Supply chain exam 1

What is the term for the type of inventory system that issues an order whenever a withdrawal is made from inventory, and the replenishment order quantity is equal to the quantity withdrawn from inventory

Base stock level systems

What is the name of the engineering document that shows all component parts and materials which make up the final product?

Bill of Materials (BOM)

The business practice that combines the intelligence of multiple trading partners in the planning fulfillment of customer demands is known as..

Collaborative Planning, Forecasting and replenishment (CPFR)

The process of combining statistical forecasting techniques and judgement to construct demand estimates for products or services is known as?

Demand Planning

The planning function that determines the need to replenish finished product inventory at branch warehouses, when there are multiple warehouse in the network, is called what?

Distribution requirements planning (DRP)

A quantitative decision model based on the trade-off between annual inventory carrying costs and annual ordering costs is known as what

Economic Order Quantity (EOQ)

Companies in the service industry cannot maintain inventory of services, however, they can maintain inventory of "___________ ________," which are items that are used during the service being provided

Facilitating products

T/F The true vale of CPFR comes from the sophisticated forecasting alogrithms that provide companies with highly accurate forecasts rather than from the exchange of information between trading partners

Fals

T/F A forecast is an estimate of future demand and provides the basis for supplying planning decisions

False

T/F The four broad categories of inventory are raw materials, work-in-process, semi-finished goods and, finished goods

False

T/F The most commonly used forecasting accuracy measures are Mean Absolute Deviation (MAD), Mean Multiple regression. and mean absolute percentage error

False

The detailed plan that shows the exact end items (i.e. Finished Products) to be produced in a specific time frame is know as what?

Master Production Schedule (MPS)

What part of supply chain management deals with the process of moving goods specifically from the point of consumption back to the point of origin for repair, reclamation, remanufacture, recycling or disposal

Reverse Logistics

What type of inventory is used to take advantage of a price discount, to take advantage of a business opportunity, or for life cycle changes

Strategic Shock

T/F The foundational elements of supply chain are; Integration, Supply management, logistics management, and operations management

True