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Operations and Supply Chain Management > Section 1: Key Terms and Formulas > Flashcards

Section 1: Key Terms and Formulas Flashcards

1
Q

{Blank} has been developed to determine which inventory items should receive the highest level of control, focusing efforts where the payoff is highest. The inventory classifications are based on the annual dollar usage of each item.

A

ABC Analysis

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2
Q

{Blank} is a set of work activities with a preferred order, an identifiable beginning and end, inputs, and clearly defined outputs that add value to the customer.

A

Business Process

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3
Q

{Blank} is a capability that customers value, such as short delivery lead time or high product quality, that gives an organization an edge against its competition.

A

Competitive advantage

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4
Q

{Blank} are the outcomes of well-designed business processes, and, in turn, they enable a firm to satisfy its customer requirements.

A

Competitive capabilities

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5
Q

{Blank} are regular fluctuations in demand for a product or service, often caused by seasons, cycles, and trends.

A

Demand patterns

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6
Q

{Blank} is unpredictable patterns that do not follow a pattern.

A

Random demand

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7
Q

{Blank} is a demand that occurs over a number of years and is generally predictable when a bigger picture of the market is taken into account.

A

Cyclical demand

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8
Q

{Blank} occurs as shoppers adjust their purchase velocity in line with holidays.

A

Seasonal Demand

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9
Q

{Blank} is a general regular uptick or downward flow trend over time.

A

Trend demand

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10
Q

{Blank} model is concerned primarily with the cost of ordering and the cost of holding inventory for purchased items and assumes inventory will arrive complete.

A

Economic Order Quantity (EOQ)

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11
Q

{Blank} helps companies control the cost of ordering, receiving, and holding inventory, allows for incremental ordering and depletion, and is commonly used for production processes where inventory is arriving into storage and sent out into a production process.

A

Economic Production Quantity (EPQ)

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12
Q

{Blank} is a corporate issue that affects the company’s bottom line.

A

Ethical behavior

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13
Q

{Blank} are a sense of what is right and wrong that guides behavior.

A

Ethics

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14
Q

{Blank} are defined as articles of trade, merchandise, or wares.

A

Goods

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15
Q

{Blank} include costs paid for storage space, interest paid on borrowed money to finance the inventory, and any losses incurred due to damage or obsolescence.

A

Carrying (Holding) Costs

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16
Q

{Blank} include people, capital, materials, and energy applied in any stage of the chain of processes that lead to value creation.

A

Inputs

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17
Q

{Blank} is the term for the goods available for sale and raw materials used to produce goods available for sale. Inventory can help businesses meet demand and work more efficiently.

A

Inventory

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18
Q

{Blank} is when a company that orders materials from a supplier must account for (1) the time it takes that order to reach the supplier’s offices, (2) the time to fill the order, and (3) the shipping time.

A

Lead time

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19
Q

{Blank} is its percentage of sales in a particular market, that is, its sales divided by total sales for all organizations competing in a particular market.

A

Market share

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20
Q

{Blank} refers to the processes within organizations that acquire inputs and transform them into outputs that the public can consume.

A

Operations

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21
Q

{Blank} is the multidisciplinary science that organizations use to acquire inputs (such as people, capital, material, or energy) and transform them into outputs (products or services) that ultimately provide value to the end customer.

A

Operations management

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22
Q

{Blankl} involves all the steps required to satisfy a customer’s order, from obtaining an order and entering it into the organization’s information system to delivering the order.

A

Order fulfillment

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23
Q

{Blank} are the costs associated with changing over equipment from producing one item to producing another and is referred to as setup cost.

A

Ordering Costs

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24
Q

{Blank}, also known as the re-order point, is simply a level of inventory at which an order should be placed, accounting for lead time and safety stock so that the order will arrive before a stockout occurs.

A

Order point

25
Q

{Blank} is the infrastructure of formal relationships among different functions or subsystems, such as marketing, finance, and operations. Organizational structure defines the lines of communication.

A

Organizational structure

26
Q

{Blank} are services or goods. Operations employs labor and management (people) and uses facilities and equipment (capital) to change materials (steel and plastics) into finished goods (diesel locomotives) or to provide services (healthcare).

A

Outputs

27
Q

{Blank} is designed to place an order only when on-hand inventory information is available and within the supplier’s specific delivery intervals.

A

Periodic Review System

28
Q

{Blank} continuously monitors inventory levels and is also called a continuous review system.

