FI Flashcards
(17 cards)
Forecasting
Predicting Future events
Common features of forecasting
Forecasts are rarely perfect
Forecasts are more accurate for grouped data than for individual items
Forecast are more accurate for shorter than longer time periods
Quantitative Methods of Forecasting
Time Series Models & Causal (Associative) Models
Naive Time Series Model
The forecast is equal to the actual value observed during the last period – good for level patterns
Simple Mean/ Average Time Series Model
The average of all available data - good for level patterns
Intermittent processing systems
low volume of many different products
Repetitive processing systems
high volume of a few standardized products
Layout Planning
Deciding the best physical arrangement of all resources that consume space within a facility
Process layouts
Group similar resources together based on similar processes/functions
Product layouts
Designed to produce a specific product efficiently
Hybrid layouts
Combine aspects of both process and product layouts
Fixed-Position layouts
Product is two large to move; e.g. a building
According to JIT, __________ is carried to cover up a wide variety of problems, such as poor quality, demand uncertainty, and slow delivery.
Inventory
Beliefs that help define the JIT philosophy include all of the following except
Push production
In JIT the workforce is viewed as
a long-term asset
JIT applies to
both the manufacturing and service organizations
Small lot production
Shortens lead time
