APICS Deck 7 OO Flashcards Preview

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Flashcards in APICS Deck 7 OO Deck (499)
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monopolistic competition

A market in which many competitors offer partially differentiated products or services within a given geographical area. Most competitors focus on market segments where they can meet customers’ needs somewhat better than their competitors. See: industry structure types.M

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related, they might not be

those who know most about the variables must make that evaluation). The scatter chart is one of the seven tools of quality. Syn: cross plot, scatter diagram, scatterplot.S

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connectivity

The ability to communicate effectively with supply chain partners to facilitate interorganization synchronization. C

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hash total

A control process used to ensure that all documents in a group are present or processed. In practice, the arithmetic sum of data not normally added together is found, the checking (audit) process adds the same data, and a comparison is made. If the sums do not agree, an error exists. Example: the last digit of every part number in an assembly is added, and the last digit of the sum becomes the last digit of the assembly. If the last digit of an assembly is not the same as the sum of the last digit of the components’ sum, the assembly must be missing a part or must have the wrong combination of parts.H

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percent completed

A comparison of work completed to the current projection of total work.P

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franchise extension

The placement of a brand name on products outside the company’s present sphere of activity.F

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organizational environment

Consists of an external environment (e.g., laws and regulations, technology, economy, competition) and an internal environment (e.g., the domain of products and services to be provided, the processes to be executed, the organizational structure). See: external environment, internal environment.O

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seasonal stock

Syn: seasonal inventory.S

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wandering bottleneck

An undesirable effect in which the bottleneck moves relatively frequently from one resource to another.W

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facilitating products

Products that support the operations of a firm but are not sold externally, such as furniture and computers.F

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return on investment (ROI)

A relative measure of financial performance that provides a means for comparing various investments by calculating the profits returned during a specified time period. In the theory of constraints, ROI is calculated as throughput minus operating expense divided by investment.R

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file structure

The manner in which records are stored within a file (e.g., sequential, random, indexsequential). F

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control levels

systems capable of providing longterm planning and short-term control capabilities for strategic and operational considerations by management. Production planning and control strategies help firms develop systems that enable them to exploit market opportunities while satisfying manufacturing process requirements.P

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profit center

An assigned responsibility center that has authority to affect both the revenues earned and the costs incurred by and allocated to the center. Operational effectiveness is evaluated in terms of the amount of profit generated.P P

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beginning available balance

Syn: available inventory.B

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catalog channel

A facility that receives orders based on a published book of offerings and ships from its warehouse to the customer.C

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receiving report

A document used by the receiving function of a company to inform others of the receipt of goods purchased.R

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supplier clustering

Deliberately sole sourcing remote suppliers within a small geographical area to facilitate joint shipments of what would otherwise be less-thantruckload quantities.S

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eurobond

An internationally marketed bond.E

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dispatcher

1) A production control person whose primary function is dispatching. 2) A transportation worker who sends out and tracks cars, buses, trucks, railcars, and other vehicles.D

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activity-based costing (ABC)

In activity-based cost accounting, a model, by time period, of resource costs created because of activities related to products or services or other items causing the activity to be carried out. Syn: activity-based cost accounting, activity-based costing model.A

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demand time fence (DTF)

1) That point in time inside of which the forecast is no longer included in total demand and projected available inventory calculations; inside this point, only customer orders are considered. Beyond this point, total demand is a combination of acdemand D tual orders and forecasts, depending on the forecast consumption technique chosen. 2) In some contexts, the demand time fence may correspond to that point in the future inside which changes to the master schedule must be approved by an authority higher than the master scheduler. Note, however, that customer orders may still be promised inside the demand time fence without higher authority approval if there are quantities available-to-promise (ATP). Beyond the demand time fence, the master scheduler may change the MPS within the limits of established rescheduling rules, without the approval of higher authority. See: option overplanning, planning time fence, time fence.D

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declared value

The value of goods declared on a bill of lading, used to determine a freight rate or limit the carrier’s liability.D

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simple regression

Regression analysis involving only one independent variable.S

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lot cost

In cost accounting, those costs associated with processing a common lot or quantity of parts having the same specifications.L

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B7

Abbreviation for the basic seven tools of quality.B

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storage

The retention of parts or products for future use or shipment.S

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jig

A device that holds a piece of work in a desired position and guides the tool or tools that perform the necessary operations. See: fixture.J

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mainframe

Large computer system, typically with a separate central processing unit. This high-level computer is designed for the most intensive computational tasks.M

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level of effort

In project management, support activity (e.g., customer liaison) that is not easily measured by discrete accomplishment. It usually has a uniform work rate.L