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APICS SMR A,B
APICS Strategic management of resources vocab - A,B
| Question | Answer |
|---|---|
| Absorption costing | An approach to inventory valuation in which variable costs and a portion of fixed csots are assigned to each UofProd. the fixed $ R usually allocated to UofOuput of the basis of dir lbr hrs, mchin hrs, or mat costs. sy:allocation costing |
| Acceptance sampling -1-1 | The process of sampling a portion of goods for inspectino rather than exmaining the entire lot. The entire lot mayB accepted or rjected based on the sample even though the spec units in the lot R better or worse than the sampling |
| Activity-based cost accounting (ABC) | A $ acct sys that accumulates $ based on activities performed & then uses $ drivers to allocate these $ to products or other bases, such as custs, mtks, or projs. attmpt to allocate OH costs on a more realistic basis than dir lbor or mch hrs. |
| Activity based management (ABM) | The use of activity based costing info about $ pools and drivers, activity analysis, and business processes to ID business strat; improve product design, manuf, and distribution, and remove waste from ops. |
| Backward integration | the process of buying or owning elements of production cycle and channel of distribution back toward raw material suppliers |
| Baseline measures | A set of measurements (or metrics) that seeks to establish the current or starting level of performance of a process, function, product, firm, and so on. Baseline measures are usually established before implementing improvement activities and programs |
| Benchmarking | Comparing comps' costs, products, and services to that of a company thought to have superior performance. the benchmark target is often a competitor but is not always a firm in the same industry. |
| Benchmark measures | A set of measurements (or metrics) that is used to establish goals for improvements in processes, functions, products, and so on. Behnchmark measures are often derived from other firms that display best-in-class achievement. |
| Break-even chart | A graphical tool showing the total variable cost and fixed cost curve along with the total revenue curve. the point of intersection is defined as the break-even point |
| Break-even point | THe level of production or the vlume of sales at which operations are neither profitable nor unprofitable. The break-even point is the intersection of the total revenue and total cost curves |
| Bullwhip effect | An extreme chngs in the supp.pos upstream in a suppchain genrted by a smll change in dmnd downstream in the suppchain. inventory can quickly move from being backordered to being excess. this caused by the serial nature of comm. |
| Business process re-engineering | A procedure that invovles the fundamental rethinking and radical redesign of bizprocesses to achieve dramatic org.improvements in such cirtical measures of performance as $, Q, service, and speed. emphasis on process/cust rather than fnctions & products, |
| Acceptance sampling -1-2 | In attr sampling, the presence or absence of a char is noted in ea of the units inspected. In variables sampling, the numerical magnitude of a char is measured and recorder 4 ea inspected unit; this type of sampling involves ref 2 a cont. sclOfSomeKind |
| Acceptance sampling - 2 | A method of measuring randomsamples of lots of batches of products against predetermined stds |
| 7 different kinds of benchmarking | 1.Competitive benchmarking 2.financial benchmarking 3. functional benchmarking 4. performance benchmarking 5.process benchmarking 6.product benchmarking 7 strategic benchmarking |
Created by:
chrisheecho
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