LOGISTICS Exam #1

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Risk present factors of _____ and _____ in a business.

uncertainty; vulnerability

These stockout costs occur when a seller has only a portion of the products ordered by the buyer.

backorder

These stockout costs still focus on past consumers instead of future consumers.

backorder

What value of alpha should be chosen?

between 0 and 1

Which of the dimensions of forecast error do the following statements describe? 1. consistently over or under forecasting

bias

The following are attributes of which type of risk? 1. Conceivable but unusual and unexpected events 2. very rare, black swan events

unknown-unknowns

The following are attributes of which type of risk? 1. major effect on operations 2. although you can't predict with accuracy, you can build resilient supply chain

unknown-unknowns

This is the perceived value of a product.

utility

Service recovery is...

vital

Everything that does not add value to meet customers' needs as efficiently and efficiently as possible.

waste

How do we calculate PTIS?

work days in stock / total work days

We are now in an era often referred to as the...

century of the consumer

What does CPFR stand for?

collaborate planning, forecasting & replenishment

The following attributes related to which of the three customer care dimensions: 1. variability of order lead time 2. variability = not good

consistency

Which logistical issue occurs due to consumers desire to have same day or fast delivery?

consumer service demands

Which logistical issue occurs through online shopping and showrooming?

consumer service demands

What helps service recovery?

contingency planning

You have to find the right predictive variables - the ones that really are related to Y - in which of the two quantitative forecasting methods?

correlational

Delivery capacity is...

cross functional

How do we calculate PIIS?

current stock / total inventory managed

Which consumer response to an out of stock product is described below: "consumer maintains interest in product but purchases later."

delay

Which of the qualitative forecasting methods does the following describe? 1. interactive pooling 2. pooling of expert opinion

delphi

Which of the successful collaborative CPFR activities do the following describe? 1. cadence calls 2. plan and discuss promotions and rolling horizons

demand and supply management

The following attributes describe which step in S&OP? Operating Review: 1. demand planning 2. forecast review 3. economic analysis 4. promotion planning 5. consensus forecast

demand review

The following attributes describe which step in S&OP? Strategic planning: 1. portfolio management 2. pricing strategy 3. brand management

demand review

The fundamental concept from lean logistics is...

eliminate waste

Which logistical issue occurs due to times changing and shopping online becoming more popular?

end consumer

Which of the successful collaborative CPFR activities do the following describe? 1. place orders 2. prepare and deliver shipments 3. receive and stock products 4. record sales 5. make payments

execution

Which of the qualitative forecasting methods does the following describe? 1. based on executive experience

executive experience

Is it expensive or inexpensive to get the right product at the right time?

expensive

Which of the qualitative forecasting methods does the following describe? 1. talk to the experts

expert panels

What is a more sophisticated method compared to a moving average?

exponential smoothing

Are the following examples of internal or external tools? 1. collaborate with major customers 2. detailed sharing of information lead to lower inventory and higher service levels 3. can be applied to suppliers as well as customers

exteral

Are the following examples of internal or external tools? 1. collaborative planning 2. forecasting 3. replenishing

external

What type of alignment concerns the following: 1. right for customer 2. right for product 3. other members of supply chain align

external

The following attributes related to which of the three customer care dimensions: 1. responsiveness of order lead time

flexibility

Which logistical issue occurs due to issues with infrastructure and natural disasters, for example.

flexibility

Which cost associated with stockouts considers if your customers will abandon you for a more reliable partner?

follow-on business

The difference between actual demand and the forecast.

forecast error

This is the repacking and refurbishing of a product.

form

Demand is stable and predictable for what types of products?

functional

Does a lean supply chain strategies provide functional or innovative products?

functional

These are staple products that are oftentimes purchased in grocery stores and gas stations.

functional products

These types of products satisfy needs which don't change much over time.

functional products

When we experience lost consumer stockout costs, we lose...

future revenues

Which logistical issue occurs when issues arise in sourcing, supplying, consuming, producing, and through administrative issues, such as lead times and shipping.

global

Which cost associated with stockouts considers how your customers view you and your rivals?

goodwill & reputation

Which of the qualitative forecasting methods does the following describe? 1. talk to customers

grassroots

The following description describes a _____-cost customer in an order _____ activity: 1. case or each picking 2. floor load

high; picking & processing

The following description describes a _____-cost customer in an order _____ activity: 1. sporadic ordering pattern 2. tight time windows with late fees

high; processing

The following description describes a _____-cost customer in an order _____ activity: 1. small orders placed one at a time 2. orders placed by phone or fax

high; receipt

The following description describes a _____-cost customer in an order _____ activity: 1. less than truckload orders 2. frequent expediting

high; shipment

Innovative products often have _____ profit margins.

