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OM Chat GPT Flashcards

1
Q

Quality

A

Product-based, user-based, manufacturing-based, and value-based perspectives.

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2
Q

Product-Based

A

A precise and measurable attribute of a product, such as durability or reliability.

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3
Q

User-Based

A

The degree to which a product meets or exceeds customer expectations.

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4
Q

Manufacturing-Based

A

making it right the first time

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5
Q

Dimensions of Quality

A

Performance
Reliability
Durability
Features
Perceived Quality

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6
Q

Fishbone Diagram

A

A cause-and-effect Diagram is used to identify the root cause by going through categories of causes

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7
Q

The Four Catergopries of the Fishbone Diagram

A

Man
Machine
Methods
Materials

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8
Q

What is the fishbone diagram also known as?

A

Ishikawa Diagram

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9
Q

Root Cause Analysis

A

A systematic way to find underlying causes of problems that focuses on the solving root problem and not the symptoms

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10
Q

What is the Root Cause Analysis used for

A

Uses 5 whys to find root cause (Starts at symptoms and asks why 5 times to find root)

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11
Q

Statistical Process Control

A

Control charts for variables and attributes

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12
Q

Six Sigma

A

data drive method to reduce defects and improve the process to achieve near-perfect performance

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13
Q

What is the accuracy of the Six Sigma

A

99.9997%

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14
Q

DMAIC

A

Define
Measure
Analyze
Improve
Control

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15
Q

What system does the Six Sigma use?

A

BJJ Belts

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16
Q

The standard for Quality?

A

ISO 9000

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17
Q

What is the famous Quality Award?

A

Malcolm Baldrige National Quality Award

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18
Q

Factors Influencing Location Decisions

A

Labor productivity
Proximity to customers and suppliers
Costs

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19
Q

Labor productivity

A

The efficiency of the workforce in the area

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20
Q

Proximity to Customer

A

Distance to the customer base affects shipping time and cost

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21
Q

Proximity to Supplier

A

Distance to Supplier affects supply chain responsibility and costs

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22
Q

Clustering

A

Similar businesses gather in one area due to the advantage of partnering with each other to share knowledge and talent

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23
Q

Example of Clusters

A

Silicon Valley

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24
Q

Factor-Rating Method

A

Assign weights and scores to various location factors to pick the best site based on the weighted score

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25
Q

Center-of-Gravity

A

Finds optimal location by minimizing Proximity to customers and suppliers

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26
Q

Locational Cost-Volume Analysis

A

Uses fixed and variable costs across multiple locations to have the lowest total cost

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27
Q

Transportation Model

A

Uses linear programming to minimize transportation, inventory and production costs for the supply and demand of each location

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28
Q

Types of Inventory

A

Raw Material
WIP
Finsihed Goods
MRO Inventory

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29
Q

Raw Materials

A

Basic inputs in the production process

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30
Q

What does WIP stand for?

A

Work in Progress

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31
Q

WIP

A

Partially completed products
still working on

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32
Q

Finished Goods

A

Competed goods ready to sell

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33
Q

What does MRO sand for?

A

Maintance
Repair
Operating

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34
Q

MRO supplies

A

Items to support production and operation

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35
Q

Examples of MRO Supplies

A

Tools
Equipment
Cleaning Supplies

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36
Q

Inventory Costs

A

Holding Costs
Ordering Costs
Shortage Costs

37
Q

Holding Cost

A

Costs of Storing and Maintaining inventory

38
Q

Ordering Costs

A

Costs of Placing and Processing orders

39
Q

Shortage Costs

A

Costs incurred when you run out of product

40
Q

ABC analysis for Prioritizing Inventory

A

Categories inventory based on importance

41
Q

A Items

A

High-Value Items with Low Inventory Volume

42
Q

B Items

A

Moderate Value Items with Medium Inventory Volume

43
Q

C Items

A

Low-Value Items with High Inventory Volume

44
Q

Benefits of ABC analysis for prioritizing inventory.

