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OM Chat GPT Flashcards

(89 cards)

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1
Q

Quality

A

Product-based, user-based, manufacturing-based, and value-based perspectives.

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2
Q

Product-Based

A

A precise and measurable attribute of a product, such as durability or reliability.

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3
Q

User-Based

A

The degree to which a product meets or exceeds customer expectations.

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4
Q

Manufacturing-Based

A

making it right the first time

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5
Q

Dimensions of Quality

A

Performance
Reliability
Durability
Features
Perceived Quality

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6
Q

Fishbone Diagram

A

A cause-and-effect Diagram is used to identify the root cause by going through categories of causes

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7
Q

The Four Catergopries of the Fishbone Diagram

A

Man
Machine
Methods
Materials

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8
Q

What is the fishbone diagram also known as?

A

Ishikawa Diagram

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9
Q

Root Cause Analysis

A

A systematic way to find underlying causes of problems that focuses on the solving root problem and not the symptoms

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10
Q

What is the Root Cause Analysis used for

A

Uses 5 whys to find root cause (Starts at symptoms and asks why 5 times to find root)

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11
Q

Statistical Process Control

A

Control charts for variables and attributes

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12
Q

Six Sigma

A

data drive method to reduce defects and improve the process to achieve near-perfect performance

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13
Q

What is the accuracy of the Six Sigma

A

99.9997%

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14
Q

DMAIC

A

Define
Measure
Analyze
Improve
Control

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15
Q

What system does the Six Sigma use?

A

BJJ Belts

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16
Q

The standard for Quality?

A

ISO 9000

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17
Q

What is the famous Quality Award?

A

Malcolm Baldrige National Quality Award

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18
Q

Factors Influencing Location Decisions

A

Labor productivity
Proximity to customers and suppliers
Costs

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19
Q

Labor productivity

A

The efficiency of the workforce in the area

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20
Q

Proximity to Customer

A

Distance to the customer base affects shipping time and cost

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21
Q

Proximity to Supplier

A

Distance to Supplier affects supply chain responsibility and costs

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22
Q

Clustering

A

Similar businesses gather in one area due to the advantage of partnering with each other to share knowledge and talent

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23
Q

Example of Clusters

A

Silicon Valley

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24
Q

Factor-Rating Method

A

Assign weights and scores to various location factors to pick the best site based on the weighted score

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25
Center-of-Gravity
Finds optimal location by minimizing Proximity to customers and suppliers
26
Locational Cost-Volume Analysis
Uses fixed and variable costs across multiple locations to have the lowest total cost
27
Transportation Model
Uses linear programming to minimize transportation, inventory and production costs for the supply and demand of each location
28
Types of Inventory
Raw Material WIP Finsihed Goods MRO Inventory
29
Raw Materials
Basic inputs in the production process
30
What does WIP stand for?
Work in Progress
31
WIP
Partially completed products still working on
32
Finished Goods
Competed goods ready to sell
33
What does MRO sand for?
Maintance Repair Operating
34
MRO supplies
Items to support production and operation
35
Examples of MRO Supplies
Tools Equipment Cleaning Supplies
36
Inventory Costs
Holding Costs Ordering Costs Shortage Costs
37
Holding Cost
Costs of Storing and Maintaining inventory
38
Ordering Costs
Costs of Placing and Processing orders
39
Shortage Costs
Costs incurred when you run out of product
40
ABC analysis for Prioritizing Inventory
Categories inventory based on importance
41
A Items
High-Value Items with Low Inventory Volume
42
B Items
Moderate Value Items with Medium Inventory Volume
43
C Items
Low-Value Items with High Inventory Volume
44
Benefits of ABC analysis for prioritizing inventory.
Improves Inventory Control Efficiency Reduced Holding Costs Prioritize Resource Allocation
45
Purpose of ABC analysis for prioritizing inventory.
Focused on managing critical A Items while simplifying less important (C) items
46
What does EOQ stand for
Economic Order Quantity
47
Economic Order Quantity
minimizes total inventory costs by balancing holding costs and ordering costs
48
Assumptions about Economic Order Quantity
Demand is known and constant Lead tie is fixed and constant Inventory is replenished instantly Only holding and ordering costs are considered
49
What does POQ stand for?
Periodic Order Quantity
50
Periodic Order Quantity
Ordering enough inventory at regular time intervals to meet the demand of the upcoming period
51
What does QDM stand for
Quantity Discount Model
52
Quantity Discount Model
Suppliers offer lower prices for bulk orders
53
Replenishment Strategies
Reorder Point Safety stock for demanding variability Instantaneous Replenishment Non-Instantaneous Replenishment
54
What does ROP stand for
Reorder Point
55
ROP
The inventory level at which a new order is triggered to prevent stockout during lead time
56
Lead Time
The time it takes from starting the process to finishing
57
Safety stock for demand variability
Extra inventory is kept to mitigate the risk of demand variability and supply chain delays
58
Instantaneous Replenishment
Inventory is replenished all at once and immediately upon fulfillment
59
Non-Instantaneous Replenishment
Inventory is replenished gradually over time
60
When is Instantaneous Replenishment ideal?
Bulk Orders
61
When is Non-Instantaneous Replenishment ideal?
In-house Production Scenarios
62
Aggregate Planning Strategies
Level Strategy Chase Strategy Hybrid Strategies
63
Level Strategy
Keep production constant and use inventory and backorders to meet changing demand
64
Chase Strategy
Adjust employee capacity to match demand
65
Hybrid Strategy
Combination of Chase and Level strategy
66
Cost Consideration
Inventory Hiring Firing Production
67
Inventory Holding Cost
Cost of storing unsold goods
68
Hiring Cost
Expenses incurred when recruiting and training employees
69
Firing (Layoff) Costs:
Severance pay or legal liabilities for firing people
70
Production Costs
Cost per Unit Manufactured
71
What does MRP stand for?
Material Requirement Planning
72
MPR Inputs
Master Production Schedule Bill of Materials Inventory Records
73
What does MPS stand for?
Master Production Schedule
74
MPS
Outlines the production timeline for finished goods
75
What does BOM stand for?
Bill of Materials
76
BOM
Lists components and materials needed for production
77
Inventory Records
Tracks available stock and scheduled receipts
78
MPR Outputs
Planned Order Releases and Schedules
79
Dependent Demand
Demand for components driven by higher-level products
80
Independent Demand
Demand for finished goods (customer-driven)
81
Parent
A finished product or higher-level assembly
82
Children
Components used to create parent items
83
The Parent-Children Relationship
Parent item specifies the quality per unit of each item needed
84
Multi-Level BOM
The child becomes a parent to another item
85
Lot-for-Lot
Order exactly what is needed for production
86
What does L4L stand for?
Lot-for-Lot
87
What does EOQ stand for?
Economic Order Quantity
88
EOQ
Balances order and holding costs for efficiency
89
Time-Phased Planning
Aligns material needs with production schedules based on lead times

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