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Management > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Supply Chain Management

A

Strategically coordinating the supply chain to integrate separate organizations into a cohesive operating system.

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2
Q

Logistics

A

Refers to the movement of materials, services, cash and information in a supply chain

-Movements within a facility

-Incoming Shipments

-Outgoing Shipments

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3
Q

Trucking

A

-Most vulnerable to accidents
-Moves the vast majority of manufacturing goods
-Chief advantage is flexibility

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4
Q

Railroads

A

-Capable of carrying large loads
-Containers and piggybacking have helped improve flexibility
-Long Distance
-multimoddal shipping

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5
Q

Airfreight

A

-Most expensive
-fast and flexible for light loads
-may be expensive

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6
Q

Pipelines

A
  • Used for transporting oil, gas. and other chemical products
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7
Q

Multimodal

A

-Combines shipping methods
-common, especially in international shipments
-aided by standardized containers

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8
Q

Risk Management

A

Identifying risks, assess their likelihood of occurring and potential impact and develop strategies for addressing these risks

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9
Q

Global Supply Chains

A

-Bribing government officials
-Exporting smokestacks to developing countries
-Claiming a green supply chain when the level of green is only minimal
-ignoring health, safety and environmental standards
-violating basic worker rights
-mislabeling the country of origin

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10
Q

Vendor Analysis

A

Evaluating the sources of supply in terms of price, quality, reputation, and service

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11
Q

Reverse logistics

A

the backwards flow of goods through the supply chain

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12
Q

Gatekeeping

A

Screening returned goods to prevent incorrect acceptance of goods

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13
Q

Avoidance

A

-Finding ways to minimize the number of items that are returned

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14
Q

The bullwhip effect

A

A distribution channel phenomenon in which forecasts amplify the effects of perceived shortages, ultimately overestimating customer demand

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15
Q

Types of inventory

A

-Raw materials and purchased parts
-Work in process
-finished goods inventories or merchandise
-Tools and supplies
-Maintenance and repairs inventory
-goods in transit to warehouses or customers

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16
Q

Raw Materials

A

-dependent demand

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17
Q

Work in process

A

dependent demand
-function of how much finished goods you need

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18
Q

Finished goods

A

independent demands
-customer order/or forecast

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19
Q

Inventory Functions

A
  1. to meet anticipated customer demand
  2. To smooth production requirements
  3. To decouple operations
  4. To protect against stockout
  5. to take advantage of order cycles
  6. to hedge against price increases
  7. to permit operations
  8. to take advantage of quantity discounts
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20
Q

Managements two basic functions concerning inventory:

A

-Establish a system for tracking items to inventory
-Make decisions about when to order and how much to order

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21
Q

Objectives of Inventory Control

A
  • Balance
    -Satisfactory level of customer service
    -Costs of ordering and carrying inventory
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22
Q

Importance of Inventory

A

-One of the most expensive assets of many companies representing as much as 50% of total invested capital
-Less inventory lowers costs but increases chances of shortages, which might stop processes pr result in dissatisfied customers
-More inventory raises costs but improves the likelihood of meeting process and customer demands

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23
Q

Inventory counting systems

A

-Periodic system
-perpetual inventory system

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24
Q

PERIODIC SYSTEM

A

physical count of items in an inventory made at periodic intervals

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25
Q

Perpetual inventory

A

-System that keeps track of removals from inventory continuously, thus monitoring current levels of each item
-Still do a cycle count
-an order is placed when inventory drops to a predetermined minimum level

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26
Q

ABC Classification: A Items

A

-very important carefully track
-10 to 20 percent of the number of items in inventory and about 60 to 70 percent the annual dollar value

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27
Q

ABC Classification: B Items

A

-moderately important to carefully track

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28
Q

ABC Classification: C Items

A

-50 to 60 percent of the number of items in inventory but only about 10 to 15 percent of the annual dollar value

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29
Q

Cycle counting

A

-A physical count of items in inventory

How much accuracy is needed?
-A Items: +- .2 percent
-B items: +- 1 percent
-C items: +- 5 percent

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30
Q

Lead time

A

time interval between ordering and receiving the order

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31
Q

Holding (Carrying costs)

A

costs to carry an item in inventory for a length of time, usually a year

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32
Q

ordering costs

A

costs of ordering and receiving inventory

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33
Q

EOQ model

A

-minimizes the sum of the ordering and carrying costs
-ordering and carrying costs are equal at the EOQ
-The basic eon model is used to find a fixed quantity that will minimize total annual inventory costs

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34
Q

EOQ Model Assumptions

A

-Only one product is involved
-Annual demand requirements are known
-Demand is even throughout the year
-lead time does not vary
-Each order is received in a single delivery
-There are no quantity discounts

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35
Q

Reorder Point

A

When the quantity on hand of an item drops to this amount, the items is reordered

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36
Q

Safety Stock

A

-stock that is held in excess of expected demand due to variable usage and or lead times

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37
Q

Queuing Theory:

A

Mathematical approach to the analysis of waiting times

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38
Q

Why does waiting occur even though a system is basically overloaded?