higher

Which of the qualitative forecasting methods does the following describe? 1. use similar "product" from the past

historical analogy

Which cost associated with overstocks considers how much money does inventory and a place to store it cost.

holding costs

How do we calculate item fill rate (IFR)?

in stock units during span of time / total demand during span of time

Service failure is...

inevitable

Demand is unpredictable for what types of products?

innovative

Does an agile supply chain strategies provide functional or innovative products?

innovative

These products are characterized by adding a twist to an otherwise functional product.

innovative products

This part of S&OP stems from product review, demand review, and supply review.

integrated reconciliation

Are the following examples of internal or external tools? 1. collaborate with departments 2. detailed sharing of information lead to better execute 3 break down barriers, promote responsibility

internal

What type of alignment concerns the following: 1. corporate 2. marketing

internal

This is the number of order that a particular SKU can fulfill with inventory on hand.

item fill rate

What does IFR stand for?

item fill rate

Gatherings of people who are involved in the day-to-day management of the process.

kaizen events

What process do we use to explore the following knowledge: 1. How can this process be improved? 2. If we make this change, how will the rest of the process be affected?

kaizen events

The following are attributes of which type of risk? 1. Look at data to assess probability they will occur & the severity of their impact.

known-knowns

The following are attributes of which type of risk? 1. events with a track record 2. occur frequently

known-knowns

The following are attributes of which type of risk? 1. Ask a lot of "what if" questions when evaluating

known-unknowns

The following are attributes of which type of risk? 1. Events that you know could happen, but not consistent with a pattern 2. Assessment is speculative

known-unknowns

A _____ alpha level makes level more responsive to current demand data.

large

A _____ n makes level less responsive (smoother).

large

This is the time between when orders are placed and when the order is received and available for use/sale.

lead time

The following is an example of which types of supply chain strategies? HP

leagile

Which supply chain strategy pushes work in process to distribution centers and pulls finished goods from distribution centers?

leagile

Which supply chain strategy decentralizes postponement at distribution centers?

leagile supply chain

A _____ tool to improve the organization of processes.

lean

The following is an example of which types of supply chain strategies? Toyota VMI programs

lean

Which supply chain strategy pushed to distribution centers and pulls from distribution centers?

lean

What can guide Kaizen events, help in identifying eight wastes, and reduce wasted time.

lean 5 s methodology

Understanding what you customer wants and determining how to achieve that with the least waste or cost possible.

lean logistics

Which supply chain strategy forecasts pre-positioned inventory and replenish?

lean supply chain

Which consumer response to an out of stock product is described below: "lost a consumer as they move to competitor products or no longer have the demand."

leave

The art and science of "place".

logistics

The part of supply chain management that plans, implements, and controls the efficient, effective forward and reverses flow of storage of goods, service and related information between the point of origin and the point of consumption in order to meet customers' requirements.

logistics

The role of _____ is to understand and serve the customer.

logistics

What is a source of competition for some companies through management?

logistics supply chain management

Value creation comes from...

logistics strategy

The network of organizations and activities engaged in managing the movement and storage of products and services as well as the flow of information from the course to the customer.

logistics system

The life cycle of a functional product is _____.

long

These stockout costs occur when customers permanently switch to another supplier?

lost consumer

Which cost associated with stockouts considers how much product you could have sold if you had the product in stock?

lost revenues

Consumers make a one time switch in which stockout cost?

lost sales

These stockout costs occur due to the consumer purchases that you could have had.

lost sales

Functional products often have _____ profit margins due to aggressive competition.

low

The following description describes a _____-cost customer in an order _____ activity: 1. full pallet picking 2. pallet-stacked loads

low; picking & preparation

The following description describes a _____-cost customer in an order _____ activity: 1. steady ordering pattern 2. flexible delivery time windows

low; processing

The following description describes a _____-cost customer in an order _____ activity: 1. volume, blanket contract 2. orders placed through web portal

low; receipt

The following description describes a _____-cost customer in an order _____ activity: 1. full truckload orders 2. infrequent expediting

low; shipment

Which of the dimensions of forecast error do the following statements describe? 1. degree to which a forecast is over or under

magnitude

Which cost associated with overstocks considers how much it will cost to either liquidate or dispose of old inventory.

markdown and disposal costs

Which of the qualitative forecasting methods does the following describe? 1. survey 2. focus groups

market research

Where does the answer to "what is logistics" start?

marketing

What does MAPE stand for?

