Common Learning Block 1 Practice Questions

Question 1

A consumer’s desire and willingness to pay for a specific product or service is defined as:

Answer 1

Economic demand

Question 2

Demand is best divided into which two kinds?

Answer 2

Individual and market

Question 3

Finished goods that will be sold are referred to as:

Answer 3

Independent demand

Question 4

The best approach to achieve consensus for creating and finalizing the demand plan uses which approach?

Answer 4

Collaboration

Question 5

An estimate of future demand is defined as:

Answer 5

Demand forecast

Question 6

Identify the system that integrates the individual demand forecasts and plans.

Answer 6

Enterprise Resource Planning (ERP)

Question 7

Two of the key systems that receive inputs from the demand plan are:

Answer 7

Materials Requirements Planning (MRP) and Master Production Schedule (MPS)

Question 8

Identify which planning duration that has the least uncertainty and lowest risk.

Answer 8

Short-term

Question 9

Identify the type of forecasting method that uses historical data for calculating future demand.

Answer 9

Quantitative

Question 10

A collaborative process used to create an accurate demand plan enables a company to:

Answer 10

Achieve a competitive edge