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APICS BOS Vocab E
APICS CPIM Basics of supply chain dictionary words E
| Question | Answer |
|---|---|
| Economic order quantity (EOQ) | A type of fixed order quantity model that determines the amount of an item to be purchased or manufactured at 1 time. The intent is to minimize the combined costs of acquiring and carrying inventory. |
| What is the formula for EOQ? | S = order costs in dollars i = annual inventory carrying cost rate as a decimal C = unit cost The basic formula is Qty = sqrt(2AS/iC) syn: economic lot size, minimum cost order quantity. |
| Efficiency | A measurement (usually expressed as a %) of the actual output to the std output expected. Eff. measures how well something is performing relative to existing stds; in contrast, productivity measures output relative to a specific input |
| 80-20 | A term referring to the Pareto principle. The principle suggests that most effects come from relatively few causes; that is 80% of the effects (or sales or costs) come from 20% of the possible causes (or items). |
| Electronic data interchange (EDI) | Paperless exhange of trading documents, such as purchase orders, shipment authorizations, advanced shipment notices, and invoices, using standard doc formats. |
| Employee empowerment | The practice of giving non-managerial employees the responsibility and the power to make decisions regarding their jobs or tasks. It is associated with the practice of transfer of managerial responsibility to the employee. |
| Employee involvement (EI) | The concept of using the experience, creative energy, and intelligence of all employees by treating them with respect, keeping them informed, and including them and their ideas in decision-making processes appropriate to their areas of expertise. |
| Engineer-to-order | Products whose customer specifications require unique engineering design, significant customization, or new purchased materials. Each cust order results in a unique set of part numbers, BOM, and routings |
| Excess capacity | Capacity that is not used to either produce or protect the creation of throughput |
| Excess inventory | Any inventory in the system that exceeds the minimum amount necessary to achieve the desired throughput rate at the constraint or that exceeds the minimum amount necessary to achieve the desired due date performance. |
| Expedite | To rush or chase production or purchase orders that are needed in less than the normal lead time; to take extraordinary action because of an increase in relative priority. Syn:Stockchase |
| Explode | Perform BOM explosion |
| External setup time | The time associated with elements of a setup procedure performed while the process or machine is running |
| Extrinsic forecasting method | A forecast method on a correlated leading indicator, such as estimating furniture sales based on housing starts. Extrinsic forecasts tend to be more useful for large aggregations, such as total company sales, than for individual product sales. |
| enterprise resources planning (ERP) | Framework for organizing, defining, and standardizing the business processes necessary to effectively plan and control and organization so the organization can use its internal knowledge to seek external advantage |
| external failure costs | The costs related to problems found after the product reaches the customer. This usually includes such costs as warranty and returns. |
Created by:
chrisheecho
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