mean absolute percent error

When using exponential smoothing, we look at what happened in the...

most recent period

Which of the logistics aspects are described below? 1. transportation

movement

How do we come to a total severity score?

multiple three attributes together

If anyone who touches an order drops the ball, delivery is _____ affected.

negatively

Do consumer's come back to the originally demanded product after switching to another supplier when a lost consumer stockout cost occurs?

no

This is considered to be a better measure of availability than "out of stock."

oh shelf availability

This occurs when a product is where it needs to be on shelf and available where the customers expect it to be.

on shelf availability

How do we calculate the perfect order index?

one time x complete x demand free x accurate invoice

Which cost associated with overstocks considers what you could you have done if money wasn't tied up in a product that wasn't selling?

opportunity costs

This occurs when a product is not in the system?

out of stock

This is the basic measure of inventory stock available to the marketplace.

percentage of items in stock

This is the time quantification of how a company is doing in terms of managing certain units of inventory.

percentage of time an item is in stock

The number of orders perfect on all elements

perfect order

Which utility demonstrates exactly where a product is needed.

place

Which of the logistics aspects are described below? 1. flow of information 2. tracking 3. visibility

planning

The following is an example of which types of supply chain strategies? grocery store

planning based

Which supply chain strategy pushes to the consumer?

planning based

Which supply chain strategy creates multiple forecasted throughout the supply chain.

planning based supply chain

This is the creation of desire of a product.

possession

How do we calculate expected cost per stockout?

probability(cost per backorder) + probability(cost per lost sale) + ( probability(cost per lost consumer)

Creating an accurate depiction of a process and performance.

process mapping

This can help to identify opportunities for improvement and define implementation plans.

process mapping

This is the most basic output of an order fulfillment system.

product availability

How do we calculate MAPE?

(actual - forecast) / actual

Which logistical issue allows for brands to reach different segments of the market.

product variety

Which logistical issue occurs because consumer want product the way that they want it.

product variety

Which logistical issue occurs when consumers can pick and choose what they want.

product variety

Which utility demonstrates the right amount of a product.

quantity

We can only use a weighted moving average when _____ demand data reflects _____ data.

recent; better

Which logistical issue occurs due to omnichannel of purchasing?

retail

What does RSFE stand for?

running sum of forecast error

What times do we prioritize in a Failure Modes & Effects Analysis?

sever items

On-shelf availability occurs when a product is in stock, but not where?

shelf

The life cycle of an innovative product is _____ due to competition.

short

Which of the five S's of lean methodology is described below: 1. have a logical place that everything fits 2. a place for everything 3. everything is in its place

simplify

A _____ alpha level makes forecast smoother, but less responsive to recent

small

A _____ n makes level very responsive to the last observed demand point.

small

What size of n should be chosen?

small

Which of the five S's of lean methodology is described below: 1. eliminate unneeded items from the area 2. store things not needed now 3. organize

sort

The following attributes related to which of the three customer care dimensions: 1. length of order lead time 2. consumers speed is increasing (1-2 day delivery)

speed

Which of the five S's of lean methodology is described below: 1. have standardized processes and procedure to maintain workplace order 2. ease training of new people

standardize

Logistics tries to avoid _____.

stockouts

Which of the logistics aspects are described below? 1. warehousing 2. in-transit

storage

Does the following customer expectation attributes related to a transactional relationship or strategic alliance: 1. outstanding service 2. low costs

strategic alliance

Does the following service offering attributes related to a transactional relationship or strategic alliance: 1. near 100% availability and on time delivery 2. real time transparency 3. low risks; rapid recovery 4. best cost solutions

strategic alliance

We should reclassify customers based on current _____ _____, not solely on sales

strategic issues

The role of logistics is to ask "What is the _____ the company is pursuing?"

strategy

Which of the successful collaborative CPFR activities do the following describe? 1. kick off meeting 2. develop operating framework

strategy and planning

Which consumer response to an out of stock product is described below: "switch over to competitor product other than intended product to purchase."

substitute

How do we calculate RSFE?

sum of (actual - forecast)

Companies that are _____ management focus outperform their competitors.

supply chain

The planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities.

supply chain management

The following attributes describe which step in S&OP? Operating Review: 1. production scheduling 2. order management 3. inventory planning 4. logistics planning 5. expediting

supply review

The following attributes describe which step in S&OP? Strategic planning: 1. make v. buy 2. manufacturing capacity 3. supplier development

supply review

Which of the five S's of lean methodology is described below: 1. continuously follow this approach 2. implement it throughout company

sustain

Which of the five S's of lean methodology is described below: 1. clean and organize each day as you use things 2. put them away

sweep

Which utility demonstrates when a product is needed?