A

Perpetual Inventory System

29
Q

{Blank} is the amount paid for a service or good.

A

Price

30
Q

{Blank} is how the product, either a good or service, is produced.

A

Process Design

31
Q

{Blank} is the determination of the characteristics, features, and performance of the product.

A

Product Design

32
Q

{Blank} is a teamwork-oriented process that begins with the organization’s strategy and analysis of the markets as inputs.

A

Product development

33
Q

{Blank} is the extent to which the product successfully serves the purposes of the user during usage.

A

Product quality

34
Q

{Blank} measures the ability to produce goods and services (outputs) compared to the inputs or resources used in the process. Productivity is a mathematical calculation; it is the ratio of the outputs achieved divided by the inputs consumed to achieve those outputs.

A

Productivity

35
Q

{Blank} is the efficient use of resources, which means getting as much positive return from them as possible.

A

Profitability

36
Q

{Blank} refers to when items usually cost less per unit when purchased in bulk. Therefore, the order quantity directly influences the purchase price of an item.

A

Quantity Discounts Model (QDM)

37
Q

{Blank} is the time between inventory reviews.

A

Review Interval

38
Q

{Blank} is inventory to protect against unexpected demand.

A

Safety Stock

39
Q

{Blank} is broadly defined as companion activities, such as helping to arrange financing for a purchase or helping to install equipment. It also includes service after the sale—advice on operating a piece of equipment, providing repair parts, and processing warranty claims.

A

Service

40
Q

{Blank} is selecting a level of stock-outs that the company is willing to accept.

A

Service Level

41
Q

{Blank} are intangible products that produce the services of an organization and provide them directly to its customers.

A

Services

42
Q

{Blank} occurs when inventory is depleted.

A

Stockout

43
Q

{Blank} are when the demand during the lead time to replenish an inventory item is greater than planned, and a stockout can occur.

A

Stockout Costs

44
Q

{Blank} consists of the organizational goals and the methods for implementing the goals, called key policies. Defines how the organization chooses to compete within the framework dictated by the external environment.

A

Strategy

45
Q

{Blank} is the ethical issues an organization faces to balance financial performance while maintaining social responsibility standards and a responsible environmental profile. Sustainability can also relate to the so-called “triple bottom line” of profitability, employee wellness, and environmental viability.

A

Sustainability

46
Q

{Blank} is a simple but useful technique for analyzing an organization’s strengths and weaknesses and the opportunities and threats that it faces. It helps a company focus on its strengths, minimize threats, and take the greatest possible advantage of opportunities available.

A

SWOT analysis

47
Q

SWOT Analysis

{Blank} are the internal characteristics of a business or project that lend an advantage within the scope of the study.

A

Strengths

48
Q

SWOT Analysis

{Blank} are internal characteristics of a business or project that result in a disadvantage relative to others.

A

Weaknesses

49
Q

SWOT Analysis

{Blank} are external elements that the project could exploit to its advantage.

A

Opportunities

50
Q

SWOT Analysis

{Blank} are external elements in the competitive environment that could create trouble for the business or project.

A

Threats

51
Q

{Blank} is the quantity ordered must increase inventory up to a level sufficient to cover anticipated demand before the next order is received.

A

Target Level

52
Q

{Blank} is applying knowledge, usually in the form of recently developed tools, processes, and procedures, to solve problems.

A

Technology

53
Q

{Blank} of time, cost, and scope, as well as the over-arching concern of quality in program and project management at the organizational level, are often used as determining factors whether to outsource or not to outsource.

A

Triple constraint factors

54
Q

Types of Inventories

These parts and materials are obtained from suppliers and are used in the production process.

A

Raw materials

55
Q

Types of Inventories

These are partly finished parts, components, subassemblies, or modules.

A

Work-in-process (WIP)

56
Q

Types of Inventories

Items are ready to ship to the customer. No more work is required.

A

Finished goods

57
Q

Types of Inventories

Parts or materials are used to support the production process but are not usually a component of the product. These items, such as lubricant and cutting tools, are consumed in the production process.

A

Maintenance, Repair, and Operating (MRO) Supplies

58
Q

Tpes of Inventories

The portion of inventory that is in the process of being shipped through the distribution system.

A

Transit inventory (Transportation (pipeline))

59
Q

What is the Productivity formula?

A

Productivity equals Output (What You Get) over Input (What You Put In).

Operations and Supply Chain Management (10 decks)

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