A

-Both arrivals and service times exhibit a high degree of variability
-Services cannot be performed ahead and stored

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39
Q

Waiting lined why they cause concern:

A
  1. the cost to provide waiting space
  2. loss of business
  3. loss of goodwill
  4. reduction in customer satisfaction
  5. Resulting congestion may disrupt other business operations and/or customers
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40
Q

Options for reducing wait times:

A

-Increase processing rates instead of increasing the number of servers
-use new processing equipment and or methods
-reduce processing time variability through standardization
-shift demand

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41
Q

Tools to help organizations manage the waiting times

A
  • Make waiting more comfortable
    -establish virtual queues
    -Distract customer attention
    -Start service early
    -Explain reasons for wait
    -provide pessimistic estimates of waiting times
    -compensate for extraordinary waiting times
    -Dont make unrealistic promises
    -be fair
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42
Q

Ethical Issues

A

Project management institute established a code to deal with problems such as:
-Offers of gifts from from contractors
-pressure to alter status reports to mask delays
-False reports for charges of time and expenses
-Pressure to compromise quality to meet bonuses or avoid penalties related to schedules

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43
Q

Work Breakdown Structure

A

-A hierarchical listing of what must be done during a project
-Establishes a logical framework for identifying that required activities for the project including:
1. Major elements
2. Major supporting activities
3. List of activities that will be needed for each major supporting activity

44
Q

Project completion time

A

-A project is not complete until all project activities are complete
-Its risky to only consider the critical path when assessing the probability of completing a project within a specified time

45
Q

PERT AND CPM

A

-Program evaluation and review technique
-Critical Path Method
-2 techniques used to manage large-scale projects

46
Q

By using CPM and PERT manager can see:

A

-A graphical display of project activities
-An estimate of how long the project will take
-The most critical activities o timely project completion
-Slack time for each activity

47
Q

Critical Path

A

path that takes the longest

48
Q

Time Estimates

A

-Deterministic
-Time estimates that are fairly certain
-Probabilistic
- Estimates that allow for optimistic, pessimist and most likely times

49
Q

Time cost trade offs

A

-Activity time estimates are made for some given level of resources
-it may be possible to reduce the duration of a project by injecting additional resources

50
Q

Crashing

A

-Devoting extra resources to certain activities in order to speed project completion
-Crash: only activities on the critical path
-The activity where, you get the the most benefit for the amount of money

51
Q

Aggregate planning

A

-Goal: Roughly match demand and capacity for the next 3-18 months
-Time frame: intermediate range capacity planning
-Approach: Trial and error to find the best plan
-Lump things together- demand+capacity

52
Q

Long Range Plans

A

-Long term capacity
-Location
-Layout
-Product design
-Work System design

53
Q

Intermediate plans

A

-Employment
-Output
-Finished goods inventories
-Subcontracting
-Backorders

54
Q

Short Range Plans

A

-Production to size
-Order quantities
-Machine loading
-Job assignments
-job sequencing
-work schedules

55
Q

Why do Organizations need to do aggregate planning?

A

-it takes time to implement plans
-Businesses can’t accurately predict the timing and volume of demand for individual items in the intermediate range

56
Q

Overview of Aggregate Planning

A

-Forecast
-Develop
-Update

57
Q

Forecast

A

-Forecast aggregate demand for the intermediate range

58
Q

Develop

A

-Develop a general plan to match capacity with demand

59
Q

Update

A

-Update the aggregate plan periodically

60
Q

Aggregate Planning Strategies

A

-Proactive
-Reactive
-Mixed

61
Q

Proactive

A

-Alter demand to match capacity
-Most, except backorders, are in the domain of marketing

62
Q

Reactive

A

-Alter capacity to match demand
-These are the operations

63
Q

Mixed

A

-Alter demand and capacity

64
Q

Capacity options:

A

-Hire and layoff workers
-overtime/slack time
-part time workers
-inventories
-subcontracting

65
Q

Demand option:

A

-Pricing
-Promotion
-Back orders
-New demand

66
Q

Techniques for aggregate planning:

A
  1. Determine demand for each period
  2. determine capacities for each period
  3. Identify company or departmental
    4.determine unit costs
  4. develop alternative plans and costs
  5. select the plan that best satisfies objectives; otherwise return to step 5
67
Q