A

Improves Inventory Control Efficiency
Reduced Holding Costs
Prioritize Resource Allocation

45
Q

Purpose of ABC analysis for prioritizing inventory.

A

Focused on managing critical A Items while simplifying less important (C) items

46
Q

What does EOQ stand for

A

Economic Order Quantity

47
Q

Economic Order Quantity

A

minimizes total inventory costs by balancing holding costs and ordering costs

48
Q

Assumptions about Economic Order Quantity

A

Demand is known and constant
Lead tie is fixed and constant
Inventory is replenished instantly
Only holding and ordering costs are considered

49
Q

What does POQ stand for?

A

Periodic Order Quantity

50
Q

Periodic Order Quantity

A

Ordering enough inventory at regular time intervals to meet the demand of the upcoming period

51
Q

What does QDM stand for

A

Quantity Discount Model

52
Q

Quantity Discount Model

A

Suppliers offer lower prices for bulk orders

53
Q

Replenishment Strategies

A

Reorder Point
Safety stock for demanding variability
Instantaneous Replenishment
Non-Instantaneous Replenishment

54
Q

What does ROP stand for

A

Reorder Point

55
Q

ROP

A

The inventory level at which a new order is triggered to prevent stockout during lead time

56
Q

Lead Time

A

The time it takes from starting the process to finishing

57
Q

Safety stock for demand variability

A

Extra inventory is kept to mitigate the risk of demand variability and supply chain delays

58
Q

Instantaneous Replenishment

A

Inventory is replenished all at once and immediately upon fulfillment

59
Q

Non-Instantaneous Replenishment

A

Inventory is replenished gradually over time

60
Q

When is Instantaneous Replenishment ideal?

A

Bulk Orders

61
Q

When is Non-Instantaneous Replenishment ideal?

A

In-house Production Scenarios

62
Q

Aggregate Planning Strategies

A

Level Strategy
Chase Strategy
Hybrid Strategies

63
Q

Level Strategy

A

Keep production constant and use inventory and backorders to meet changing demand

64
Q

Chase Strategy

A

Adjust employee capacity to match demand

65
Q

Hybrid Strategy

A

Combination of Chase and Level strategy

66
Q

Cost Consideration

A

Inventory
Hiring
Firing
Production

67
Q

Inventory Holding Cost

A

Cost of storing unsold goods

68
Q

Hiring Cost

A

Expenses incurred when recruiting and training employees

69
Q

Firing (Layoff) Costs:

A

Severance pay or legal liabilities for firing people

70
Q

Production Costs

A

Cost per Unit Manufactured

71
Q

What does MRP stand for?

A

Material Requirement Planning

72
Q

MPR Inputs

A

Master Production Schedule
Bill of Materials
Inventory Records

73
Q

What does MPS stand for?

A

Master Production Schedule

74
Q

MPS

A

Outlines the production timeline for finished goods

75
Q

What does BOM stand for?

A

Bill of Materials

76
Q

BOM

A

Lists components and materials needed for production

77
Q

Inventory Records

A

Tracks available stock and scheduled receipts

78
Q

MPR Outputs

A

Planned Order Releases and Schedules

79
Q

Dependent Demand

A

Demand for components driven by higher-level products

80
Q

Independent Demand

A

Demand for finished goods (customer-driven)

81
Q

Parent

A

A finished product or higher-level assembly

82
Q

Children

A

Components used to create parent items

83
Q

The Parent-Children Relationship

A

Parent item specifies the quality per unit of each item needed

84
Q

Multi-Level BOM

A

The child becomes a parent to another item

85
Q

Lot-for-Lot

A

Order exactly what is needed for production

86
Q

What does L4L stand for?

A

Lot-for-Lot

87
Q

What does EOQ stand for?

A

Economic Order Quantity

88
Q

EOQ

A

Balances order and holding costs for efficiency

89
Q

Time-Phased Planning

A

Aligns material needs with production schedules based on lead times

OM (5 decks)

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