Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Operations Management > Exam 2 Material 3, 5, 11, 14, 17 > Flashcards

Exam 2 Material 3, 5, 11, 14, 17 Flashcards

1
Q

What is a forecast?

A

a statement about the future value of a variable of interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are two important aspects of forecast?

A
  1. expected level of demand

2. accuracy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Explain time-series forecast

A

a time-ordered sequence of observations taken at regular time intervals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

5 time series behaviors

A
  1. trend
  2. seasonality
  3. cycles
  4. irregular variations
  5. random variation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Explain trend

A

a long-term upward/downward movement in data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Explain Cycle

A

wavelike variations lasting more than one year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Explain Naive

A

uses a single previous value of a time series as the basis for a forecast

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Explain moving average

A

averages a number of the most recent actual values in generating a forecast

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Explain weighted moving average

A

most recent values in a time series are given more weight in computing a forecast

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Explain exponential smoothing

A

based on previous forecast plus a percentage of forecast error

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is capacity?

A

The upper limit or ceiling on the load that an operating unit can handle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is design capacity?

A

max output rate or service capacity of an operation, process or facility it is designed for

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is effective capacity?

A

design capacity-allowance such as personal time and maintenance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is efficiency?

A

actual/effective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is utilization?

A

actual/design

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Explain leading

A

build capacity in anticipation of future demand increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Explain following

A

build capacity when demand exceeds current capacity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Explain tracking

A

Add capacity in relatively small increments to keep pace with increasing demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Short term considerations relate to ____ in capacity requirements

A

variations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

long term considerations relate to ______ in capacity requirements

A

level

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Name 3 challenges related to service capacity

A
  1. need to be near customers
  2. inability to store services
  3. degree of demand volatility
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Name strategies used to offset capacity limitations and that intended to achieve a closer match between supply and demand

A

pricing, promotion, discounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is a bottleneck operation?

A

an operation in a sequence of operations whose capacity is lower than that of the other operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Explain economies of scale

A

if output rate is less than optimal level, increasing the output rate results in decreasing average per unit costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Explain diseconomies of scale

A

if output rate is less than optimal level, increasing the output rate results in increasing average per unit costs

26
Q

What is the break even point?

A

the volume of output at which total cost and total revenue are equal

27
Q

What is aggregate planning?

A

production plan that will effectively utilize the organization’s resources to satisfy demand

28
Q

What are aggregated planners concerned with?

A

demand quantity and timing of demand

29
Q

What does aggregate planning project levels of?

A

inventory, output, employment, subcontracting, backordering

30
Q

Explain proactive

A

alter demand to match capacity

31
Q

Explain reactive

A

alter capacity to match demand

32
Q

What is level capacity?

A

maintaining a steady rate of regular-time output while meeting variations in demand by a combination of inventory, overtime, part-time workers, back orders,

33
Q

What is chase demand?

A

matching capacity to demand, the planned output for a period is set at the expected demand for that period

34
Q

What is yield management?

A

maximizing revenue by during times of low demand, disscouting, and high demand raising prices

35
Q

What are the two sides of project triangle and what is on the bottom?

A

two sides: costs and schedule

bottom: project objectives

36
Q

Who is the project champion?

A

a person who promotes and supports a project

37
Q

What is the critical path?

A

longest path

38
Q

What is optimistic time?

A

length of time required under optimal conditions

39
Q

what is most likely time?

A

most probably length of time required

40
Q

What is pessimistic time?

A

length of time required under the worst conditions

41
Q

What is crashing?

A

shortening activity durations, often by increasing direct expenses

42
Q

What is a lean operation?

A

a flexible system of operation that uses considerably less resources than a traditional system

43
Q

Name 5 characteristics of lean systems

A
  1. waste reduction
  2. continuous improvement
  3. use of teams
  4. high quality
    5 minimal inventory
44
Q

What are benefits of lean production?

A
  1. reduce waste
  2. lower cost
  3. increase quality
  4. reduce cycle time
  5. increase production/flexibility
45
Q

What are risks to lean production?

A
  1. stress on workers
  2. fewer resources available
  3. supply chain disruptions
46
Q

What was lean operations known as in the mid 1900’s

A

JIT

47
Q

Who developed lean and from where

A

Taiichi and Shigeo Ohno of Toyota

48
Q

What is the ultimate goal of lean

A

achieve a balanced system

49
Q

Explain Kaizen

A

attacking waste

50
Q

Name 4 elements of product design

A
  1. standard parts
  2. modular design
  3. highly capable system with quality built in
  4. concurrent engineering
51
Q

Name 8 aspects of process design related to lean

A
  1. small lot sizes
  2. set up time reduction
  3. manufacturing cells
  4. quality improvement
  5. production flexibility
  6. balance system
  7. little inventory storage
  8. fail-safe methods
52
Q

What is the ideal lot size in lean?

A

1

53
Q

What is SMED

A

single-minute exchange of die:

- reducing changeover time

54
Q

What is jidoka?

A

automatic detection of defects during production

55
Q

What is poka-yoke?

A

building safeguards into a process to reduct or eliminate potential errors during a processes (safe-guarding)

56
Q

What is activity based costing?

A

allocation of overhead to specific jobs based on their percentage of activities

57
Q

Wha is a push system?

A

work is pushed the next station as it is completed

58
Q

What a pull system?

A

output is given to the next station as it is needed

59
Q

What is kanban?

A

signal, card or other device that communicates demand for work or materials from the preceding station

60
Q

What is value stream mapping?

A

visual tool to systematically examine the flows of materials and information

61
Q

What are the 5 S’s

A
  1. set
  2. sort
  3. shine
  4. standardize
  5. sustain
62
Q

What does downtime stand for?

A 
D-defects
O- overtime
W- waiting
N- not utilizing talent
T-transportation
I- inventory
M-motion
E- excess process

Operations Management (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions