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APICS Strategic management of resources vocab - N,O,P,Q,R

Net present value The present (discounted) value of future earnings (operating expenses have been deducted from net operating revenues) for a given number of time periods
Network planning A generic term for techniques that are used to plan complex projects. 2 of the best known: CPM and PERT
Nonevident failure Failure occurring in either a product or a production process that is not immediately evident. this may be indicative of a faulty design
Operational performance measurements-1 In traditional management, performance measurements related to machine, worker, or department efficiency or utilization. These performance measurements are usually poorly correlated with organizational performance
outsourcing The process of having suppliers provide goods and services that were previously provided internally. Outsourcing involves substitution - the replacement of internal capacity and production by that of the supplier
participative design/engineering Concept that refers to the simultaneous participation of all the functional areas of the firm in the product design activity. Suppliers and customers are often also included. the intent is to enchance the design with inputs fro all the key stake holders.
Participative management A system that encompasses various activities of high involvement in which subordinates share a significant degree of decision-making power with their immediate superiors. Participative management draws on the rationale that everyone in an org is capable
payback A method of evaluating an investment opportunity that provides a measure of the time reuqired to recover the initial amount invested in a project
performance measurement system A system for collecting, measuring, and comparing a measure to a std for a spec criterion for an operation, item, good, service business, etc. A performance measurement system consists of a criterion, a standard, and a measure.
performance objectives A metric indicating how well a firm is achieving its strategic goals. These may vary by level of the organization (department, business unit, corporation) depending on that level's strategy
pilot test 1. In comp sys, a test before final accpetance of a new business system using a subset of data with engineered cases and documented results. 2) Generally, production of a quantity to verify manufacturability, customer acceptance,or other man reqs b4 goliv
postponement A product design strat that shifts product differentiation closer to the consumer by postponing identity changes, such as assembly or packaging, to the last possible supply chain location
preventative maintenance The activities, including adjustments, replacements, and basic cleanliness, that forestall machine breakdowns. The purpose is to ensure tha tproduction quality is maintained and that delivery schedules are met.Well cared machine lasts longer
process capability Refers to the ability of the process to produce parts that conform to (engineering) specs. Process capability relates to the inherent variability of a process that is in a state of stats control
process control 1.The function of maintaining a process within a given range of capability by feedback, correction, and so forth 2. the monitoring of instrumentation attached to equipment (valves, meters, mixers, liquid, temperature, time, etc) from a control room
process costing A cost accoutning systemn in which the costs are collected by time period and averaged over all the units produced during the period. This sytem can be used with either actual or standard costs in the manufacture of a large number of identical units
process focused A type of manuf org in which both plant and staff management responsibilities are delineated by production process. A highly centralized staff coordinates plant activities and intracompany mateiral movements. Best suited for tech/material complex dominant
Product focused Type of manuf org in which both plant and staff responsbilities are delineated by product, product line, or mtk seg. Management authority is highly decentralized, which tends to make the comp more responsive to mtk needs and more flexible for new prodIntr
Product-mix flexibility The ability to change over quickly to other products produced in a facility, as required by demand shifts in mix
Product profiling-1 A graphical devise used to ascertain the level fit between a manuf process and the order-winning criteria of its products. Product profiling can be used at the process/company lvl to compare the manuf capabilties with the mtk reqs for realign
program evaluation and review technique (PERT) In projMan, a networkAnalsys tech in which ea activity is assigned a pessimistic, most likely, and optimistic estimate of its duration. The CPM is then applied suing a weightedAVg of these times for each node. PERT computes a STDDev of the est of proj dur
project costing An accounting method of assigning valuations that is generally used in industries where service are performed on a proj basis. Ea ssignment is unique and costed without regard to other assignments. Ex)shipbuilding, construction broj, and pub acct firms.
prototyping 1.Specialized prodDesign and DevProcess for Dev a working model of a product. 2.A specialized sysDev proc for perform a determination where user needs are extracted, preented, and deved by building a workin mod of the system.
QS 9000 Var of ISO 9000 cert with additional reqs tailored for the automobile industry, including supps. QS 9000 is being superseded by ISO/TS16949, which incorporates many Europ stds.
Quality function deployment (QFD)-1 a methodology designed to ensure that all the major reqs of the cust are IDed and subsequently met or exceeded thru the result prodDesgn proc & the design and op of the supporting prodMan SYS. QFD can be viewed as a set of comm and translation tools.
Quick asset ratio A measure of a firm's financial stability. It is defined as (current assets - inventory)/current liabilities. A value greater than one is desirable
Residual Income The net operating income that an investment center earns above the minimum required return on its operation assets
Return on investment (ROI) A relative measure of financial performance that provides a means for comparing various investments by calc the profits returned during a spec time period. in the TOC, ROI is calced as (throughput - operating expense)/investment
Operational performance measurements-2 In TOC performance measurements that link casually to organizational performance measurements. Throughput, inventory, and operating expense are examples
Product focused well suited for? For company whose dominant orientation is to a market or consumer group and where flexibility and innovation are more important than coordinated planning and tight control
Product profiling-2 Removing material around a predetermined boundary by means of numerically controlled machining. the numerically controlled tool path is automatically generated on the system
Quality function deployment (QFD)-2 QFD tries to eliminate the gap bet what the cust wants in a new prod and what the prod is capable of delivered. QFD often leads to a clear ID of the major reqs of the cust. These expectations are referred to as the voice of the customer.
Created by: chrisheecho
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