Term
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Definition
| a series of related jobs usually directed toward some major output and requiring a significant period of time to perform |
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Term
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Definition
| the management activities of planning, directing, and controlling resources to meet the technical, cost, and time constraints of a project |
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Term
| When do you use the Critical Path Method |
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Definition
| When activity times are known with certainty |
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Term
| Why do you use the critical path method? |
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Definition
| to determine timing estimates for the project, each activity in the project, and slack time for activities |
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| Step 1 in Critical Path Method |
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Definition
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| Step 2 in Critical Path Method |
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Definition
| Activity sequencing and network construction |
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| Step 3 in Critical Path Method |
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| Determine the critical path |
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| Step 4 in Critical Path Method |
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| any time consuming element of a project with identifiable beginning and ending points that contribute directly to the production of the project deliverables. BE AWARE OF ACTIVITES NOT REQUIRING RESOURCES |
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| defines the hierarchy of project tasks, subtasks, and work packages. The level diagram you use in Step 1-activity identification |
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| walk through the project in your mind. Given where we are, what can we do next? Which activities have to be finished before we can start this? Chart with activity, designation, immediate pre-activity, time |
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Definition
| look at the activity sequencing table and make a network showing the relationships |
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| the earliest an activity can be started. If there are no predecessors, ES=0. If there are predecessors, ES is the maximum Early Finish of the predecessors |
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| The earliest an activity can be finished. Early start + activity duration |
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| the latest an activity can start without delaying the project. Late finish-activity duration |
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| the latest an activity can finish without delaying project. If activity has no successors then late finish equals the critical path length. Equal to the smallest late start of the activity's successors |
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| the most you can delay a particular activity without delaying the project. =LS-ES OR LF-EF. Activities on the critical path have 0 slack |
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| What do you need to do to shorten project duration? |
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Definition
| shorten activities on the critical path |
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| Does any project not have a critical path? |
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Definition
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| Who owns the slack time for an activity? |
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| Should you let the owner of a non-critical activity know if they have any slack? |
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Definition
| YOU FUCKING KIDDING? HELL NO |
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| Do other activities matter if they arent on the critical path? |
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Definition
| YES!!! YOU HAVE TO KEEP ON TOP OF THEM BECAUSE DELAYS CAN CAUSE AN ALTERATION IN THE CRITICAL PATH |
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Definition
| Tracks progress. Horizontal bars used to denote length of time for each activity |
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| Vertical Axis of Gantt Chart |
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Definition
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| Vertical Axis of Gantt Chart |
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Definition
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| Horizontal axis of Gantt Chart |
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| Process of predicting a future event based on data. Educated guessing. Underlying basis of all business decisions |
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Definition
| 1. Qualitative 2. Casual relationships 3. Time Series Analysis 4. Simulation |
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Definition
| Take advantage of the knowledge of experts. Most useful when the product is new or there is little experience with selling into a new region. |
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| Examples of Qualitative Techniques |
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Definition
| market research, panel consensus, historical analogy, delphi method |
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Definition
| using independent variables other than time to predict future demand. |
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| Examples of causal relationship forecasting |
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Definition
| regression analysis: independent variables must be leading indicators, must find those occurrences that are really the causes like home sales vs. interest rates |
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Definition
| based on the idea that data relating to past demand can be used to predict future demand |
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| Kinds of Time Series Models |
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Definition
| 1. Regression 2. Simple Moving Average 3. Weighted Moving Average 4. Exponential Smoothing |
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| Introduction, growth, maturity, decline |
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| Use observations from previous periods to predict the level of demand in future periods. Y (demand) = mx+b |
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Definition
| Assumes an average is a good estimator of future behavior. Used if little or no long term trend. Used for smoothing. Ft=(At-1+At-2+At-3+...+At-n)/n where Ft is forecast for upcoming period, t n is number of periods to be averaged, and At is actual occurrence in period t |
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Definition
| Gives more emphasis to recent data. Ft=W1At-1+W2At-2+...+WnAt-n |
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Definition
Assumes the most recent observations have the highest predictive value. most used of all forecasting techniques, integral part of all computerized forecasting programs, widely used in retail and service.
