1)
Operations management is the management of ____________ used to design, supply, produce, and deliver valuable goods/services to customers
processes
relationships
networks
companies
2)
Supply chain management is the design and execution of ______________ and flows that connect the parties and processes across a supply chain.
processes
networks
relationships
businesses
3)
Which of the following do operations managers NOT interact with
Government
Customers
Stakeholders
Suppliers
4)
5)
A manager is planning how she will divide the work amongst her team during the next couple of weeks, what type of planning would this be considered?
Operational
Tactical
Strategic
6)
A measure of the impact of stockout over time or over multiple orders from customers is called...
Lead time
Fill rate
Order rate
Step Change
7)
To find the percentage of total quantity of units ordered by customers that are actually delivered (unit fill rate), you would take...
total units delivered / total units ordered
# of order lines delivered complete / total order lines
total complete orders delivered / total orders
8)
Basic service is comprised of...
assisting customers in meeting their objectives
lead time performance and forecast accuracy
forecast accuracy, lead time performance, and service reliability
product availability, lead time performance, and service reliability
9)
Under the hierarchy of commitments to customers, meeting or exceeding customer expectations would be classified as...
customer success
customer satisfaction
customer management
basic service
10)
The difference between customers' real expectations and managers' perception of those expectations is called...
communication gap
standards gap
knowledge gap
perception gap
11)
A demand pattern consisting of consistent horizontal stream of demands would be what type of pattern?
trend
step change
seasonal
stable
12)
Regular patterns of repeating highs and lows could be classified as what type of pattern?
Stable
trend
seasonal
step change
13)
When forecasting and finding your forecasting bias, how do you know which model to use?
Use the model that yields the lowest error
Use the model that yields the highest error
Use all models applicable and average the predictions
Most models equal about the same
14)
A moving average approach that applies exponentially decreasing rates to each demand that occurred farther back in time is known as...
weighted moving average
exponential smoothing
naive model
mean absolute deviation
15)
When finding your forecast bias (Mean Forecast Error (MFE)) a positive bias means that over time, forecasts tend to be...
too low
too high
very accurate
very inaccurate
16)
Each of the following are a type of inventory EXCEPT...
raw materials and component parts
work in process inventory
MRO inventory
defective inventory
17)
Safety stock is...
used for buffering uncertainty in demand or supply
extra inventory held to guard against uncertainty
a role of inventory
all of the above
18)
Expenses such as opportunity cost, storage space, insurance and taxes are all costs under...
carrying cost
order cost
product cost
setup cost
19)
Inventory turnover equals all of these EXCEPT...
cost of goods sold / average inventory
stockout cost / average inventory
net sales / average inventory
unit sales / average inventory
20)
Inventory turnover and __________________ address issues of asset productivity
forecast accuracy
total acquisition cost (TAC)
service level
days of supply
21)
Days of supply = ____________ / expected rate of daily demand
past inventory
predicted inventory
current inventory
daily unit sales
22)
Annual ordering cost + annual carrying cost = ?
total acquisition cost (TAC)
economic order quantity (EOQ)
reorder point (ROP)
cost of goods sold (COGS)
23)
What does the economic order quantity (EOQ) do to the sum of annual inventory carrying costs and annual ordering costs?
no change
keeps it consistent
maximizes it
minimizes it
24)
In order to determine a company's service level policy, they must calculate their...
inventory turnover
standard deviation of demand during lead time
EOQ
ROP
25)
Which of the following are NOT a part of logistics management?
Order management
Inventory management
Network design
All of the above are a part of logistics management
26)
Cost-to-cost trade-off occurs when increasing the cost of one logistics activity __________ the cost of another.
reduces
increases
does not effect
cancels out
27)
Cost-to-service trade-off is when a service level increases, typically the costs __________
increase
decrease
remain the same
cancel out
28)
Pooled delivery involves...
establishing specific times when deliveries will be made
combining several small shipments from one shipper that are going to the same market area into one shipment
combining small shipments from different shippers that are going to the same market area
deliveries are made across a pool of water
29)
I am a midwestern t-shirt company that needs to transport shirts from my warehouse to my stores. What mode of transportation should I use?
Rail
Air
Water
Truck
30)
I am a Range Rover dealership who needs a specialty item from Europe for my client, Kylie Jenner's, car by next week. What mode of transportation do I use?
Rail
Air
Pipe
Truck
31)
Splitting up a large shipment into individual orders and arranging for local delivery to customers would be...
break-bulk
warehouse consolidation
scheduled delivery
cross-docking
32)
Combining shipments form a number of sources into one larger shipment going to a single location would be...
break-bulk
warehouse consolidation
scheduled delivery
cross-docking
33)
The center-of-gravity method attempts to find the lowest-cost location for a facility based on what?
Demand and labor
Labor and distance
Demand and distance
Labor and Regulations
