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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

Study These Flashcards
A

before demand shows up

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

25
Lagging capacity
increasing production capacity only after demand has already exceeded current capacity.
26
MRP
Material requirement plan Calculates the timing and quantity of material orders needed to support the master schedule
27
MPS
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
BOM
Bill of materials
29
FGI
Finished goods inventory
30
S&OP
Sales & operational planning Establishes overall production , workforce and inventory of levels
31
MRP II
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
ERP
Enterprise Resource planning Extension of business system integration across different companies in the supply network
33
Schedule
A list of planned activities or thing to be done showing the times or dates when they are intended to happen
34
List and describe scheduling and its different types
Rotating schedule Fixed schedule
35
Why is scheduling important to operations
Takes operation from planning to the execution process
36
Planning and scheduling
is the process of making sure that the demand and supply plans are in balance
37
difference between planning and scheduling
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
Define inventory
Any quantifiable item that is stored and used in an operation to satisfy a customer demand
39
Define inventory management
The planning and controlling of inventories in order to meet the competitive priorities of the operation
40
cycle inventory
the repeated ordering and depletion of regular used inventory in a cycle
41
buffer inventory
Also called safety stock
42
Anticipation inventory
Inventory in anticipation of a large order or seasonal event
43
Pipeline inventory
Inventory in transit
44
Inventory decision making Cost
Buying in bulk can give cost advantages
45
Inventory decison making Quality
Always having excess materials allows the best to be available for selection
46
Inventory decision making Flexibility
Having raw material or finished goods in stock can help with short term demands
47
Inventory decision making Dependability
Customers demand can always be accommodated
48
Inventory decision making Speed
Material throughput is easier with inventory always available
49
Describe 4 cost of inventory
1. Holding costs 2. Ordering costs 3. Set up costs 4. shortage costs
50
Holding Costs
Physically storing, holding and handling costs space and money
51
Ordering costs
calculating and actually making transactions costs clerical and managerial time
52
Set up costs
Completing one product and starting another requires time to prepare and set up
53
Shortage cots
Running out of inventory can result in missed deliveries, poor customer service and penalty fines
54
ABC classification
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
Class A
Items of very high costs with very high demand 80% of value 20% of stock
56
Class B
10% of value 25% - 30 % of stock
57
Class C
5% - 10% of value 55% - 60% of stock
58
Individual items are known as SKU
Stock keeping units
59
Bullwhip effect
Small changes in demand can produce a whip like effect upstream

Ops part 2 (3 decks)

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