webcom quizzes- exam 1
Which one of the following is NOT a common mode of transportation in the supply chain? 1. AIR 2. BUS 3. PIPELINE 4. RAIL 5. TRUCK 6. WATER
BUS
What does the acronym CPFR represent?
Collaborative Planning, Forecasting, & Replenishment
TRUE OR FALSE: Service firms offer intangible products (meaning products that cannot be physically touched), therefore, they do not have a supply chain.
FALSE
The goal of Supply Chain Management is to increase customer service by increasing inventory and reducing costs. TRUE OR FALSE
FALSE
Strategic partnerships are seen as one of the foundations of supply chain management
Strategic partnerships are seen as one of the foundations of supply chain management
It was intense global competition that led manufactures to adopt Supply Chain Management (SCM) and other practices such as Just-in-Time (JIT). tRUE OR FALSE
TRUE
Which of the following is NOT an example of an ordering cost for products purchased from a supplier?
The opportunity cost of not ordering from a least cost supplier
A type of inventory system that issues an order whenever a withdrawal is made from inventory, is known as?
base stock level system
which of the following is an engineering document that shows an inclusive listing of all the component parts and assemblies making up the final product?
bill of materials
successful modern supply chain management typically includes the practice of?
collaborating and sharing information between supply chain partners
Which one of the following is NOT one of the four Foundations of Supply Chain Management? 1. logistics 2. operations 3. demand 4.supply 5.integration
demand management
T or f the lowest inventory level at which a new order must be placed to avoid a stockout is known as the Replenishment Threshold
false
TRUE OR FALSE, THIS IS THE ANTICIPATORY BUSINESS MODEL 1. sell product to customer 2. create supply plan 3. buy materials to produce products 4. manufacture products 5. deliver products to customer
false
t or f Forecasts are more accurate the farther out into the future that you forecast.
false
t or f Independent Demand is demand for an item that is directly related to other items or finished products, such as a component or material used in making a finished product.
false
t or f master production scheduling is a process that brings all the demand and supply plans for the business (Sales, marketing, development, production, sourcing and finance) together to provide management with the ability to strategically direct the business to achieve a competitive advantage
false
t or f material requirement planning is teh system intended to develop long-range plants (more than a year away) concerning product families manufactured by the organization
false
t or f the chase production strategy releies on a constant output rate and capacity while varying inventory and baching levels to handle the fluctuating demand pattern
false
t or f there are no inventories in the service industry
false
t or f: Collaborative Planning, Forecasting, and Replenishment is the process of combining statistical forecasting techniques and judgment to construct demand estimates for products or services.
false
Inventory costs which are independent of the output quantity are called?
fixed costs
_______________________ measures the size of the forecast error in units. It is calculated as the average of the unsigned errors over a specified period of time.
mean absolute deviation
the process of converting a parent items planned order releases into component gross requirements is called
mrp explosion
Which one of the following is NOT a type of qualitative forecasting? 1. sales force composite 2.consumer survey 3. jury of executive opinion 4. naive method
naive method
the medium-range capacity planning technique used to check the feasibilty of the master production schedule (MRP) is called?
rough-cut capacity planning (rccp)
which of the following mrp terms represents a committed order awaiting delivery for a specific period?
scheduled receipt
When creating a quantitative forecast, data should be evaluated to detect for a repeating pattern of demand from year to year, or over some other time interval, with some periods of considerably higher demand than others. This is known as a?
seasonal variation
organizations that chose to implement one single system with all of the desired applications from a single vendor is said to have chosen a?
single integrator solution
Which inventory stock level is generally used for a very specific purpose or future event, and for a defined period of time?
strategic stock
In the absence of any other information or visibility, individual supply chain participants can begin second-guessing what is happening with ordering patterns, and potentially start over-reacting. This is known as?
the bullwhip effect
The primary purpose of the basic economic order quantity model is
to minimize the sum of ordering cost and holding cost
t or f The Qualitative forecasting method is based on opinion & intuition.
true
t or f The four broad categories of inventory are raw materials, work-in-process, MRO, and finished goods
true
t or f The top 2 primary functions of inventory are (1) To meet customer demand, and (2) To buffer against uncertainty in demand and/or supply.
true
t or f the goal of supply chain planning is to balance supply and demand in a way that realizes the financial and service objectives of the company
true
t or f The Economic Order Quantity (EOQ) is the optimal order size because it minimizes the annual total inventory cost.
true
t or false the three basic production strategies for addressing the aggregate planning program are the chase production strategy, the level production strategy and the mixed production strategy.
true
true or false Supply chain management starts with understanding the flow.
true
true or false cause-and-effect models can have multiple independent variables
true