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Bus201 > Ch8 > Flashcards

Ch8 Flashcards

1
Q

Inventory

A

The quantity of goods a firm has on hand

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2
Q

Materials management

A

Deciding how much inventory to keep on hand in the ordering, transporting, receiving, storing, tracking, and vendor selection

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3
Q

Goal of material management

A

Keep costs of ordering low and hold inventories while maintaining enough on hand production for sales

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4
Q

Perpetual inventory

A

A continuously updates list of inventory levels, sales, orders, and receipts for major items

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5
Q

Materials requirement planning (MRP)

A

Systems that use master schedule to make sure materials, labour, and equipment are in the right place in the right amount at the right time

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6
Q

Enterprise resources planning (ERP)

A

Incorporate info about the firms supplier and customers into the flow of data

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7
Q

Supply chain management

A

Focuses of smoothing transactions in the supply chain with the ultimate goal of satisfying customers

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8
Q

E procurement

A

Purchasing through electronic connections of buyers and sellers and is usually online

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9
Q

Electronic data interchange (EDI)

A

Two trading partners exchange info electronically

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10
Q

Block chain technology

A

Decentralized ledger allowing multiple parties to record transactions which are verifiable and tamper proof

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11
Q

Routing

A

The sequence of operations through which the product must pass (start to finish)

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12
Q

Value stream mapping

A

Product managers map the flow from suppliers through the factory to consumers

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13
Q

Types of scheduling

A

Gantt, critical path method (CPM), and program evaluation and review technique (PERT)

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14
Q

Quality control

A

Involves creating quality standards, producing goods that meet them and measuring finished goods and services against them

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15
Q

Quality standard types

A

Total quality management, six sigma, international standards organization, lean manufacturing, and just in time

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16
Q

Six sigma

A

Measures failure rates and try’s to get defect rate down to 0
Relies heavily on technical specifications and monitoring

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17
Q

International standards organization

A

International groups that set standards across and within industries. Covers quality procedures and environmental measures

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18
Q

Lean manufacturing

A

Focuses on eliminating steps in the process that don’t add value to the customer

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19
Q

Just in time

A

Works with lean manufacturing

Based on the idea that materials should arrive only when they are needed

20
Q

Types of technology

A

Computer aided design/machining
Robotics
Adaptable factories
Artificial intelligence

21
Q

Computer aided design/machinery

A

CAD: computers are used to design, test, and modify products before a physical prototype is made. 3D software and layering allow the product to be manipulated and viewed from diff angles.
CAM: automate the production process and help eliminate human error

22
Q

Robotics

A

Increasingly being used to replace human workers. Quicker, more efficient, stronger, work long hours,more reliable, and improve product quality.

23
Q

Adaptable factories

A

Flexible manufacturing systems that blend technologies into a integrated system

24
Q

Artificial intelligence

A

A system that stimulates human intelligence and can perform a task anonymously
Can learn, solve problems, and provide solutions

25
Q

Information technology

A

Includes equipment and techniques used to manage and process information

26
Q

Chief information officer

A

Responsible for managing all information resources

27
Q

Management information system (MIS)

A

Provide info about all aspects of a firms operations and provide managers with the info they need to make decisions.

28
Q

Database

A

Electronic filing system that collects and organizes data and information

29
Q

Computer network

A

A group of two or more computer systems linked together by a communication channel to share data and information

30
Q

Enterprise portal

A

An internal website that provides proprietary corporate information to a defined user group

31
Q

Virtual private network (VPN)

A

A private data network that creates secure connections or “tunnels” over regular internet lanes.

32
Q

Application service provider (ASP)

A

And agent or vendor who assembles the software needed by enterprises and packages them with outsourced development, operations, maintenance, and other services

33
Q

Types of management information systems

A

Transaction processing system
Management support system
Decision support system
Expert system

34
Q

Transaction processing system (TPS)

A

System receives raw data from internal and external sources and prepares it for storage in a database

35
Q

Management support system (MSS)

A

Uses data collected by the TPS to perform high level analysis to help managers make better decisions

36
Q

Decision support system (DSS)

A

Uses data from internal databases to create models of specific problems or questions that the organization is facing

37
Q

Expert system

A

Gives advice similar to human consultant to assist in decision making

38
Q

Batch processing

A

Data collected overtime and processed together

39
Q

Online or real time processing

A

Processing data as they become available

40
Q

Data warehouse

A

Combines many databases across the whole company in one central database that supports management decision making

41
Q

Data marts

A

Special subsets of a data warehouse that each deal with a single area of data

42
Q

Types of data security issues

A

Unauthorized access and security breaches
Viruses, worms, and Trojan horses
Deliberate damage to equipment to information
Spam, denial of service and spoofing
Software and media piracy

43
Q

Data mining

A

Sophisticated database application that look for hidden patterns in a group of data

44
Q

Digital forensics

A

Digital evidence taken from an individuals computer or corporate network

45
Q

Cloud computing

A

The practice of using a network of remote servers hosted on the internet to store, manage and process data, rather than a local service or a personal computer

Bus201 (8 decks)

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