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Flashcards in APICS Study Terms Deck (4738)
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demand manager

Person who assists sales and marketing in the development and maintenance of sales forecasts and reconciles volume and mix variations in the forecast.D

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product audit

The reinspection of any product to verify the adequacy of acceptance or rejection decisions made by inspection and testing personnel.P

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twenty-foot equivalent unit (TEU)

A measure of cargo capacity equivalent to a standard container (i.e., 20-feet long, 8-feet wide, and approximately 8-feet high).T

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cash-to-cash cycle time

An indicator of how efficiently a company manages its assets to improve cash flow. Inventory days + accounts receivable days – accounts payable days = cash-to-cash cycle time. See: cash conversion cycle.C

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process flexibility

The design of the manufacturing system, including operators and machinery, that allows quick changeovers to respond to near-term changes in product volume and mix. A necessary tool in lean and just in time.P

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product engineering

The discipline of designing a product or product line to take advantage of process technology and improve quality, reliability, and so forth.P

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A group of subassemblies and/or parts that are put together and that constitute a major subdivision for the final product. An assembly may be an end item or a component of a higher level assembly.A

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net weight

The weight of an article exclusive of the weights of all packing materials and containers.N

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growth rate; and (4) Question marks

low market share, high growth rate. Sometimes this same set of terms is used to categorize products by market share and profitability. See: cash cow, dog, question mark, star.G

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1) A job or task, consisting of one or more work elements, usually done essentially in one location. 2) The performance of any planned work or method associated with an individual, machine, process, department, or inspection. 3) One or more elements that involve one of the following: the intentional changing of an object in any of its physical or chemical characteristics; the assembly or disassembly of parts or objects; the preparation of an object for another operation, transportation, inspection, or storage; planning, calculating, or giving or receiving information.O

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multinational strategy

A strategy that focuses on opportunities to achieve cross-business and cross-country coordination, thereby enabling economies of scope and an improved competitive position with regard to reducing costs, cross-country subsidization, and so on, to outcompete rivals. See: global strategy. multiphase system Syn: multiple-phase queuing system.M

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nonlinear programming

Programming similar to linear programming but incorporating a nonlinear objective function and linear constraints or a linear objective function and nonlinear constraints or both a nonlinear objective function and nonlinear constraints.N

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The return of an empty transportation container to its point of origin. See: backhauling.D

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Any transaction in which partial or full payment is made with goods instead of money. This often applies in international trade.C

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production cycle elements

Elements of manufacturing strategy that define the span of an operation by addressing the following areas: (1) the established boundaries for the firm’s activities, (2) the construction of relationships outside the firm’s boundaries (i.e., suppliers, distributors, and customers), (3) circumstances under which changes in established boundaries or relationships are necessary, (4) the effect of such boundary or relationship changes on the firm’s competitive position. The production cycle elements must explicitly address the strategic implications of vertical integration in regard to (a) the direction of such expansion, (b) the extent of the process span desired, and (c) the balance among the resulting vertically linked activities.P

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planned receipt

1) An anticipated receipt against an open purchase order or open production order. 2) Syn: planned order receipt.P

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A group technique applied by a team leader to effectively manage a situation, discussion, or meeting. For example, in a situation where a dominant spokesperson or person of authority monopolizes a discussion, the gatekeeper will intervene by requesting additional group member’s input.G

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idle inventory

The inventory generally not needed in a system of linked resources. From a theory of constraints perspective, idle inventory generally consists of protective inventory and excess inventory. See: excess inventory, productive inventory, protective inventory.I

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plan make

Establishing plans for action over time that project appropriation of production resources to meet production requirements.P

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material index

The total of raw material weights divided by final product weight.M

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seven tools of quality

Syn: basic seven tools of quality.S

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Any undertaking, venture, initiative, or business organization with a defined mission.E

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cloud computing

An emerging way of computing where data is stored in massive data centers which can be accessed from any connected computers over the internet.C

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decision theory

A systematic approach to making decisions, particularly when uncertainty is present.D

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sampling distribution

The distribution of values of a statistic calculated from samples of a given size.S

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An entity restricted to providing services such as settling accounts.C

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forty-foot equivalent unit

A measure of container capacity that is equivalent to two 20-foot equivalency units; that is, a unit equivalent to 40-feet long, 8-feet wide, and approximately 8-feet high.F

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equal employment opportunity (EEO)

In the United States, the laws prohibiting discrimination in employment because of race or color, sex, age, handicap status, religion, and national origin.E

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any-quantity rate

A situation in which no quantity discount is available for large shipments.A