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SCMT 361 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What is benchmarking?

A

When one company studies the processes of another company to identify best practices.

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2
Q

What is business analytics?

A

The use of current business data to solve business problems using mathematical analysis.

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3
Q

Effectiveness

A

Doing the things that will create the most value for the customer.

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4
Q

Efficiency

A

Doing something at the lowest possible cost.

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5
Q

Mass customization

A

The ability to produce a unique product exactly to a particular customer’s requirements.

Companies like Nike, Adidas, and Apple all offer customers the ability

NIKE ID

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6
Q

Operations and supply chain management (OSCM)

A

The design, operation, and improvement of the systems that create and deliver the firm’s primary products and services.

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7
Q

Process

A

One or more activities that transform inputs into outputs.

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8
Q

Product-service bundling

A

When a firm builds service activities into its product offerings to create additional value for the customer.

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9
Q

Sustainability

A

The ability to meet current resource needs without compromising the ability of future generations to meet their needs.

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10
Q

Triple bottom line

A

A business strategy that includes social, economic, and environmental criteria.

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11
Q

Value

A

The attractiveness of a product relative to its price.

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12
Q

Activity-system maps

A

Diagrams that show how a company’s strategy is delivered through a set of supporting activities.

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13
Q

Operations and supply chain strategy

A

The setting of board policies and plans that will guide the use of the resources needed by the firm to implement its corporate strategy.

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14
Q

Operations effectiveness

A

Performing activities in a manner that best implements strategic priorities at minimum cost.

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15
Q

Order qualifier

A

A dimension used to screen a product or service as a candidate for purchase.

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16
Q

Order winner

A

A specific marketing-oriented dimension that clearly differentiates a product from competing products.

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17
Q

Productivity

A

A measure of how well resources are used.

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18
Q

Straddling

A

When a firm seeks to match what a competitor is doing by adding new features, services, or technologies to existing activities. This often creates problems if trade-offs need to be made.

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19
Q

Supply chain risk

A

The likelihood of a disruption that would impact the ability of a company to continuously supply products or services.

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20
Q

Sustainability

A

The ability to meet current resource needs without compromising the ability of future generations to meet their needs.

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21
Q

Triple bottom line

A

Evaluating the firm against social, economic, and environmental criteria.

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22
Q

Contract manufacturer

A

An organization that performs manufacturing and/or purchasing needed to produce a product or device not for itself, but as a service to another firm.

a third-party company that makes products or components for another company. It’s a type of outsourcing.

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23
Q

Concurrent engineering

A

Emphasizes cross-functional integration and concurrent development of a product and its associated processes.

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24
Q

Core competency

A

The one thing that a firm can do better than its competitors. The goal is to have a core competency that yields a long-term competitive advantage to the company.