Ft=Ft-1+a(At-1-Ft-1) where a is smoothing constant |
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Definition
| Increasing a makes forecast more sensitive to recent data. |
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| To use a forecasting method you should: |
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Definition
| 1. Collect historical data 2. select a model (select n and w for moving avg and select a for exp smoothing) |
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| Collaborative Planning, Forecasting, and Replenishment (CPFR) |
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Definition
| used to coordinate demand forecasting, production and purchases, and inventory replenishments all between supply chain partners |
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Definition
| a. maintain independence of operations b. meet variation of demand. c. to allow flexibility in production scheduling d. safeguard against raw material lead time e. take advantage of economic purchases |
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Definition
| 1. raw material 2. work in process 3. finished goods |
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Definition
| product which has not yet undergone any transformation |
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Definition
| inventory which has already undergone some transformation but not yet completed |
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Definition
| inventory which has undergone all transformations and is ready to be passed on to the customer |
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| Whats the other kind of inventory? |
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Definition
| Maintenance, Repair, and Operating inventory |
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Term
| What are the costs associated with inventory? |
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Definition
| a. Holding costs b. Setup costs c. Ordering costs d. Shortage costs |
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Definition
| costs for storage, handling, insurance, opportunity cost, obsolescence |
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Definition
| costs for arranging specific equipment setups |
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Definition
| managerial/clerical time to purchase and order item. includes costs of counting inventory |
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| costs of not satisfying an order |
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Definition
| Managing the flow of goods into, through, and out of an organization |
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| Different Inventory Models |
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Definition
| 1. single period inventory mode 2. multi period inventory model |
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| Different Inventory Models |
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Definition
| 1. single period inventory mode 2. multi period inventory model |
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| Single period inventory model |
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Definition
| one time purchasing decision. seeks to balance the costs of inventory overstock and under stock. I.E. how many dallas mavs nba champs t shirts to buy |
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| Types of multi-period inventory models |
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Definition
| 1. Fixed Order Quantity models 2. Fixed time period model |
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| Fixed-Order Quantity Model |
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Definition
| Event triggered (running out of stock) |
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Definition
| Time triggered (monthly sales call by sales rep) |
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Definition
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Definition
| unit cost of understocking |
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Definition
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Definition
| unit cost of overstocking |
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| Single Period Inventory Model Equation |
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Definition
| P<=Cu/(Co+Cu)where P is the probability that the unit will not be sold |
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Definition
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Definition
| units/order or Square root((2ds)/h) |
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Definition
| cost/unit/period or (.5)hq |
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Definition
| ordering costs+purchasing costs+holding costs |
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| How do firms know when to place an order? |
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Definition
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Definition
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Definition
| amount of inventory carried in addition to expected demand |
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| Materials Requirements Planning |
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Definition
| a means for determining the number of parts, components, and materials needed to produce a product |
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| Master Production Scheduling |
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Definition
| deals with end items and is a major input to the MRP process. Specifies exactly what is to be produced |
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Term
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Definition
| contains the complete product description, listing the materials, parts, and components along with the sequence in which the product is created |
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| MRP Explosion Process Step 1 |
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Definition
| the requirements for end items are retrieved from the master schedule |
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Term
| MRP Explosion Process Step 2 |
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Definition
| uses on-hand balance with schedule of orders to calculate the "net requirements" |
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Term
| MRP Explosion Process Step 3 |
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Definition
| Using net requirements, it calculates when orders should be received to meet these requirements |
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| MRP Explosion Process Step 4 |
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Definition
| Find a schedule for when orders are actually released to account for manufacturing or shipping lead time |
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| MRP Explosion Process Step 5 |
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Definition
| Move to next level where gross requirements are calculated from the planned released of the level 0 item |
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| MRP Explosion Process Step 6 |
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Definition
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Term
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Definition
| the part quantities issued in the planned order receipt and planned order release sections of an MRP schedule |
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| Different kind of lot size determination |
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Definition
| 1. Lot for Lot 2. Economic order quanity 3. least total cost 4. least unit cost |
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Definition
| sets planned orders to exactly match the net requirements. produces exactly what is needed each week with none carried over into future periods. minimizes carrying cost. does not take into account setup costs or capacity limitations |
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Term
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Definition
| calculate reorder quantity based on EOQ. not designed for a system with discrete time periods such as MRP. lot sizes do not always cover the entire number of periods |
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