Aggregate Planning Inputs: Resources

A

-Workforce/production rates
-Facilities and equipment

68
Q

Aggregate Planning Inputs: Costs

A

-inventory carrying
-back orders
-hiring/firing
-overtime
-inventory changes
-subcontracting

69
Q

Aggregate Planning Inputs: demand forecast

A

demand forecast

70
Q

Aggregate Planning Inputs: Policies

A

-Workforce changes
-subcontract
-overtime
-inventory levels/ changes
-back orders

71
Q

Aggregate Planning outputs:

A

-Total cost of a plan
-Projected levels of:
-Inventory
-Output
-Employment
-Subcontracting
-Backordering

72
Q

Level capacity strategy

A

-Maintaining a steady rate of regular time output while meeting variations in demand by a combination of options

73
Q

Chase demand strategy

A
  • matching capacity to demand period by period
    -The planned output for a period equals expected demand for that period
74
Q

Desegregating the aggregate planning

A
  • The result is a master schedule which:
    -Breaks the monthly plan into weekly projections
    -Breaks aggregations of products into specific plans for each model, color, flavor, size, or style of product
75
Q

Disaggregate:

A

aggregate plan-disaggregation- master schedule

76
Q

Material Requiring Planning

A
77
Q

Material REQUIREMENT PLANNING IS DESIGNED TO ANSWER THREE QUESTIONS:

A

-what is needed?
-how much is needed?
-when its needed?

78
Q

Key benefit of MRP

A

Low levels of in-process inventories

79
Q

MRP Processing

A

MRP processing takes the end item requirements specified by the master schedule and explodes them backwards into time phased requirements for assemblies, parts and raw materials offset by lead times

80
Q

MRP Inputs: Master Schedule

A

-states which end items are to be produced, when these are needed, and in what quantities
-The master schedule should cover a period that is at least equivalent to the cumulative lead time

81
Q

cumulative lead time

A

the total time required, beginning with the ordering of part/raw materials and ending when the product is completed.

82
Q

Bill of materials

A

a listing of all the assemblies, subassemblies, parts and raw materials needed to produce one unit of a product

83
Q

Product structure tree

A

-a visual depiction of the requirements in a bill of materials, where all components are listed by levels

84
Q

MRP INPUTS: Inventory records

A

scheduled receipts (open orders): Orders that are in the pipeline but have not arrived

on hand inventory: leftover items from a previous period

85
Q

order quantities

A

safety stock
-lot sizing:
-lot for lot ordering
-specific order quantity

86
Q

MRP OUTPUT: Planned order releases

A

-indicates when to make or order parts

87
Q

If scheduling is done well:

A

-goods and services can be made or delivered in a timely manner
-Resources can be used to best advocate (cost saving & productivity)
-customers will be satisfied

88
Q

Scheduling criteria

A
  1. minimize completion time
  2. maximize utilization of facilities
  3. minimize work in progress inventory
  4. minimize customer waiting time
89
Q

High Volume systems

A

-all jobs follow the same sequence
-Goal: a smooth rate of flow of goods or customers to get high utilization of labor and equipment

90
Q

Intermediate volume systems

A

-Produce intermittently
-work centers periodically shift from one product to another and produce batches of products

-set up costs are a key issue

91
Q

Intermediate volume systems basic issues:

A

-run size of jobs
-the sequence in which jobs will be produced

92
Q

Scheduling low volume systems two key issues:

A

loading: assignment of jobs to process centers
-sequencing: determining the order in which jobs will be processed
-job shops: high variety low volume

93
Q

gant

A

gantt: used as a visual aid for loading and scheduling purposes
-the Gantt chart organizes and visually displays the actual or intended use of resources in a time framework

94
Q

Load chart

A

a Gantt chart that shows the loading and idle times for a group of machines or lists of departments

95
Q

Schedule charts

A

a Gantt chart that shows job process and whether or not tasks are on schedule

96
Q

Sequencing: Priority rules

A

simple heuristics used to determine the order in which jobs will be processed

97
Q

job time

A

time needed for set up and processing of a job

98
Q

fcfs

A

first come first serve

99
Q

spt

A

shortest processing time

100
Q

lpt

A

longest processing time

101
Q

edd

A

earliest due date

102
Q

cr

A

critical ratio

103
Q

rush

A

emergency

104
Q

Service scheduling challenges:

A

-the inability to store or inventory services
-the random nature of service requests

105
Q

Service scheduling may involve scheduling:

A

customers, workforce and equipment

106
Q

Scheduling customers: demand management

A

-Appointment systems: control customer arrivals for service
-Reservation systems: enables service systems to formulate a fairly accurate estimate of demand in the system for a given period

Management (5 decks)

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