DEFINITIONS Flashcards
Acceptance Sampling
Estimating the quality of conformance of large
assignable variation
deviations with a specific cause or source
bricolage
a creation from what happened to be available during its formation
buisness continuity plan
Guidelines and arrangements for response to disruption of critical
consumer’s risk
The likelihood of a type II error.
control chart
Graph illustrating observed values
cycle stock
Inventory held to gain economies of scale.
expected value
The mathematical expectation of a random variable
finite loading
A scheduling approach that recognizes capacity constraints.
fixed order interval policy
An inventory system in which the amount of replenishment is determined
fixed order quantity policy
An inventory system in which the amount of replenishment is predetermined
flowtime
The length of time a job spends in the system.
framing
Adopting too narrow a view in the analysis of a problem.
freezing
In planning, a policy that does not allow changes
infinite loading
A scheduling approach that ignores capacity constraints.
inventory turnover
The number of annual inventory cycles,
makespan
The length of time required to complete a finished schedule.
minimum constant production (MCP) rate
The lowest speed of perfectly leve
muda
Japanese term for waste
natural planning horizon
A point of time within a forecast where aggregate
natural variation
The randomness inherent in a process
nervous
In management science, a condition in which a small change
order cycle
The time required for average demand to consume an order
proaction
Avoidance of preventable risk
process capability
The natural variation in an existing process
producer’s risk
The likelihood of a type I error.
propagate
To increase or spread elsewhere.
quality circle
A group of employees that meets regularly
reorder point
An inventory level that triggers replenishment of an item.
robustness
Providing stable reliability despite changing conditions.
safety stock
Inventory held to protect against uncertain supply or demand.
sampling plan
Defined procedure for conducting acceptance s
sawtooth diagram
A graph of inventory levels over time.
sense-making
Assigning meaning to experience.
service level
The probability that demand for an item will be met during
shrinkage
Physical loss of inventory before sale or use.
situational awareness
An individual or organization’s comprehension
sole sourcing
Relying on a single supplier.
staging
Retrieving or positioning inventory
stock out
To fail to meet customer demand
stockpiling
Producing or securing goods in advance of demand.
Taguchi loss function
A proposed model of the cost of nonconformance
time bucket
The smallest interval of time used in planning
triage
A priority rule creating sequences
type I error
out of control
type ii error
is in control
yield management
Policies and practices to maximize the benefit
