Operations Management Flashcards
What is a process?
The act of applying a routine set of procedures to convert from one form tro another
What are the steps to he business process lifecycle?
Design, Modeling, Execution, Monitoring, Optimization
What is lead time?
Time required from start to finish of the product or process
What is set up time?
Time to get the equipment and materials ready to start working on a product/process.
What is work flow analysis?
Method used to evaluate the overall flow of work and find ways to improve the flow by identifying and separating value-added activities vs non-value added activities.
What makes up conformance cost(cost of control)
Prevention cost and appraisal cost
What makes up non-conformance cost(cost of failure)
Internal failure and external failure
What is Work Breakdown Schedule?
Breaking the project into managable and measurable components that allow for budgeting and assigning responsibilities
What is a milestone chart?
Illustrates major steps that are needed to reach the goal on time.
What is a critical path?
Longest time path through the project. Any time delay performing activities along the critical path will result in a delay of the overall project completion.
Program Evaluation and Review Technique(PERT)
Used to analyze inter-relationships between tasks identified in the work breakdown structure.
Graphical Evaluation and Review Technique(GERT)
Allows looping and branching based on the results of a particular activity.
What is project crashing?
Shorten the duration of the project at the lowest cost possible.
Crash time?
The shortest amount of ime needed to complete the activity.
