Exam 2 Flashcards
(29 cards)
the placement of a facility with respect to customers, suppliers, and other facilities
facility location
minisum and minimax
single facility location model
minimizing the sum of the weighted distance between the new facility and other existing facilities
minisum location problem
minimizing the maximum distance between the new facility and any existing facility
minimax location problem
emergency facilities, restrooms and cafeterias
minimax examples
use to evaluate the efficiency of an investment ot to compare multiple alternatives in terms of their efficiencies
return on investment
method reveals amount of time to recover capital investment you made in new alternative method
payback period
identifies future cash flow associated with new investment and applies a discount to these future cash flows due to the time value of money
discounted cash flow
defines the width of a window through which we look in evaluation each investment alternative
planning horizon
a risk free rate of return
interest rate
a desired rate of return for an investment
required rate of return
the average interest rate a company must pay to finance its assets, growth and work capital
weighted average cost of capital
a temporary endeavor undertaken to create a unique product or service
project
process that organizes a project and should be learned and understood by every level of the organization
project management
gantt charts, Critical path method, pert
project management tools
a general form of scheduling tool and a specific form of project management control activity
Advantages: simplicity
Disadvantages: does not show dependencies
gantt chart
shows the corresponding dependencies and connections patterns between activities
design structure matrix
identifying and understanding the activities, requirements, and characteristics of a job
work analysis
specification of activities, requirements, and characteristics of a job to improve worker satisfaction, productivity and safety
work design
by analyzing work “one best way” of doing work can be found, design for more efficient work
Work study of frederick taylor
skilled performance and fatigue, motion studies used to reduce the number of motions in performing a task
time and motion study of frank and lillian gilbreth
estimation, records, work measurement techniques
data sources for establishing time standars
allow watch to run
continuous timing
read after each element, better for longer task
snapback timing
