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Managing Operations > final exam > Flashcards

final exam Flashcards

1
Q

capacity

A

the maximum rate of output of a process or a system

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2
Q

utilization

A

The degree to which equipment, space, or the workforce is currently being used

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3
Q

utilization calculation

A

(average output rate/maximum capacity) * 100%

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4
Q

capacity cushions

A

the amount of “reserve capacity” a process maintains

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5
Q

economies of scale

A

reduce cost by increasing output rate

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6
Q

diseconomies of scale

A

cost increases as the facility’s size increases

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7
Q

capacity cushion calculation

A

100% - average utilization rate

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8
Q

setup times

A

The time required to change a process or an operation from making one service or product to making another.

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9
Q

bottleneck

A

limits the organization’s ability to meet the product volume, product mix, or demand fluctuation

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10
Q

theory of constraints

A

focuses on managing constraints that delay a firm’s progress toward its goal

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11
Q

throughput time

A

Total elapsed time from the start to the finish of a job

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12
Q

TOC steps

A
  1. identify system bottlenecks
  2. exploit/improve the bottlenecks
  3. subordinate all other bottlenecks to step 2
  4. elevate the bottlenecks
  5. do not be complacent
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13
Q

identifying bottlenecks

A

large setup times and cost leads to larger runs being made

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14
Q

immediate predecessors

A

Work elements that must be done before the next element can begin

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15
Q

mixed model lines

A

A production line that produces several items belonging to the same family

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16
Q

lean system

A

maximize the value by removing waste and delays from activities

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17
Q

type of waste in lean

A
  1. overproduction
  2. inappropriate processing
  3. waiting
  4. transportation
  5. motion
  6. inventory
  7. defects
  8. underutilization of employees
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18
Q

jidoka

A

immediately stopping the process when something is wrong and then fixing the problems

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19
Q

muda

A

waste

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20
Q

poka-yoke

A

methods aimed at designing fail-safe systems that minimize human error

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21
Q

heijunka

A

The leveling of production load by both volume and product mix.

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22
Q

kaizen

A

The philosophy of continually seeking ways to improve processes

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23
Q

takt time

A

Cycle time needed to match the rate of production to the rate of sales or consumption

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24
Q

pull method

A

customer demand activates the production

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25
Q

push method

A

production begins in advance of customer needs

26
Q

the 5 S’s

A
  1. sort
  2. straighten
  3. shine
  4. standardize
  5. sustain
27
Q

takt time calculations

A

working time available/ customer demand

28
Q

Kanban

A

keeping records of what you have, what you are using, and what needs to be reordered to control flow

29
Q

just in time

A

The belief that waste can be eliminated by cutting unnecessary capacity or inventory and removing activities that don’t add value

30
Q

JIT system

A

rearranging the organization to make a firm realize the benefits of JIT principles.

31
Q

project objectives

A

statement of scope, time frame, and resources

32
Q

critical path

A

The sequence of activities that takes the longest time to complete; determines earliest possible completion date

33
Q

gantt chart

A

helps team allocate resources and plan for project

34
Q

earliest finish time

A

earliest start + estimated duration

35
Q

latest start

A

latest finish - duration

36
Q

activity slack

A

latest start - earliest start or latest finish - earliest finish

37
Q

risk management plan

A

identifies risks finds ways to overcome them

38
Q

risk categories

A
  1. strategic fit
  2. service/product attributes
  3. product team capability
  4. operations
39
Q

PERT

A

(optimistic time + 4*most likely time + longest amount of time) / 6

40
Q

project life cycle

A

monitor status, monitor resources

41
Q

inventory management

A

The planning and controlling of inventories to meet the competitive priorities

42
Q

average cycle inventory

A

lot size/2

43
Q

3 types of inventory

A

raw material, work in process, finished goods

44
Q

SKU

A

stock keeping unit

45
Q

ABC analysis

A

dividing SKUs into three classes, according to their dollar usage, so that managers can focus on items that have the highest dollar value

46
Q

economic order quanitity

A

square root of (2 * annual demand * ordering or setup costs)/holding cost per unit

47
Q

inventory position calculations

A

on hand + in transit – demand = x

48
Q

periodic

A

ordering inventory to replenish

49
Q

component

A

goes through processes to become part of one or more parents

50
Q

parent

A

manufactured from components

51
Q

dependent demand

A

demand occurs because the quantity varies due to production plans for other items

52
Q

ATP procedures

A

available to promise; The quantity of end items that marketing can promise to deliver on specified dates.

53
Q

bill of materials

A

A record of all the components of an item, the parent-component relationships, and the usage quantities

54
Q

MRP inputs

A

bill of materials and info in inventory records

55
Q

scheduled receipts

A

orders that have been placed but not yet completed

56
Q

planned receipts

A

Orders that are not yet released to the shop or the supplier

57
Q

lead time

A

when you place the order until receipt

58
Q

MRP explosion

A

inventory record for a material; shows items lot size policy, vendor, price, lead time

59
Q

MRP explosion calculation

A

on hand = beginning balance + receipts - sales

60
Q

enterprise process

A

companywide process that cuts across functional areas, business units, geographical regions, product lines, suppliers, and customers

61
Q

bill of resources

A

same as BOM but for service firms

Managing Operations (11 decks)

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