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Ops part 2 > 2 > Flashcards

2 Flashcards

1
Q

5 different demand patterns

A

Horizontal
Trend
Seasonal
Cyclical
Random

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2
Q

Trend

A

Data consistently decrease or increases

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3
Q

Seasonal

A

Data consistently shows peaks and valleys

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4
Q

Cyclical

A

Data reveal gradual increase and decrease over extended periods

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5
Q

Describe alternative methods of Forecasting

A

Qualitative : opinions
Quantitative : Case and effect

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6
Q

name 3 Qualitative judgement methods

A

Expert panel
Delphi method
Scenario planning

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7
Q

List quantitative approaches

A

Time series
Regression analysis

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8
Q

Describe forecasting as a process

A
  1. Adjust history files
  2. prepare initial forecasts
  3. Consensus meetings and collaboration
  4. Revise forecasts
  5. Review by operating committee
  6. Finalise and communicate
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9
Q

What is a CPFR

A

Collaborative planning forecasting and replenishment

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10
Q

Load

A

The quantity that can be carried at one time by a specified means

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11
Q

Demand

A

Willingness and ability to purchase a commodity or service

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12
Q

Capacity

A

The maximum possible output in a given time

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13
Q

3 Types of capacity

A
  1. Design
  2. Effective
  3. Achieved
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14
Q

Design capacity

A

The maximum of a operation which can be achieved

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15
Q

Effective Capacity

A

The potential capacity that can be achieved in a day INCLUDES maintenance and product changeovers

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16
Q

Achieved Capacity

A

The operation achieved in a given day
INCLUDES unplanned events such as breakdowns ands shortages

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17
Q

Utilization

A

The proportion of the design capacity that is actually achieved
Achieved capacity / design capacity

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18
Q

Efficiency

A

The proportion of the effective capacity that is actually achieved
Achieved / Effective

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19
Q

Level capacity

A

a constant level of production capacity throughout a planning period, regardless of fluctuations in demand.

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20
Q

Chase demand capacity

A

aims to adjust production capacity to directly match the level of demand. Capacity is increased or decreased as demand fluctuates.

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21
Q

4P’s of demand managament

A

price place promotion product mix

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22
Q

Demand management

A

Mix of tools, relies heavily on statistics and historical data

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23
Q

2 Ways of expanding capacity

A

Leading capacity
Lagging capacity

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24
Q

Leading Capacity

A

before demand shows up

Proactively increasing production capacity** in anticipation of future demand growth.

25
Q

Lagging capacity

A

increasing production capacity only after demand has already exceeded current capacity.

26
Q

MRP

A

Material requirement plan
Calculates the timing and quantity of material orders needed to support the master schedule

27
Q

MPS

A

Master production schedule
Determines when specific products will be made, when customer orders will be filled, and what products inventory are available to meet new demand

28
Q

BOM

A

Bill of materials

29
Q

FGI

A

Finished goods inventory

30
Q

S&OP

A

Sales & operational planning
Establishes overall production , workforce and inventory of levels

31
Q

MRP II

A

Manufacturing recourse planning
Combining all required information for the operation in 1 system
An extension of materials requirement planning to include finance , sales & marketing and hrm

32
Q

ERP

A

Enterprise Resource planning
Extension of business system integration across different companies in the supply network

33
Q

Schedule

A

A list of planned activities or thing to be done showing the times or dates when they are intended to happen

34
Q

List and describe scheduling and its different types

A

Rotating schedule
Fixed schedule

35
Q

Why is scheduling important to operations

A

Takes operation from planning to the execution process

36
Q

Planning and scheduling

A

is the process of making sure that the demand and supply plans are in balance

37
Q

difference between planning and scheduling

A

Planning is like creating a blueprint for your operation. It provides a high-level overview of the steps and resources needed to reach your goals.

Scheduling, on the other hand, is the more specific process of determining when and how tasks will be completed. It involves:

38
Q

Define inventory

A

Any quantifiable item that is stored and used in an operation to satisfy a customer demand

39
Q

Define inventory management

A

The planning and controlling of inventories in order to meet the competitive priorities of the operation

40
Q

cycle inventory

A

the repeated ordering and depletion of regular used inventory in a cycle

41
Q

buffer inventory

A

Also called safety stock

42
Q

Anticipation inventory

A

Inventory in anticipation of a large order or seasonal event

43
Q

Pipeline inventory

A

Inventory in transit

44
Q

Inventory decision making
Cost

A

Buying in bulk can give cost advantages

45
Q

Inventory decison making
Quality

A

Always having excess materials allows the best to be available for selection

46
Q

Inventory decision making
Flexibility

A

Having raw material or finished goods in stock can help with short term demands

47
Q

Inventory decision making
Dependability

A

Customers demand can always be accommodated

48
Q

Inventory decision making
Speed

A

Material throughput is easier with inventory always available

49
Q

Describe 4 cost of inventory

A
  1. Holding costs
  2. Ordering costs
  3. Set up costs
  4. shortage costs
50
Q

Holding Costs

A

Physically storing, holding and handling costs space and money

51
Q

Ordering costs

A

calculating and actually making transactions costs clerical and managerial time

52
Q

Set up costs

A

Completing one product and starting another requires time to prepare and set up

53
Q

Shortage cots

A

Running out of inventory can result in missed deliveries, poor customer service and penalty fines

54
Q

ABC classification

A

ABC inventory classification is a method used in inventory management to categorize items based on their importance to the business. It helps prioritize which items require the most control and focus in terms of stocking, ordering, and tracking.

55
Q

Class A

A

Items of very high costs with very high demand
80% of value
20% of stock

56
Q

Class B

A

10% of value
25% - 30 % of stock

57
Q

Class C

A

5% - 10% of value
55% - 60% of stock

58
Q

Individual items are known as SKU

A

Stock keeping units

59
Q

Bullwhip effect

A

Small changes in demand can produce a whip like effect upstream

Ops part 2 (3 decks)

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