Term
| High volume, innovative production might be appropriate during which phase of the product life cycle |
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Definition
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Term
| 4 Phases of the product life cycle |
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Definition
| Launch, growth, maturity, decline |
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Term
| 2 Winning Strategies of Managing Product Operations |
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Definition
Design and develop new and innovative products.
Build flexible, low cost, efficient, production systems that can produce high quality products |
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Term
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Definition
Product Quality - exceed customer expectation
Product Cost - Fewer parts, easy to produce
Customer Satisfaction - Functional vs. Aesthetics
Product Life Cycle |
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Term
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Definition
Meet anticipated demand
Decouple production and distribution
Take advantage of quantity discounts
Provide hedge against inflation
Protect against shortages
Permit smooth operations through WIP |
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Term
| Disadvantages of Inventory |
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Definition
Higher costs (item cost, ordering cost, holding cost)
Difficult to control due to variability in demand
Hides production and quality problems |
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Term
| The purpose of ABC analysis is to |
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Definition
| Determine which items in inventory should be monitored with the most intensity |
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Term
| Class A items represent approximately |
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Definition
| 15% of Items and 75% of total dollar value |
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Term
| Class B items represent approximately |
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Definition
| 30% of items and 20% of total dollar value |
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Term
| Class C items represent approximately |
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Definition
| 55% of items and 5% of total dollar value |
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Term
| Functions of EOQ Model: Holding Cost and Order/Setup Cost |
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Definition
Holding Cost: Linear/Positive, as order quantity increases, holding cost increases
Order Cost: Diminishing cost, as order quantity increases, order cost decreases |
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Term
| As the order quantity increases |
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Definition
| Holding Cost increases and Ordering Cost decreases |
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Term
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Definition
| Variation increases upstream in supply chain because manufacturers overreact to small changes in demand, participate in batch ordering, or order more when prices are low. |
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Term
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Definition
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Term
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Definition
| Disassembled, refurbished, disposal of products |
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Term
| Strategic Response to change in exchange rate |
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Definition
When the value of A's currency decreases vs B, the cost of B's products will increase in A's dollars
(past-present)/present |
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Term
| The fundamental difference between cycles and seasonality is the: |
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Definition
| Duration of the repeating pattern |
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Term
| Seasonality is measured in which ways (4) |
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Definition
| Day, week, month, quarter |
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Term
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Definition
| forecasts that respond very fast to changes in historical data |
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Term
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Definition
| forecasts reflect few of the changes in historical data |
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Term
| When the smoothing constant *alpha* assumes a value of one, the forecast becomes equivalent to a: |
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Definition
| naive approach (i.e., what happened yesterday will happen today) |
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Term
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Definition
| centers closely around zero |
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Term
| Gantt Charts Show 3 things |
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Definition
When activities should start and finish
Each activity's duration
The overall project time |
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Term
| Critical Path is/has/does (4 things) |
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Definition
the longest path in the network
determines the time project can be completed
any delay on critical activities delays the project
activities on critical path have zero slack |
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Term
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Definition
| shortens the critical path by assigning more resources to critical tasks |
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Term
| The bin card for keeping track of inventory is a type of: |
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Definition
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Term
| T/F: Design for logistics involve minimizing packaging, handling and shipping costs |
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Definition
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Term
| T/F: Inventory is stored capacity |
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Definition
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Term
| Example of business where proximity to market is important: |
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Definition
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Term
| Example of business proximity to raw materials is important: |
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Definition
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Term
| Factors affecting location decision |
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Definition
| Proximity, labor, available amenities, transportation, source of raw materials, zoning restriction, environmental restriction, tax incentives |
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