Supply Chain Analytics Quiz

The word ‘analytics’ was first recorded in the English language during the late 16th century but was used long before that in Latin and Greek to denote ______.

• intellect

• logic

• exploration

• inquiry

It is defined as the scientific process of transforming data into insight for making better decisions.

• Operations Research

• Management Science

• Supply Chain Analytics

• Analytics

It is defined as the tools and techniques that harness data from a wide range on internal and external sources to produce breakthrough insights that can help Supply chains reduce cost and risk whilst improving operational agility

• Operations Research

• Management Science

• Supply Chain Analytics

• Analytics

The OR/analytics community recognize that analytics can be defined as three main categories except:

• Descriptive analytics

• Predictive analytics

• Diagnostic analytics

• Prescriptive analytics

This term implies about describing what has already happened and is about analyzing history in order to make sense of what has happened.

• Descriptive analytics

• Predictive analytics

• Diagnostic analytics

• Prescriptive analytics

This term implies about attempting to predict the future. Such predictions or forecasts cannot be made with 100% certainty, so the probability of a predicted outcome is also important

• Descriptive analytics

• Predictive analytics

• Diagnostic analytics

• Prescriptive analytics

This term implies about attempting to provide choice assistance from several available alternatives, which one best optimizes outcomes.

• Descriptive analytics

• Predictive analytics

• Diagnostic analytics

• Prescriptive analytics

The recognition of a supply chain performance gap (the difference in performance between actual and desired), understanding the reasons for that gap and then developing solutions to minimize, or better, eliminate the gap is called _____.

• Descriptive analytics

• Decision Making

• Problem Solving

• Prescriptive analytics

The supply chain analytics lifecycle represents a more complete application of supply chain analytics in an ongoing business improvement sense. Which of the following is part of SC analytics lifecyle?

Select all that apply.

• Defining the problem

• Determining what has happened and why

• Predicting what might happen

• Testing the hypothesis

• Monitoring and reviewing

This SC analytics process involves developing a brief, clearly stated and relevant statement of the problem. This is a crucial step and one that is often carried out poorly.

• Determining our response

• Defining the problem

• Determining what has happened and why

• Monitoring and reviewing

• Executing the agreed response