Ch8 Flashcards
Inventory
The quantity of goods a firm has on hand
Materials management
Deciding how much inventory to keep on hand in the ordering, transporting, receiving, storing, tracking, and vendor selection
Goal of material management
Keep costs of ordering low and hold inventories while maintaining enough on hand production for sales
Perpetual inventory
A continuously updates list of inventory levels, sales, orders, and receipts for major items
Materials requirement planning (MRP)
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
Enterprise resources planning (ERP)
Incorporate info about the firms supplier and customers into the flow of data
Supply chain management
Focuses of smoothing transactions in the supply chain with the ultimate goal of satisfying customers
E procurement
Purchasing through electronic connections of buyers and sellers and is usually online
Electronic data interchange (EDI)
Two trading partners exchange info electronically
Block chain technology
Decentralized ledger allowing multiple parties to record transactions which are verifiable and tamper proof
Routing
The sequence of operations through which the product must pass (start to finish)
Value stream mapping
Product managers map the flow from suppliers through the factory to consumers
Types of scheduling
Gantt, critical path method (CPM), and program evaluation and review technique (PERT)
Quality control
Involves creating quality standards, producing goods that meet them and measuring finished goods and services against them
Quality standard types
Total quality management, six sigma, international standards organization, lean manufacturing, and just in time
Six sigma
Measures failure rates and try’s to get defect rate down to 0
Relies heavily on technical specifications and monitoring
International standards organization
International groups that set standards across and within industries. Covers quality procedures and environmental measures
Lean manufacturing
Focuses on eliminating steps in the process that don’t add value to the customer
Just in time
Works with lean manufacturing
Based on the idea that materials should arrive only when they are needed
Types of technology
Computer aided design/machining
Robotics
Adaptable factories
Artificial intelligence
Computer aided design/machinery
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
Robotics
Increasingly being used to replace human workers. Quicker, more efficient, stronger, work long hours,more reliable, and improve product quality.
Adaptable factories
Flexible manufacturing systems that blend technologies into a integrated system
Artificial intelligence
A system that stimulates human intelligence and can perform a task anonymously
Can learn, solve problems, and provide solutions
Information technology
Includes equipment and techniques used to manage and process information
Chief information officer
Responsible for managing all information resources
Management information system (MIS)
Provide info about all aspects of a firms operations and provide managers with the info they need to make decisions.
Database
Electronic filing system that collects and organizes data and information
Computer network
A group of two or more computer systems linked together by a communication channel to share data and information
Enterprise portal
An internal website that provides proprietary corporate information to a defined user group
Virtual private network (VPN)
A private data network that creates secure connections or “tunnels” over regular internet lanes.
Application service provider (ASP)
And agent or vendor who assembles the software needed by enterprises and packages them with outsourced development, operations, maintenance, and other services
Types of management information systems
Transaction processing system
Management support system
Decision support system
Expert system
Transaction processing system (TPS)
System receives raw data from internal and external sources and prepares it for storage in a database
Management support system (MSS)
Uses data collected by the TPS to perform high level analysis to help managers make better decisions
Decision support system (DSS)
Uses data from internal databases to create models of specific problems or questions that the organization is facing
Expert system
Gives advice similar to human consultant to assist in decision making
Batch processing
Data collected overtime and processed together
Online or real time processing
Processing data as they become available
Data warehouse
Combines many databases across the whole company in one central database that supports management decision making
Data marts
Special subsets of a data warehouse that each deal with a single area of data
Types of data security issues
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
Data mining
Sophisticated database application that look for hidden patterns in a group of data
Digital forensics
Digital evidence taken from an individuals computer or corporate network
Cloud computing
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
