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MGMT 361

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Any set of activities performed by an organization that takes inputs and trasforms them into outputs ideally of greater value to the organization that the original inputs Process
The average time between completions of successive units in a process Cycle Time
The ratio of the time that a resource is actually activated relative to the time that is available for use Utilization
A storage area between stages where the output of a stage is place prior to being used in a downstream stage Buffering
The activities in the stage must stop because there is no place to deposit the item just completed Blocking
The activities in a stage must stop because there is no work Starving
A resource that limites the capacity or maximum output of the process Bottleneck
A process that is activated only in response to an actual order Made-to-Order
A process that produces standard products that are stored in finished goods inventory Made-to-Stock
Combines the features of both make-to-order and make-to-stock Hybrid
Movement of items through a process is coordinated through a timing mechanism Pacing
The ratio of output to input. Productivity
The ratio fo the actual output of a process relative to some standard Efficiency
The time required to produce a batch of parts Run time
The time required to prepare a machine to make a particular item Setup time
The sum of the setup time and run time for a batch of parts that are run on a machine Operation time
The average time that it takes a unit to moe through an entire process Flow time
The output rate that the process is expected to produce over a period of time Throughput rate
The ratio of the total flow time to the value added time Throughput ratio
The time in which useful work is actually being done on the unit Value-added time
The total average investment in raw material, work-in-process, and finished goods inventory Total average value of inventory
The cost of goods sold divided by the total average value of inventory Inventory Turn
The number of days of inventory of an item Days-of-Supply
WIP=Flow Rate * Flow Time Littles Law
Created by: bdoney
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