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OM > Final > Flashcards

Final Flashcards

1
Q

Levels Scheduling

A

Maintaining a constant output rate, production rate, or workforce level over the planning horizon

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2
Q

Chase Scheduling

A

A planning strategy that sets production equal to
forecast demand.
Many service organizations favor the chase strategy
because the inventory option is difficult or impossible to adopt.

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3
Q

Hiring

A
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4
Q

Firing

A
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5
Q

MPR

A

Materials, Requiste, Plan

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6
Q

Independent Demand

A

The demand for one item is not related to the
demand for another item

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7
Q

Dependent Demand

A

The demand for one item is related to the
demand for another item

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8
Q

BOMs

A

Bill of Materials

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9
Q

Time Phasing

A

Planned amount to order in each time period

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10
Q

Net Requests

A
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11
Q

Leadtimes

A

The time required to purchase, produce, or assemble an item

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12
Q

Net Requirements

A

Actual Amount needed in each time period

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13
Q

Gross Request

A

Total expected demand

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14
Q

Scheduled Receipts

A

Open Orders scheduled to arrive

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15
Q

Projected on Hand

A

Expected inventory on hand at the beginning of each time period

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16
Q

Setup Costs

A

Technician Costs
Startup Costs
QA samples
Utilitiues/Operator Costs

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17
Q

Lot-for-Lots Techniques

A

Order just what is required

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18
Q

When should the Lot-for-Lot Technique be used

A

When low-cost setups can be achieved

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19
Q

Inventory

A

Goods

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20
Q

Importance of Inventory

A

Sever Import for Working Capital

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21
Q

ABC Analysis

A

Divide inventory into three classes based on annual dollar volume (Class A, B, & C

22
Q

Class A

A

High Annual Dollar Volume

23
Q

Class B

A

Medium Annual Dollar Volume

24
Q

Class C

A

Low Annual Dollar Volume

25
Q

When is ABC Analysis used?

A

Establish policies that focus on the few critical parts and not the many trivial ones

26
Q

What are the Pressures for Small Inventories?

A

Inventory Holding Cost
Cost of Capital
Taxes
Insurance
Storage/Handling Cost
Warehouse Space
Shrinkage

27
Q

What are the Pressures for Large Inventories?

A

Ordering Cost
Setup Cost
Transportation Cost
Don’t Stock Out the Production Line
Customer Service/ Fill Rates
Labor and Equipment Utilization

28
Q

Holding Cost

A

building rent or depreciation operating cost, taxes, insurance

29
Q

Material Handling Costs

A

Equipment lease or depreciation, power, operating cost

30
Q

Labor Costs

A

Receiving, Warehousing, Security

31
Q

Investment Costs

A

Borrowing Costs, Taxes, and Insurance on Inventory

32
Q

Pilferage, Space, and Obsolscence

A

Much higher in industries undergoing rapid changes like PCs and Cell Phones

33
Q

Order Cost

A

Buyer Time
Supplies
Forms
Order Processing
Clerical Support
Administrative Time to P{Lace Order

34
Q

Assumptions for EOQ

A

Known & Constant Demand/Lead Time
Instantaneous Receipt of Material
No Quantity Discount
No stockout

35
Q

EOQ

A

Economic Order Quantity

36
Q

Quantity Discount Models

A

Reduced prices when larger quantities are
purchased

37
Q

Tradeoffs in the Quantity Discount Models

A

reduced product cost and increased holding cost

38
Q

Clustering

A

Proximity to competitors

39
Q

3 steps of Locational Cost-Volume Analysis

A
  1. Determine fixed and variable costs for each location
  2. Plot the cost of each location
  3. Select location with LOWEST TOTAL COST for expected production volume
40
Q

Center of Gravity

A

Finds location of distribution center that minimizes distribution costs

41
Q

Considerations for Center-of-Gravity Method

A

Location of markets
Volume of goods shipped to those markets
Shipping cost (or distance)

42
Q

Locational Cost-Volume

A

An economic comparison of location alternatives

43
Q

Quality

A

An operations manager’s objective is to build a total quality management system that identifies and satisfies customer needs

44
Q

5 Whys for Root Cause Analysis

A

What caused A, What caused B, What caused C, What caused D, and What caused E?

45
Q

Fishbone

A

6 Categories and list their causes that combined equal the effect

46
Q

4 Ms

A

Facor Rating
Location Cost-Volume
Center of Gravity
Transportation Model

47
Q

Transportation Model

A

Finds amount to be shipped from several points of supply to several points of demand

48
Q

6 Sigma

A

Originally developed by Motorola, adopted and
enhanced by Honeywell and GE

49
Q

Fixed Costs

A

The set amount to begin production

50
Q

Variable Costs

A

constant amount per unit produced

OM (5 decks)

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