time

Forecasts are based solely on k past values of the variable being predicted.

time series

We find exponential smoothing in which types of quantitative forecasting method?

time series

We find the moving average in which of the quantitative forecasting methods?

time series

Analyze the _____ between inventory and stockout costs.

tradeoffs

Does the following customer expectation attributes related to a transactional relationship or strategic alliance: 1. low costs 2. adequate service

transactional

Does the following service offering attributes related to a transactional relationship or strategic alliance: 1. efficient, hassle-free service 2. perform to promise 3. treat each customer fairly

transactional

Consumer expect.....

transparency

_____ service can help customers compensate when the unexpected happens.

transparent

Weights should add up to...

1

What are the four categories of customer order fulfillment?

1. availability 2. delivery 3. transparency 4. recovery

What are the three costs of stockouts?

1. back orders 2. lost sales 3. lost consumers

What are the eight benefits of S&OP?

1. balance supply and demand 2. smarter and faster production decisions 3. focus on new and/or promoted projects 4. minimize stockouts 5. reduce excessive inventory 6 more efficient procurement 7. shorter customer lead times 8. optimized transportation and logistics costs

Forecast error has two dimnesions. What are they?

1. bias 2. magnitude

What are two ways in which we can identify risk sources and severity?

1. brainstorm possible issues 2. use past events

What two types of risks can occur to a business?

1. common risk 2. potentially catastrophic risks

What are the three challenged to effective order management?

1. complexity 2. ownership 3. uncertainty

What are the two models used in quantitative methods of forecasting?

1. correlational models 2. time series models

As the weight density of an items increases, what happens to the following costs: 1. transportation 2. inventory 3. warehousing

1. decrease 2. decrease 3. decrease

As inventory levels increase, what happens to the following costs: 1. total 2. inventory 3. cost of lost sales

1. decrease then increase 2. increase 3. decrease

What are the eight main wastes?

1. defects 2. overproduction 3. waiting (wasted time) 4. not utilizing staff talent 5. transportation (excessive) 6. inventory (excessive) 7. motion (unnecessary) 8. excess processing

The specific steps within the S&OP focus the executive team on: 1. _____ opportunities for current and new products 2. _____ on the organization's ability to produce product to meet this demand

1. demand 2. constraints

We can only use a moving average when demand has no...

1. discernable trend 2. seasonality

What are the six steps in the contingency planning lifestyle?

1. disruption scanning 2. risk assessment 3. recovery plan 4. enact/execute 5. evaluate 6. improve

What are three advantages to using a moving average method?

1. easily understood 2. easily computed 3. provides stable forecast

What are the six issues that occur in logistics?

1. end consumer 2. product variety 3. flexibility 4. global 5. consumer service demands 6. retail

What are the three common risks a business could run into?

1. errors 2. traffic delays 3. shortage of staff

What are the three steps to calculating stockout costs?

1. evaluate customer response 2. estimate consequence costs 3. calculate the expected stockout costs

What are the six types of qualitative forecasting methods?

1. grassroots 2. market research 3. expert panels 4. executive judgement 5. historical analogy 6. delphi

The tradeoff analysis defines which two factors as being important to recognize?

1. improving services almost always costs money 2. determine what service is really important to the customer

As the susceptibility to loss and damage increase, what happens to the following costs: 1. packaging 2. transportation 3. warehousing

1. increase 2. increase 3. increase

As the value of items increase, what happens to the following costs: 1. inventory 2. transportation 3. packaging

1. increase 2. increase 3. increase

What are the two tools for integrated business planning>

1. internal tools 2. external tools

What four factors are demonstrated as having logistical trade offs?

1. inventory levels 2. value of item 3. susceptibility to loss and damage 4. weight density of an item

What are three types of risk?

1. known-knowns 2. known-unknowns 3. unknown-unknowns

What are the four steps in the continuous cycle of "plan, do, check, act."

1. look through eyes of consumer 2. eliminate process waster 3. eliminate wasted time and space 4. repeat and continuously revisit these steps

What are the three costs associated with stockouts?

1. lost revenues 2. goodwill & reputation 3. follow-on business

What two types of customers are these in terms of the customer service-related fulfillment costs?

1. low-cost customer 2. high-cost customer

The supply chain involved what four sources?

1. materials supplier 2. manufacturer 3. retailer 4. consumer

What are the three aspects of logistics?

1. movement 2. storage 3. planning

What are the top five disruption triggers?