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25
Ecodesign
The incorporation of environmental considerations into the design and development of products or services. These concerns relate to the entire life cycle including materials, manufacturing, distribution, and the eventual disposal of waste.
26
House of quality
A matrix that helps a product design team translate customer requirements into operating and engineering goals.
27
Quality function deployment (QFD)
A process that helps a company determine the product characteristics important to the consumer and to evaluate its own product in relation to others.
28
Value analysis/value engineering (VA/VE)
Analysis with the purpose of simplifying products and processes by achieving equivalent or better performance at a lower cost.
29
Activities
Pieces of work within a project that consume time. The completion of all the activities of a project marks the end of the project.
30
Critical path
The sequence(s) of activities in a project that forms the longest chain in terms of their time to complete.
31
Early start schedule
A project schedule that lists all activities by their early start times.
32
Earned Value Management
Technique that combines measures of scope, schedule, and cost for evaluating project progress.
33
Functional project
In this structure, team members are assigned from the functional units of the organization. The team members remain a part of their functional units and typically are not dedicated to the project.
34
Gantt chart
Shows in a graphic manner the amount of time involved and the sequence in which activities can be performed. Often referred to as a bar chart.
35
Immediate predecessors
Activities that need to be completed immediately before another activity.
36
Late start schedule
A project schedule that lists all activities by their late start times. This schedule may create savings by postponing purchases of material and other costs associated with the project.
37
Matrix project
A structure that blends the functional and pure project structures. Each project uses people from different functional areas. A dedicated project manager decides what tasks need to be performed and when, but the functional managers control which people to use.
38
Project
A series of related jobs usually directed toward some major output and requiring a significant period of time to perform.
39
Project management
Planning, directing, and controlling resources (people, equipment, material) to meet the technical, cost, and time constraints of a project.
40
Project milestone
A specific event in a project.
41
Pure project
A structure for organizing a project where a self-contained team works full time on the project.
42
Slack time
The time that an activity can be delayed without delaying the entire project; the difference between the late and early start times of an activity.
43
Time-cost models
Extension of the critical path models that considers the trade-off between the time required to complete an activity and the cost. This is often referred to as "crashing" the project.
44
Work breakdown structure (WBS)
The hierarchy of project tasks, subtasks, and work packages.
45
Best operating level
Output level where average unit cost is minimized.
46
Capacity
The output that a system is capable of achieving over a period of time.
47
Capacity cushion
Capacity in excess of expected demand.
48
Capacity utilization rate
Measure of how close the firm's current output rate is to its best operating level (percent).
49
Economies of scale
Idea that as the plant gets larger and volume increases, the average cost per unit drops. At some point, the plant gets too large and cost per unit increases.
50
Economies of scope
When multiple products can be produced at lower cost in combination than they can be separately.
51
Focused factory
A facility designed around a limited set of production objectives. Typically the focus would relate to a specific product or product group.
52
Strategic capacity planning
Finding the overall capacity level of capital-intensive resources to best support the firm's long-term strategy.
53
Plant within a plant (PWP)
An area in a larger facility that is dedicated to a specific production objective (for example, product group). This can be used to operationalize the focused factory concept.
54
Individual learning
Improvement that results when people repeat a process and gain skill or efficiency from their own experience.
55
Learning curve
## Footnote essentially becoming more proficient with repeated tasks, leading to impoved performance and cost reductions with increased volume;
56
Organizational learning
Improvement that comes both from experience and from changes in administration, equipment, and product design.
57
Assembly line
An item is produced through a fixed sequence of workstations, designed to achieve a specific production rate.
58
Continuous process
A process that converts raw materials into finished product in one contiguous process. | Often for hughly standardized good ## Footnote EX: Oil rigs
59
Customer order decoupling point
the point in the supply chain where the product is linked to a customer order and is, by definition, the last stock point along the supply chain.Where inventory is positioned in the supply chain.
60
Lead time
The time needed to respond to a customer order.
61
Lean manufacturing
To achieve high customer service with minimum levels of inventory investment.
62
Make to stock
strategy where goods are manufactured in advance based on demand forecasts and stored in inventory until purchased. ## Footnote EX: Grocery Stores
63
Assemble-to-order
A production approach where pre-manufactured components are assembled into a final product only after a customer order is received. ## Footnote Dell, where customers can choose specific components like processors, memory, and monitors to customize their personal computers, which are then assembled only once an order is placed
64
Make-to-order
A manufacturing process where products are created only after a customer places an order, allowing for customization and reduced inventory costs. ## Footnote What is an example of made to order products? For example, if you order a special toy, the company will start making it only after you tell them exactly what you want. This way, there's no waste because they only make what is needed. Industries that make special items, like custom cars or planes, often use this method.
65
Engineer-to-order
where a product is designed, engineered, and manufactured from scratch based on specific customer requirements, typically involving complex and highly customized projects.
66
Manufacturing cell
Dedicated area where a group of similar products are produced.
67
Product-process matrix
A framework depicting when the different production process types are typically used depending on product volume and how standardized the product is.
68
Project layout
For large or massive products produced in a specific location, labor, material, and equipment are moved to the product rather than vice versa. ## Footnote EX: Building a massive cruise ship
69
Workcenter
A process with great flexibility to produce a variety of products, typically at lower volume levels.
70
High and low degrees of customer contact
The physical presence of the customer in the system and the percentage of time the customer must be in the system relative to the total time it takes to perform the service.
71
Poka-yokes
Procedures that prevent mistakes from becoming defects. They are commonly found in manufacturing but also can be used in service processes.
72
Service blueprint
The flowchart of a service process, emphasizing what is visible and what is not visible to the customer.
73
Service guarantees
A promise of service satisfaction backed up by a set of actions that must be taken to fulfill the promise.
74
Service package
A bundle of goods and services that is provided in some environment.
75
Blocking
The activities in the stage must stop because there is no place to deposit the item just completed.
76
Bottleneck
A resource that limits the capacity or maximum output of the process.
77
Buffering
A storage area between stages where the output of a stage is placed prior to being used in a downstream stage.
78
Cycle time
The average time between completions of successive units in a process (this is the definition used in this book).
79
Days-of-supply
The number of days of inventory of an item.
80
Efficiency
A ratio of the actual output of a process relative to some standard.
81
Flow time
The average time that it takes a unit to move through an entire process.
82
Hybrid
Combines the features of both make-to-order and make-to-stock. ## Footnote modular furniture or laptops. In this case, you can produce the common components in advance and store them in inventory (MTS), and then assemble the final product according to the customer's order (MTO).
83
Inventory turn
The cost of goods sold divided by the total average value of inventory.
84
Job design
Specification of the work activities of an individual or group.
85
Job enrichment
Specialized work is made more interesting by giving the worker a greater variety of tasks.
86
Little's law
States a mathematical relationship between throughput rate, flow time, and the amount of work-in-process inventory
87
Operation time
The sum of the setup time and run time for a batch of parts that are run on a machine.
88
Pacing
Movement of items through a process is coordinated through a timing mechanism.
89
Process
Any set of activities performed by an organization that takes inputs and transforms them into outputs ideally of greater value to the organization than the original inputs.
90
Process velocity (throughput ratio)
The ratio of the value-added time to the flow time.
91
Productivity
The ratio of output to input.
92
Run time
The time required to produce a batch of parts.
93
Setup time
The time required to prepare a machine to make a particular item.
94
Specialization of labor
Simple, repetitive jobs are assigned to each worker.
95
Starving
The activities in a stage must stop because there is no work.
96
Throughput rate
The output rate that the process is expected to produce over a period of time.
97
Total average value of inventory
The total average investment in raw material, work-in-process, and finished goods inventory.
98
Utilization
The ratio of the time that a resource is actually activated relative to the time that it is available for use.
99
Value-added time
The time in which useful work is actually being done on the unit.
100
Work measurement
Setting time standards for a job.

SCMT 361 (1 decks)

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