specifies the production rates - inventory - employment levels - backlogs - possible subcontracting - and other resources needed to meet the sales plan
level production strategy (aggregate production strategy)
simulation models
aggregate production plan
service level policy
41. Demand that is created by customers
stockout (shortage) cost
judgement-based forecasting
independet demand
focused forecasting
42. 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
Global Trade Item Number (GTIN)
options to accomplish the objective of a chase plan
service level
independent demand inventory systems
43. 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
independent demand inventory systems
steps to determine order quantity when quantity discounts are available
trend
carrying (holding cost)
44. How much should be ordered and when?
basic questions to answer when planning inventories
target service level (TSL)
fixed order quantity (FOQ)
time bucket
45. The assumption that there is an infinite amount of capacity available
infinite loading
single period inventory model
master production schedule (MPS)
finished goods inventory
46. 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
causal models vs. simulation models
part number
planned order receipt
demand management tactics
47. Amount paid to suppliers for products that are purchased
postponable product
product cost
smoothing coefficient
bill of materials (BOM)
48. A period of time when an unknown amount of inventory is on hand
aggregate production plan
Techniques used to manage inventory
inventory turnover
uncertainty period
49. 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
inventory turnover
quantitative ABC analysis procedure
Techniques used to manage inventory
Steps of designing a forecasting process
50. Forecasting model model that assigns a different weight to each period's demand according to its importance
simulation models
weighted moving average (time-series - statistical)
demand during lead time
product cost