1. natural disaster 2. extreme weather 3. conflict & political unrest 4. terrorism 5. sudden demand shock

What are the three potentially catastrophic risks that a business could incur?

1. natural disasters 2. strikes 3. global conflict

By understanding the _____ and the _____ of the end product, you can develop and design a supply chain that best FITS the product.

1. nature of demand 2. characteristics

When designing an order fulfillment system, two points apply:

1. not all customers are created equal not every fulfillment experience is equally critical

We can only use exponential smoothing when there is no...

1. observable trend 2. seasonality

What three costs are associated with overstock?

1. opportunity cost 2. holding cost 3. markdown & disposal costs

What are the 9 components of lead time?

1. order creation 2. transmittal 3. receipt 4. picking 5. staging 6. loading 7. transit 8. receiving 9. put away

What four activities correlate to customer service-related fulfillment costs?

1. order receipt 2. order processing 3. order picking & preparation 4. order shipment

Order transparency improves what three things?

1. planning 2. execution 3. evaluation

What are the four main types of supply chain fulfillment strategies?

1. planning-based supply chains 2. agile supply chains 3. lean supply chains 4. leagile supply chains

What are the four P's of marketing?

1. price 2. place 3. promotion 4. product

Products can be classified in what two ways?

1. primarily functional 2. primarily innovative

In a Failure Modes & Effects Analysis, we score on a scale from 1-10, 10 as being the high. What three aspects do these numerical scores measure?

1. probability of occurrence 2. severity with occurrence 3. ability to detect occurrence

The nature of product demand is determined by what five factors?

1. product life cycle 2. variety required 3. quantities required/lot 4. demand predictability 5. market standards for service and lead times

What are the two types of forecasting?

1. qualitative 2. quantitative

What are three disadvantages to using a moving average method?

1. requires saving all past n data points 2. lags behind a trend 3. ignores complex relationships in data

What are the seven rights of logistics?

1. right product 2. right consumer 3. right time 4. right condition 5. right quality 6. right place 7. right cost

What are the four steps in the risk management process?

1. risk identification 2. risk assessment 3. risk prioritization 4. risk mitigation

What are the 5 components of lean methodology?

1. sort 2. simplify 3. sweep 4. standardize 5. sustain

What are the three dimensions that customers care about delivery?

1. speed 2. consistency 3. flexibility

The logistical network design strategy for those competition with supply chain management include what six factors?

1. store within days from distribution center 2. economies of scale 3. shorter lead time 4. big cities 5. lower transportation costs 6. lower store costs with resources nearby

What are the four successful collaborative CPFR activities?

1. strategy and planning 2. demand and supply management 3. execution 4. analysis

What does SDL stand for?

1. substitute 2. delay 3. leave

What are the three factors involved in supply chain strategy?

1. supply strategy 2. operations strategy 3. logistics strategy

What are the three economic utilities?

1. time 2. place 3. quantity

What are the two factors on the relationship continuum?

1. transactional relationship 2. strategic alliance

What percentage of retail inventory is out of stock?

7-10%

The _____ rule states that 80% of sales come from 20% of consumers.

80/20

The following attributes describe what type of ABC classified customer: 20% of customers, 80% of sales

A

One way we can classify customers is through _____ classification.

ABC

The following attributes describe what type of ABC classified customer: 30% of customers, 15% of sales

B

The following attributes describe what type of ABC classified customer: 50% of customers, 5% of sales

C

A global, industry-wide process for trading partners to increase forecasting effectiveness through using joint business planning process and a common interface.

CPFR

The following are the beneficial results from what? 1. more efficient inventories 2. less stockouts 3. drive more sales for retailer and manufacturer

CPFR

Are the following examples of internal or external tools? 1. sales and operation planning (S&OP)

Internal

What should be held to utilize the knowledge of those who understand the best processes.

Kaizen events

This calculation demonstrates general availability.

PIIS

What is the abbreviation for percentage of items in stock?

PIIS

This calculation demonstrates availability at the SKU level.

PTIS

What is the abbreviation for percentage of time an item is in stock?

PTIS

An integrated business management process through which the executive leadership team continually achieves focus alignment and synchronization among all functions of the organization.

S&OP

What is the acronym used to describe the consumer response to out of stock products?

SDL

The following is an example of which types of supply chain strategies? aircraft construction

agile

Which supply chain strategy pulls from material supply?

agile

Which supply chain strategy has no work in process or finished goods inventories?

agile supply chain

Which of the successful collaborative CPFR activities do the following describe? 1. perform an after-action report 2. build relationships

analysis

Stockouts are related to which of the categories of customer order fulfillment?

availability

_____ costs money.

availability


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