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Formulas Flashcards

(66 cards)

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1
Q

Efficiency %

A

(Actual Output/Effective Capacity) *100

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2
Q

Utilization %

A

(Actual Output/Design Capacity)*100

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3
Q

Capacity Cushion

A

Capacity - Expected Demand

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4
Q

Total Costs (TC)

A

FC + VC

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5
Q

Variable Costs

A

Q * V (Variable Cost/Unit)

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6
Q

Total Revenue

A

R*Q

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7
Q

Profit

A

TR-TC = RQ - (FCQ*V)= Q(R-V)-FC

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8
Q

Contribution Margin

A

R-V

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9
Q

Required Volume for Profit

A

FC/(R-V)

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10
Q

Payback Time

A

Initial Costs/Annual Savings

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11
Q

EMV/Expected ProfitA

A

P(low)Demand(low) + P(high)Demand(high)

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12
Q

Expected Value of Perfect Information

A

Exp. Payoff (Certainty) - Exp. Payoff (Risk)

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13
Q

Expected Payoff (Certainty)

A

Highest Low * P(Low) + Higher of High * P (High)

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14
Q

Expected Payoff (Risk)

A

Max. Expected Profit alternative

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15
Q

Center of Gravity (X)

A

Sum of (X * Volume/Demand) / Sum of (Volume/Demand)

Sum of (Sum of (Y * Volume/Demand) / Sum of (Volume/Demand)

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16
Q

Manhattan Distance

A

(X1-X2) + (Y1-Y2)
-> absolute values!!

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17
Q

Distance

A

Sum (Volume*Absolute Value of X-Center of Gravity of X)

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18
Q

Costs

A

Sum (Distance *Costs)

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19
Q

Optimal Location

A

(X1) = Weight * absolute (X1-X1) + Weight * (X2-X1)
-> calculate for all X and Y
-> choose coordinates with the LOWEST VALUES as the best solution

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20
Q

Mean Control Limits with Known Standard Deviation

A

LCL/UCL = x +/- z * standard deviation

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21
Q

Mean Control Limits with Unknown Standard Deviation

A

LCL/UCL = x +/- A2 * R

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22
Q

Range Control Limit (LCL and UCL)

A

LCL= D3 *R

UCL = D4 * R

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23
Q

Standard Deviation

A

(A2 * R * SQRTobservations/n) / 3

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24
Q

Process needs to be above what to be capable?

A

1.33
-> unless otherwise specified

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25
Process Capability Centred Process
(Higher Specification Level Given - Lower Specification Level Given) / (6 *Standard Deviation Value)
26
Process Capability Uncentred Process
min (Higher Specification Level Given - mean/ (3*standard Deviation), mean -Lower Specification Level Given / (3*standard Deviation)
27
EOQ
SQRT (2*D*S*DAYSOPERATING/HOLDING COSTS)
28
Total Holding Costs + Carrying and Ordering Costs
(Q/2 * H) + (D/Q *S)
29
Ordering Cost/Annual Ordering Cost
Q/2 * H (Days/Year * D * Order Cost)/EOQ
30
Annual Carrying Cost
Avg Inventory * Holding Cost
31
Holding/Carrying Cost
(Q/S) * H
32
Carrying Cost per Unit
X% * COGS
33
COGS
Selling Price * (1-GM)
34
ROP (Constant)
Demand * Lead Time -> round up
35
ROP (Demand Variable)
Average D * LT + z*SDdemand * SQRT(AVG LT)
36
ROP (Lead Time Variable)
D * Average LT + z * SDLT * D
37
ROP (Both LT and D Variable)
Avg D * Avg LT + z SQRT(AVG LT * SDdemand ^2 + Avg Demand ^2 * SDleadtime ^2)
38
Stockout Risk
1- Service Level
39
Critical Ratio
(Due Date - Day) / Processing Time
40
Average Flow Time
(SUM Flow Time) / Number of Jobs
41
Average Jobs at Work Center
(SUM Flow Time) / (SUM Processing Time)
42
Average Tardiness
(SUM Jobs Tardy) / # of Jobs
43
Slack (For S/O method)
Due Date - Processing Time
44
Ratio (for S/O Method)
Slack / Remaining # of Operations
45
Avg # of Jobs
(SUM Flow Time) / Makespan
46
Makespan
Sum of Time
47
FCFS
First Come First Served -> Proces Jobs in order they arrive
48
(Shortest) PRT
-> Processed according to time they take -> Shortest First
49
EDD
-> Processed according to due date -> Earliest First
50
Chase Plan Costs
Production Costs + Overtime Costs + Subcontracting
51
Level Plan Costs
Production Costs + Inventory Costs + Backlog Costs
52
Forward Method
Earliest Finish = Earliest Start = Activities Duration
53
Backward Method
Latest Finish - Activities Duration
54
Slack =
(LS - ES) or (LF -EF)
55
Critical Path
Longest Duration - Determined Project Duration -> NO slack of critical path -> LS and ES are the same
56
Only crash activities on...
Critical Path
57
Chase Plan (Aggregate Planning)
tries to exactly match the forecast demand -> DO NOT USE: Inventory/Backlog -> USE: overtime + subcontracting
58
Level Plan (Aggregate Planning)
-> Regular Production must be constant -> Cover fluctuating demand w/ inventory and backlog *Divide total output by months for RT
59
MaxiMax
best of best
60
MaxiMin
best of worst
61
Lapalace
best row avg
62
MiniMax Regret
-highest # for each column -subtract other # in cell in column from it -Find max for each row then choose minimum from it =regret table
63
Avg. Regret
Regret * Risk
64
EVPI
Exp. Payoff (Certainty) - Exp. Payoff (Risk)
65
Certainty
Highest of each column * probability -> for EVPI pick the highest/optimal
66
Risk for (EVPI calculation)
Best outcomes from each column * column probaibility

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