Term
| What are the names of the inventory types and their purposes? |
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Definition
Cycle Stock- Stock to Satisfy expected demand during a cycle. Inventory carried to satisfy demands until next product batch is completed or next shipment arrives. also called Lot-size inventories
Safety Stock- Items carried to protect against uncertainties in demand and supply. Extra inventory to meet unexpected demand or delays in replenishment. Increase SS when demand is highly variable or unpredictable.
Season Stock- Inventory held due to seasonal demand and supply. Retailers often build up inventory for certain seasons.
Anticipation Stock- Items held in excess of current need in anticipation of a future such as price increase, impending labor strikes, shortages. |
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Term
| Total Productive Maintenance (TPM) |
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Definition
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Definition
| Bring together resources to process a family of items |
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Definition
| Processes designed to satisfy specific customer segment |
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Definition
| Syncing output rate with demand |
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Definition
| Output generated in response to actual demand |
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Term
| Level, Mixed-model Scheduling (Heijunka) |
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Definition
| Smaller quantities more frequently |
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Definition
| Shorter, easier change-over allows smaller batch sizes |
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| Statistical Process Control (SPC) |
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Definition
| Use of statistical tools to monitor processes |
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Definition
| Performance and problems easily, immediately visible |
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| Emphasis on eliminating defects at the origination |
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| Technological features of equipment and process that automatically detects and flags problems while the system runs. AKA "Intelligent Automation" |
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| Stop and Fix (Line-Stop) systems |
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Definition
| Operator should stop process and fix instead of letting it go |
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Definition
| Use of visual indicator systems such as flashing lights to help management assess current performance and quickly identify location of current problems |
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Definition
| Short-term, cross-functional focused, intense improvement |
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Definition
| Managers and employees are obligated to see the problems and issues in person rather than relying on reports |
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Term
| Process Analysis/Value Stream Mapping |
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Definition
| Diagraming and Analyzing services into their component process steps and eliminating and non-value providing steps |
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Definition
| redesign so mistakes are impossible or immediately detectable |
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Definition
| Effective Organization- Sort, Straighten, Scrub, Systematize, Standardize |
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| Simplification/Standardization |
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Definition
| Removing non-value add steps, making processes exactly repeatable |
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Definition
| Managing the movement and storage of materials to meet customer needs and organizational objectives. Objectives- Getting the right product to the right person at the right time, in the right quantity at the right condition and price. |
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Definition
| Increase Service Levels=Increase Costs |
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Definition
| Increase cost to one activity, decrease cost to another |
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