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OM Exam 2

Ch 5, 8, 19, 9, 10, 13

TermDefinition
Quality (Defined by Business) The ability of a product or service to consistently meet or exceed customer expectations
Performance basic operating characteristics
Aesthetics how a product looks, feels, etc.
Special Features "extras"
Conformance to specifications
Reliability consistency of performance
Durability how long it lasts
Perceived Quality customer's view of quality
Serviceability service after sales/repairs
Safety risk or harm/injury
Ease of Use how easy it is for the customer to use the product/service
Service after Use how well the company "steps up"
Quality of Design designing quality characteristics into a product or service
Quality of Conformance making sure the product is produced according to the design/intent of designers
Appraisal Costs cost of measuring, testing, & analyzing
Prevention Costs cost incurred during production design
Failure Costs 1.Internal Failure Costs (before) 2.External Failure Costs (after) difference between what it actually costs to produce/deliver & what it would cost if there were no failures 1.rework, downtime 2.complaints, returns
Total Quality Management a philosophy that involves everyone in an organization in a continual effort to improve quality & achieve customer satisfactions
Six Sigma a business process for improving quality, reducing costs, & increasing customer satisfaction
Continuous improvement philosophy that seeks to make never-ending improvements to the process of converting inputs into outputs
Six Sigma Concepts - DMAIC -Define: process improvement goals -Measure: baseline data -Analyze: to verify cause -Improve: based on analysis -Control: transition into production & monitor continuosly
Check Sheets a tool for recording & organizing data to identify a problem
Flowcharts a diagram of the steps in a process
Scatter diagrams a graph that shows the degree & direction of relationship between two variables
Histograms a chart of an empirical frequency distribution
Pareto analysis technique for classifying problem areas according to degree of importance, & focusing on the most important
Control charts a statistical chart of time-ordered values of a sample statistic, used to distinguish between random & nonrandom variability
Cause-and-effect diagrams a diagram used to search for the cause(s) of a problem
Run Chart tool for tracking results over a period of time
Quality Control a process that measure output relative to a standard and acts when outputs don't meet standard
Phases of Quality Assurance 1.Acceptance sampling 2.Process control 3.Continuous improvement
Process Control a statistical procedure using control charts to see if any part of the production process is not functioning properly and could cause poor quality
Assignable Variation a variation whose source can be identified
Random Variation natural variations in the output process
Attribute Data Product characteristic evaluated with a discrete choice: Good/bad, yes/no
Variable Data Product characteristic that can be measured on a continuous scale: length, size, weight, height, time, velocity
Process is in Control when... 1.No sample points are outside limits 2.Most points near process average 3.Equal number or points above & below centerline 4.Points appear randomly distributed
Static Inventory only one opportunity to buy and sell units
Dynamic Inventory ongoing need for units; reordering must take place
Dependent Demand Items are used internally to produce a final product
Independent Demand Items are final products demanded by external customers
Carrying or Holding Costs Costs of holding an item in inventory
Ordering Costs Costs of replenishing inventory
Shortage (stockout) Costs Temporary or permanent lose of sales when demand cannot be met
Continuous (Perpetual) Inventory System a continuous record of the inventory level for every item is maintained
Periodic Inventory System Inventory on hand is counted at specific time intervals
Lead Time Time interval between ordering and receiving the order
Cycle Counting Physical count of items in inventory
Usage Rate Rate at which amount of inventory is depleted
Capacity Planning The upper limit or ceiling on the load that an operating unit can handle -perfect world
Design Capacity Maximum obtainable output
Effective Capacity Maximum capacity given product mix, scheduling difficulties, & other doses of reality -real world
Actual Output Rate of out actually achieved--cannot exceed effective capacity
Break-even point the volume of output at which total cost and total revenue are equal
Linear Programming a model of linear relationships that represent a firm's objective & resource constraint
Linearity The impact of decision variable is linear in constraints & objective function
Divisibility non-integer values of decision variables are acceptable
Certainty Value of parameters are known & constant
Non-Negativity Negative values of decision variables are unacceptable
Binding Constraint When a constraint forms the optimal corner point of the feasible solution space
Redundant Constraint a constraint that does form a unique boundary of the feasible solution space
Shadow (Dual) Price The amount by which the value of the objective function would change if there is a one unit change in the RHS of the constraint
Reorder Point The level of inventory at which a new order should be placed
Safety Stock a buffer added to the inventory on hand during lead time
Created by: NickUD
 

 



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