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MGT 3501-Ops > Exam 3 > Flashcards

Exam 3 Flashcards

(79 cards)

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1
Q

should suppliers be treated as vendors or partners

A

partners share the risk and are more invested in the success of your business

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2
Q

how do we measure and monitor quality

A

statistical process control

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3
Q

how can me monitor quality

A

by observing variation in output

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4
Q

what is statistical process control

A

it is used to keep processes stable, consistent and predictable; monitors quality while the product is being produced, every output measure has a target value and a level of acceptable variation

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5
Q

the smaller the standard deviation the

A

more the process is under control (less variation there is in the output)

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6
Q

control charts

A

show how process output varies over time

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7
Q

x bar =

A

average or mean

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8
Q

sigma =

A

standard deviation

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9
Q

range of variation that a process is able to maintain

A

process control limits

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10
Q

range of variation that is considered acceptable by the designer or customer

A

specification limits

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11
Q

if PCL > SL

A

process is incapable because the process can produce outside the spec limits

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12
Q

if SL > PCL

A

process is capable because it will only produce within the spec limits

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13
Q

a process is ____ if its standard deviation is small

A

consistent

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14
Q

a process is _____ if its average performance is close to the target

A

accurate

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15
Q

shows how well the parts being produced fit into the range specified by the design specifications

A

process capability index (Cpk)

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16
Q

if the Cpk is larger than 1 it indicates that the process is

A

capable

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17
Q

_____ is related to standard deviation and you fix this first

A

consistency

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18
Q

getting more accurate but less consistent means a _____ capable process

A

less

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19
Q

if our process is not capable what can we do about it

A

accept more defects, reduce the variation (smaller standard deviation), re evaluate the spec limits

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20
Q

used when a product or service is either good or bad

A

p charts or process control chart

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21
Q

when doing p charts, the bigger the confidence level the ______ the spec limits

A

bigger

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22
Q

narrower spec limits

A

the process is more under control but you are less confident about not having defects

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23
Q

performed on goods that already exists to determine what percentage of the products conform to specifications; executed through a sampling plan

A

acceptance sampling

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24
Q

advantages of acceptance sampling

A

economies, fewer inspections/inspectors, applicability to destructive testing

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25
disadvantages of acceptance sampling
risk of accepting "bad" lots and rejecting "good" lots, paperwork of lot sizes; less information than 100% inspection
26
process of making prediction on future based on past and present data (done by analyzing trends)
forecasting
27
_____ and ____ are absolutely linked
inventory and forecasting
28
is it better to under or over estimate forecasts
almost always better to over estimate than under; would rather risk having excess than going through a stock out of inventory
29
what is the foundation of any successful ops team
forecasting
30
if a forecast is not accurate the _____ are put under great stress
supply chain and inventory
31
forecasts are more accurate for _____ periods of time
shorter
32
every forecast should
be a range and include a confidence level
33
relies on subjective opinions from one or more experts
qualitative
34
relies on data and analytical techniques
quantitative
35
examples of qualitative research
market research, expert analysis, historical analogy
36
examples of quantitative forecasting
time series, causal relationships, simulation
37
models that predict future demand based on past data
time series
38
models that use statistical techniques to establish relationships between various items and demand
causal relationships
39
models that incorporate some randomness and non-linear effects
simulation
40
assumes the most accurate forecast of future demand is a simple (linear) combination of past demand
moving average (time series)
41
when do you use moving average
typically when there is no seasonality or trend
42
two types of moving average
simple moving average and weighted moving average
43
taking average of previous demand to forecast future demand
simple moving average
44
taking average of previous demand to forecast future demand but gives more importance to some of the data
weighted moving average
45
identifies the relationship between two or more variables
least squares method: linear regression
46
___ is the indicator of best fit for linear regression
r2
47
how do you validate your forecast
test it against historical data to validate accuracy; track forecast vs actual; make corrections as necessary
48
how do you choose the right model
it can be a hybrid; have a lot of flexibility in creating forecasts; don't just rely on the data but use your intelligence to make adjustments; always keep improving!
49
incorporates real time data to update forecasts; no longer relying on solely historical data for analysis
demand forecasts (ex. point of sale data)
50
_____ is different from demand forecasting in that the company is influencing what the future demand will be
demand shaping
51
2 main types of forecasting errors or variation
quantity demanded and product specifications
52
how do you handle errors in quantity forecasted
inventory and robust supply chain that can handle variation
53
how do you handle errors in product specifications
flexible manufacture
54
3 components of demand
randomness, trends, and seasonality
55
weighted moving average model with sophistication; prediction of the future depends mostly on the most recent observation and the error from the latest forecast
exponential smoothing
56
exponential smoothing with trend
double exponential smoothing
57
exponential smoothing with trend and seasonality
triple exponential smoothing
58
the raw material, components, work in process, or finished goods that are held at a location in the supply chain
inventory
59
the set of policies and controls that monitor levels of inventory
inventory management system
60
why is inventory mgt necessary
maintain independence of operations; meet variation in demand; allow flexibility in production scheduling; provide a safeguard for variation in raw material delivery; take advantage of economic purchase order size
61
what is usually the largest corporate asset
inventory
62
effective inventory mgt occurs from an accurate _____ and reliable ____
forecast | supply chain
63
costs of inventory
holding (carrying) cots, ordering costs, opportunity costs, cash flow
64
costs for rend, handling, insurance, utilities, etc.; spoilage and obsolescence
holding or carrying costs
65
inability to purchase additional inventory
cash flow cost of inventory
66
costs of placing an order
ordering costs
67
cost of stock out; foregone investment earnings
opportunity costs
68
managing inventory takes ____ and ____
time and money
69
80/20 rule
Pareto; 80% of the inventory is concentrated in 20% of the skus
70
ABC method
allows us to focus on the most important inventory items; A (high dollar volume, B (moderate dollar volume) C (low dollar volume)
71
other inventory models
single period, multi period fixed order quantity, multi period fixed time period
72
used when we are making a one time purchase of an item; seeks to balance the costs of inventory overstock and under stock
single period
73
used when we want to maintain an item in stock and when we restock a certain number of units must be ordered
multi period fixed order quantity
74
item is ordered at certain intervals of time
multi period fixed time period
75
event triggers the reordering of inventory
multi period fixed quantity (event is usually inventory falling below certain level)
76
time triggers the reordering of inventory
multi period fixed time
77
fixed order quantity assumptions
demand is constant and uniform; lead time, cost per unit, and ordering cost are constant
78
the amount of inventory carried in addition to expected demand
safety stock
79
common safety stock approach
to keep a certain number of led times of supply

MGT 3501-Ops (4 decks)

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