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QBUS250
Operations Mamagement
| Term | Definition |
|---|---|
| PERT and CRM | PERT: Program Evaluation Review CPM: Critical Path Method |
| Precedence relationship | path relationship, order sequence of a project's activities to each other |
| Activity on Node (AON) | nodes represent activities and arrows show precedence relationship |
| Activity on arrows (AOA) | arrows represent activities and nodes are events fro point of time |
| Time Estimates | pessimistic time, optimistic time, most likely time |
| Critical Path | Longest time from start to finish; minimum project completion time |
| Projected Duration Time | how long it take to complete a project |
| Backward Passes | sequence finish to start, determines latest time an activity can be completed |
| Forward Passes | sequence start to finish, determines the earliest activity time |
| Slack Time | the amount of time an activity can be delayed without delaying the project |
| Probability of Completion | the probability of completing an activity; use Z-scores |
| Crashing | reducing project time by expanding additional resources |
| crash cost | the cheapest way of speeding up an activity |
| crash time | amount of time an activity is reduced |
| different aspects of project mgmt | numbers, coordination, leadership/mgmt., logistics, planning, safety, communication |
| Ethical issues in project mgmt | practices, policies, treatment, sustainability, ethics, values |
| Components of supply chain | facilities, functions, and activities involved in producing and delivering a product or service from suppliers to customers; storage, facilities, customers, suppliers, producers, sellers, manufacturers |
| Risk pooling | method of mitigating risk associated with demand variation by putting all business supply chains in one system |
| Information sharing | coordination among parties in the supply chain; being transparent, communication |
| Outsourcing | the purchase of goods and services from outside sources for lower costs |
| offshoring | basing some processes or services overseas for lower costs |
| Bullwhip Effect | Occurs when slight demand variability is magnified as information moves back upstream |
| Supplier power | suppliers can bargain higher prices; can influence prices or force them |
| buyer power | can determine what is being sold; can influence prices or force them |
| core competency | what a company does best; area of focus |
| vertical integration | When a company takes ownership of two or more steps in its supply chain |
| globalization of operations | offshoring, outsourcing, partner/buy/source globally |
| global institutions | World Trade Organization, United Nations; set regulations on trade, import and export, agreements, and tariffs |
| global supply chain | only as efficient as global institution allow |
| ethical supply chain | social responsibility, treatment of internal operations and environment |
| sustainability | meeting present needs without compromising the ability of future generations to meet their needs |
| areas of quality | quality planning, control, assurance, improvement; goods satisfy, meet expectations, preferences |
| cost of quality problems (COQ) | way of determining how resources are used to prevent poor quality |
| benefits of quality | strengthen position, competitive advantage, new/changing markets, adapting, eliminate waste/defects, reduce cost, higher profits |
| principles of total quality mgmt (TQM) | customer focus, employee involvement, integrated system, process-centric approach, systematic flow, continual efforts, fact based decision making, relationship management |
| ethics and quality | ethical behavior, values, safety, health |
| idea generation | new ideas/designs, new problems, wants/needs, brainstorm, knowledge pool |
| environmental factors | impact/harm: waste, production, toxins, bi-products; material usage recycling, and sourcing |
| 3 Rs | Reduce, Reuse, Recycle |
| Human Factors | comfort, ease, affordable, health, effects, society, safety, liabilities |
| Product Safety | products safe for use and for environment |
| Standardization | all the products are the same in cost and design |
| Mass Customization | made with customer preferences, needs, wants in mind |
| delayed customization | products are all standardized until a point of customization |
| customer factors affecting design | wants, needs, preferences |
| production factors affecting design | can manufacture or not, expertise, availability, materials, machines/equipment |
| regulatory factors affecting design | infrastructure, environment, space, time, products, laws |
| PESTLE analysis | Political, Economic, Social, Technological, Legal, Environmental |
| types of waste | Time, Resource, Money, Quality, Materials/Resources, Inventory, Movement |
| cause of waste | coordination, departments, communication, issues/problems, training, infrastructure, knowledge, people |
| flexibility | LEAN production, balance, cross training, knowledge |
| balance | consistency; not too much, not too little |
| fail safe method | preventative maintenance and safety |
| preventive maintenance | standards, inspections, check ups, harder to clean than prevent |
| close vendor relations | supply chain partnerships, similar or common goals, reliability |
| little inventory | having the right amount of inventory, not too much but not too little; too much can be a waste and expensive |
| push demand | businesses produce based on demand planning, production is pushed out to meet customer demands |
| pull demand | manufacturing based on actual wants by customers, demand based on orders |
| chase, level strategy | chasing the demand set by the market |
| capacity, demand options | Capacity: varying number of workers, inventory, production Demand: depended on customers |
| varying production rates | production catered to customers and demand |
| increase workforce size | same hours more people, seasonal hires, leaner times |
| hire part time or temporary workers | increase size and production but can lack quality, loyalty, knowledge, training, integration |
| varying inventory levels | not having enough or having too much |
| influence demand | commercial and ads |
| backordering | not changing production based on demand; customers must wait |
| counter seasonal product | products are sometime seasonal so equipment must be changed and modified to accommodate |
| reason for inventory stockpiles | discount, prevent stock outs/back ordering, can reduce set up and ordering cost but can be costly to hold |
| reason for inventory minimization | can sell out; product has short life time, spoil; products go out of style; people no longer want; theft |
| setup, ordering cost | all costs associated with actual ordering of the inventory; packaging, delivering, shipping, handling |
| holding, carrying cost | all costs associated with holding inventory in a warehouse until it is sold or removed |
| inventory models | Economic Order Quantity (EOQ), Inventory Production Quantity, ABC analysis |
| cycle counting | system of checks and balances to confirm inventory matched records and know when to order more |
| economic ordering quantity (EOQ) | theoretical ideal quantity of goods that a company should purchase that minimizes its inventory cost |
| Linear programming maximization and minimization | inequalities, X >/< X |
| expressions of constraints | how much is needed and how little |
| Linear programming | how to better allocate resources to improve profit, revenue, and cost functions |
| graphical solutions | y=mx+b, use the inequalities |
Created by:
emunjar
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