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Operations Management > Exam 2 Material 3, 5, 11, 14, 17 > Flashcards

Exam 2 Material 3, 5, 11, 14, 17 Flashcards

(62 cards)

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1
Q

What is a forecast?

A

a statement about the future value of a variable of interest

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2
Q

What are two important aspects of forecast?

A
  1. expected level of demand

2. accuracy

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3
Q

Explain time-series forecast

A

a time-ordered sequence of observations taken at regular time intervals

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4
Q

5 time series behaviors

A
  1. trend
  2. seasonality
  3. cycles
  4. irregular variations
  5. random variation
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5
Q

Explain trend

A

a long-term upward/downward movement in data

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6
Q

Explain Cycle

A

wavelike variations lasting more than one year

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7
Q

Explain Naive

A

uses a single previous value of a time series as the basis for a forecast

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8
Q

Explain moving average

A

averages a number of the most recent actual values in generating a forecast

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9
Q

Explain weighted moving average

A

most recent values in a time series are given more weight in computing a forecast

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10
Q

Explain exponential smoothing

A

based on previous forecast plus a percentage of forecast error

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11
Q

What is capacity?

A

The upper limit or ceiling on the load that an operating unit can handle

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12
Q

What is design capacity?

A

max output rate or service capacity of an operation, process or facility it is designed for

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13
Q

What is effective capacity?

A

design capacity-allowance such as personal time and maintenance

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14
Q

What is efficiency?

A

actual/effective

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15
Q

What is utilization?

A

actual/design

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16
Q

Explain leading

A

build capacity in anticipation of future demand increases

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17
Q

Explain following

A

build capacity when demand exceeds current capacity

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18
Q

Explain tracking

A

Add capacity in relatively small increments to keep pace with increasing demand

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19
Q

Short term considerations relate to ____ in capacity requirements

A

variations

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20
Q

long term considerations relate to ______ in capacity requirements

A

level

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21
Q

Name 3 challenges related to service capacity

A
  1. need to be near customers
  2. inability to store services
  3. degree of demand volatility
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22
Q

Name strategies used to offset capacity limitations and that intended to achieve a closer match between supply and demand

A

pricing, promotion, discounts

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23
Q

What is a bottleneck operation?

A

an operation in a sequence of operations whose capacity is lower than that of the other operations

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24
Q

Explain economies of scale

A

if output rate is less than optimal level, increasing the output rate results in decreasing average per unit costs

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25
Explain diseconomies of scale
if output rate is less than optimal level, increasing the output rate results in increasing average per unit costs
26
What is the break even point?
the volume of output at which total cost and total revenue are equal
27
What is aggregate planning?
production plan that will effectively utilize the organization's resources to satisfy demand
28
What are aggregated planners concerned with?
demand quantity and timing of demand
29
What does aggregate planning project levels of?
inventory, output, employment, subcontracting, backordering
30
Explain proactive
alter demand to match capacity
31
Explain reactive
alter capacity to match demand
32
What is level capacity?
maintaining a steady rate of regular-time output while meeting variations in demand by a combination of inventory, overtime, part-time workers, back orders,
33
What is chase demand?
matching capacity to demand, the planned output for a period is set at the expected demand for that period
34
What is yield management?
maximizing revenue by during times of low demand, disscouting, and high demand raising prices
35
What are the two sides of project triangle and what is on the bottom?
two sides: costs and schedule | bottom: project objectives
36
Who is the project champion?
a person who promotes and supports a project
37
What is the critical path?
longest path
38
What is optimistic time?
length of time required under optimal conditions
39
what is most likely time?
most probably length of time required
40
What is pessimistic time?
length of time required under the worst conditions
41
What is crashing?
shortening activity durations, often by increasing direct expenses
42
What is a lean operation?
a flexible system of operation that uses considerably less resources than a traditional system
43
Name 5 characteristics of lean systems
1. waste reduction 2. continuous improvement 3. use of teams 4. high quality 5 minimal inventory
44
What are benefits of lean production?
1. reduce waste 2. lower cost 3. increase quality 4. reduce cycle time 5. increase production/flexibility
45
What are risks to lean production?
1. stress on workers 2. fewer resources available 3. supply chain disruptions
46
What was lean operations known as in the mid 1900's
JIT
47
Who developed lean and from where
Taiichi and Shigeo Ohno of Toyota
48
What is the ultimate goal of lean
achieve a balanced system
49
Explain Kaizen
attacking waste
50
Name 4 elements of product design
1. standard parts 2. modular design 3. highly capable system with quality built in 4. concurrent engineering
51
Name 8 aspects of process design related to lean
1. small lot sizes 2. set up time reduction 3. manufacturing cells 4. quality improvement 5. production flexibility 6. balance system 7. little inventory storage 8. fail-safe methods
52
What is the ideal lot size in lean?
1
53
What is SMED
single-minute exchange of die: | - reducing changeover time
54
What is jidoka?
automatic detection of defects during production
55
What is poka-yoke?
building safeguards into a process to reduct or eliminate potential errors during a processes (safe-guarding)
56
What is activity based costing?
allocation of overhead to specific jobs based on their percentage of activities
57
Wha is a push system?
work is pushed the next station as it is completed
58
What a pull system?
output is given to the next station as it is needed
59
What is kanban?
signal, card or other device that communicates demand for work or materials from the preceding station
60
What is value stream mapping?
visual tool to systematically examine the flows of materials and information
61
What are the 5 S's
1. set 2. sort 3. shine 4. standardize 5. sustain
62
What does downtime stand for?
``` D-defects O- overtime W- waiting N- not utilizing talent T-transportation I- inventory M-motion E- excess process ```

Operations Management (2 decks)

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