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Operations Management - Jennifer Davis 2019 > Final Study > Flashcards

Final Study Flashcards

1
Q

What are the 6 functions of inventory?

A

1) To wait while in transit
2) Protect stockouts
3) Quantity discounts
4) Smooth production
5) Decouple operations
6) Hedge price increases

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2
Q

What is the objective of Inventory control?

A

Good customer service with minimal inventory costs

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3
Q

What is the ABC classification system and what is it for?

A

Allocating importance to certain inventory (A most important)

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4
Q

What is EOQ?

A

Economic Order Quantity: order size that minimizes inventory cost

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5
Q

What are the 7 assumptions of the EOQ model?

A

1) One product
2) Demand req. known
3) Even demand
4) Lead time constant
5) Each order in 1 delivery
6) No quantity discounts
7) Shortage not allowed

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6
Q

What is sales and operations planning?

A

Integrating sales forecasts with operations plans

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7
Q

What is master production scheduling?

A

Relating inputs with forecasted output

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8
Q

What are the two factors to consider when choosing an aggregate strategy?

A

Company policy

Costs

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9
Q

What are the 4 steps in the aggregate planning procedure?

A

1) Determine groups to be aggregated
2) Demand forecast
3) Labour feasibility
4) Find TC of plan

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10
Q

What are the 3 parts of aggregate operations planning?

A

1) Employment
2) Output
3) Inventories

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11
Q

What is the term length of aggregate operations planning?

A

Intermediate

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12
Q

What is Material Requirements Planning (MRP)?

A

Determines plans for purchasing and production of dependent-demand components

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13
Q

What are 3 MRP inputs?

A

1) Master Schedule
2) Bill of Materials
3) Inventory Records

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14
Q

What is enterprise resource planning (ERP)?

A

Tech to integrate information sharing and keeping across an org.

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15
Q

What is independent demand?

A

Finished goods, uncertain

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16
Q

What is dependent demand?

A

Raw materials, parts, certain

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17
Q

What are the 7 types of waste?

A

1) Inventory
2) Overproduction
3) Waiting time
4) Excess transportation
5) Processing waste
6) Inefficient work methods
7) Defects

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18
Q

What does JIT and lean production mean?

A

JIT: goods arrive and services are performed just as they are needed

Lean production: “big JIT”, less waste

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19
Q

What is the ultimate goal of JIT?

A

A balanced, smooth, rapid flow

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20
Q

What are the 4 secondary goals of JIT?

A

1) Eliminate disruptions
2) Flexible system
3) Eliminate waste
4) Kaizen (continuous improvement)

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21
Q

What are 3 benefits of small lot sizes and what is the ideal lot size?

A

1) Less WIP
2) Less rework and inspection
3) More flexibility

Ideal size: 1

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22
Q

What is pokayoke?

A

A system that helps an equipment operator avoid mistakes

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23
Q

What are the 5 needs for Supply chain management?

A

1) Increasing competition
2) Increasing outsourcing
3) Increasing globalization
4) Increasing e-commerce
5) Managing orders

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24
Q

What is the bullwhip effect?

A

Many parts to the supply chain with small variations in each causing large variations overall

25
Q

What is cross-docking?

A

Avoiding warehouse storage and incoming supplies are loaded onto outbound trucks

26
Q

What is CPFR in Supply chain mgmt?

A

Collaborative Planning, Forecasting, and Replenishment

27
Q

What are 4 supply chain performance metrics?

A

1) Cost
2) Variety/flexibility
3) Delivery
4) Customer service

28
Q

What is quality?

A

Consistently meet or exceed customer expectations

29
Q

What are 7 dimensions of quality for a good?

A

1) Performance
2) Aesthetics
3) Special features
4) Conformance
5) Reliability
6) Durability
7) Serviceability

30
Q

What is TQM?

A

Involves the whole organization in an effort to improve quality

31
Q

What are 7 dimensions of quality for a service?

A

1) Tangibles
2) Convenience
3) Reliability/consistency
4) Responsiveness
5) Time
6) Assurance
7) Courtesy

32
Q

Compare internal and external failure costs

A

Internal: defects fixed during production

External: Defects fixed after delivery

33
Q

What are the 5 steps in TQM?

A

1) Figure out the customer wants
2) Design product to fit that want
3) Design processes to facilitate
4) Monitor results
5) Extends concepts to suppliers

34
Q

How many defects does six sigma allow and what does DCAIM stand for?

A

3.4 defects per million

D: Define
C: Control
A: Analyze
I: Improve
M: Measure
35
Q

What are the 7 basic quality tools and their primary use (where applicable)?

A

Cause-and-effect:
Flow-charts:
Check sheets:
Histograms: frequency distribution

Pareto Charts: highest to lowest frequency (80/20)

Scatter diagrams: degree and direction of relationship

Control charts: upper and lower limit

36
Q

What are the 7 basic quality tools and their primary use (where applicable)?

A

Cause-and-effect:
Flow-charts:
Check sheets:
Histograms: frequency distribution

Pareto Charts: highest to lowest frequency (80/20)

Scatter diagrams: degree and direction of relationship

Control charts: upper and lower limit

37
Q

What is the purpose and elements of stat process control?

A

Find if the process is operating within acceptable limits and distinguish b/n assignable and random variation

1) Inspection before and after
2) Corrective action
3) Quality built into the process

38
Q

What is the purpose of a control chart?

A

To monitor process output and find random or assignable variation (2 or 3 SDs)

39
Q

What is a type 1 error?

A

Concluding that a process has changed when it has not

40
Q

What is a type 2 error?

A

Concluding process is in control when it’s not

41
Q

What is acceptance sampling?

A

Accept or reject a product

42
Q

What are the 5 steps in designing a control chart?

A

1) Pick sample size
2) Obtain samples
3) Establish and graph control limits
4) Plot on control chart
5) Find outliers

43
Q

What are the 2 decisions inventory analysts make to optimize service and reduce cost?

A

Timing and size of orders

44
Q

What is ATP inventory?

A

Available-to-promise, uncommitted planned inventory

45
Q

What is yield management?

A

Allocating capacity based on capacity available

46
Q

What are 3 ways to alter capacity?

A

1) Overtime
2) Layoffs
3) Inventories

47
Q

What is MRP II?

A

An expanded MRP which is closed-loop and involves the whole production planning process

48
Q

What is lumpy demand?

A

Demand for dependant items that are only demanded when parent item in being produced

49
Q

What are the 3 objectives of concurrent engineering?

A

1) Increased communications among functions
2) Reducing need for changes
3) Speed up product design

50
Q

What is the purpose of a quick response system?

A

Create JIT replenishment

51
Q

What are appraisal costs?

A

Cost of inspectors, testing, test equipment, labs

52
Q

What was Deming’s focus?

A

Management’s systems are responsible for poor quality not employees

53
Q

What was Juran’s focus?

A

Quality trilogy: planning, control, improvement

54
Q

What was Crosby’s focus?

A

Quality is free, any level of defects is too high

55
Q

What is item fill rate?

A

Rate at which order is met Ex: 300 of 500 units have arrived = 0.6 item fill rate

56
Q

What is supply chain visibility?

A

Members can connect to other parts of SC for data

57
Q

What 3 zones are Master production schedules divided into?

A

Emergency, trading, planning

58
Q

What is a kanban card used for?

A

Signalling that work is needed from a preceding station

Operations Management - Jennifer Davis 2019 (2 decks)

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