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Quality and Operation Management > Exam Two > Flashcards

Exam Two Flashcards

1
Q

how to forecast prices

A

moving average of number of months, put it in last month slot, actual-forecast, absolute value of error, square error

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2
Q

where to put weights for weighted moving average model

A

array 2

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3
Q

sum of absolute differences between actual value and forecast, divided by number of observations

A

mean absolute deviation (MAD)

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4
Q

widely-used error metric, sum of squared errors divided by number of observations

A

mean square error (MSE)

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5
Q

square root of MSE

A

root mean squared error (RMSE)

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6
Q

types of forecasting

A

what-if analysis, goal seek, trendline, [weighted] moving average, exponential smoothing, regression analysis, solver​

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7
Q

types of time series data

A

seasonal, trend, cyclical, random

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8
Q

type of time series data, repeated over specific period

A

seasonal

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9
Q

type of time series data, increase/decrease predictably

A

trend

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10
Q

type of time series data, changes not of fixed frequency, usually due to economic conditions

A

cyclical

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11
Q

type of time series data, not any other type

A

random

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12
Q

a document that lists all the raw materials, components, parts, and subassemblies needed to manufacture or repair a product

A

bill of materials (BOM)

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13
Q

what is the x-axis and y-axis of the sawtooth diagram?

A

time and quantity on hand

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14
Q

what is the area between the minimum and maximum on the sawtooth diagram?

A

safety stock

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15
Q

another word for max in sawtooth diagram

A

cycle stock

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16
Q

dotted line on sawtooth diagram

A

reorder point

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17
Q

diagonal green lines on sawtooth diagram

A

usage rate

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18
Q

space between green lines on sawtooth diagram

A

lead time

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19
Q

what does Kaizen mean?

A

change good, “change for good”

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20
Q

what are the Kaizen principles?

A

know your customer, let it flow (zero waste, most efficient), go to gemba (go to where action is happening), empower people, be transparent

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21
Q

when was Kaizen introduced to the workplace?

A

introduced in 1986 to the world as systematic management methodology

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22
Q

who worked to introduce Kaizen to the workplace?

A

Masakki Imai and Taiichi Ohno spread Toyota production system

23
Q

constant improvement of yourself

A

personal SAPD

24
Q

what does personal SAPD stand for?

A

STUDY: self-awareness​
ADJUST: set a goal/intention​
PLAN: what will I practice​
DO: frequent practice

25
Q

coordination of all activities involved in the production and delivery of goods and services from raw materials to the end customer

A

supply chain management

26
Q

integration of suppliers, manufacturers, distributors, retailers, and customers

A

what supply chain management does

27
Q

what does integrating the supply chain management do?

A

optimize efficiency and effectiveness

28
Q

utilizes a hub-and-spoke distribution model to improve efficiency in their supply chain, centralized inventory management, consolidated transportation, improved delivery times, better customer service

A

Walmart supply chain management

29
Q

uses data analytics to forecast demand and optimize inventory management, predictive analytics, dynamic pricing, machine learning algorithms

A

Amazon supply chain management

30
Q

phenomenon whereby orders become more variable upstream in the supply chain (lowest at customer, highest at manufacturer)

A

bullwhip effect

31
Q

excess inventories, quality problems, increased expenses and time

A

what the bullwhip effect results in

32
Q

caused disruptions in production, transportation, logistics, increased cost and delays due to supply chain shortages, manufacturing shutdowns, transportation bottlenecks

A

pandemic’s effect on global supply chain

33
Q

companies are re-evaluating supply chain strategies to build resilience and agility

A

result of pandemic’s effect on global supply chain

34
Q

simple, crystalline concept that flows from deep understanding about the intersection of three circles

A

hedgehog concept

35
Q

what are the three circles of the hedgehog concept?

A

what you can be the best in the world at, what drives your economic engine, what you are deeply passionate about

36
Q

group of the right people who participate in dialogue and debate guided by the three circles, iteratively and over time, about vital issues and decisions facing the org

A

the council

37
Q

ask questions, dialogue and debate, executive decisions, autopsies and analysis

A

parts of the council process

38
Q

four parts of culture of discipline

A

build a culture within a framework
rinse your cottage cheese
adhering to the hedgehog concept
don’t confuse culture of discipline with tyrannical disciplinarian​

39
Q

disciplined people, thoughts, actions

A

build a culture within a framework

40
Q

going to extremes to become great, super discipline in even the little things, Dave Scott

A

rinsing your cottage cheese

41
Q

be disciplined to stay within the three circles

A

adhering to the hedgehog concept

42
Q

crawl, walk, run company

A

Walgreen’s technology philosophy

43
Q

pioneered application of carefully selected technologies

A

how G2G companies used technology

44
Q

technology is a _______ of momentum, not a ________ of it

A

accelerator
creator

45
Q

flywheel parts

A

steps forward consistent with hedgehog concept accumulation of visible results
people line up engaged by results
flywheel builds momentum

46
Q

doomloop parts

A

disappointing results reaction without understanding
new direction, program, leader, event, fad, acquisition
no buildup
no accumulated momentum

47
Q

what must you have for business parts in the flywheel

A

consistency and coherence

48
Q

what does BHAG stand for?

A

big hairy audacious goal

49
Q

huge daunting goal that serves as a unifying focal point of effort

A

BHAG

50
Q

what is a good BHAG set with?

A

understanding

51
Q

what is a bad BHAG set with?

A

bravado

52
Q

what is core ideology made of?

A

core values and core purpose

53
Q

preserve the core and stimulate progress

A

key dynamic of greatness

Quality and Operation Management (3 decks)

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