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Operations Management > Sprint 1 > Flashcards

Sprint 1 Flashcards

1
Q

Engineer to order

A

Fundamental concepts are developed beforehand. The customer makes decisions about the size, interface etc.

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2
Q

Make to stock

A

Mass production where products are stored in a warehouse

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3
Q

Assemble to order

A

Combines a number of preassembled modules to meet a customer‘s specifications

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4
Q

Make to order

A

Customer specific order, all parts have already been delivered, production just needs to start

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5
Q

Purchase and make to order

A

Material is acquired and converted only when a customer order is received

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6
Q

Order penetration point

A

Point in the value chain where the customer neutral process is split from the customer specific process

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7
Q

Order lead time

A

The average time lapse between placing the order and receiving it

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8
Q

Material throughput time (TPT)

A

The timer period when a good arrives and when it gets shipped out again (indicates how lean a process is)

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9
Q

Little‘s law

A

States a mathematical relationship between throughput rate, flow time, and the amount of work-in-process inventory

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10
Q

Throughput time (TPT)

A

Total elapsed time from start to finish of a job

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11
Q

Throughput (T)

A

Number of products created by the process per period

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12
Q

Inventory (I)

A

Amount of pieces bound to a progress in the moment of observation

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13
Q

TPT formula

A

TPT= I/T

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14
Q

Inventory formula

A

I= TPT*T

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15
Q

Lots

A

The production of several identical parts

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16
Q

Bottleneck

A

Process step with longest cycle time (it determines the throughput of the entire process)

17
Q

Reach

A

Time until you run out of inventory

18
Q

Productivity

A

How much input is needed for output (output / input)

19
Q

Multi-factor productivity formula

A

Output/labor + material + energy+capital + miscellaneous

20
Q

Single factor productivity

A

Produced pieces/ hrs worked

21
Q

ROI

A

Key indicator for measuring profitability (operating margin + asset turnover)

22
Q

Procurement

A

The purchasing of goods and services to meet the needs of the supply chain

23
Q

Operational purchasing

A

Supply requests, order placement and processing

24
Q

Strategic sourcing

A

Analyzing the procurement process to lower costs by reducing waste and non-value-added activities, increase profits, reduce risks, and improve supplier performance

25
Q

Total cost of ownership (TCO)

A

All of the costs incurred before, during and after a purchase

26
Q

Life cycle costing (LCC)

A

Combines costs before and during production into one phase

27
Q

In house production depth

A

In house production/ in house production + goods

How much is being produced internally

28
Q

Share of value added

A

Turnover-procured material/ turnover

How much of the share is generated internally

29
Q

Offshoring

A

Geographical shift (operations are moved to a different country)

30
Q

Outsourcing

A

Organizational shift (obtain good from an outside or foreign supplier)

31
Q

Vertical outsourcing

A

Activities are moved to different suppliers /customers

32
Q

Horizontal outsourcing

A

One supplier buys another (transfer of activities to enterprises)

33
Q

Benefits due to outsourcing:

A
  • cost advantages
  • labor cost arbitrage
  • access to know how specialists & reduction of complexity for the outsourcing company
34
Q

Multiple sourcing

A

Enables purchasing at the best cost but is not ideal for long partnerships

35
Q

Single sourcing

A

High default risk, and high level of integration

36
Q

Category management

A

A process that involves managing product categories as individual business units

37
Q

Commodity management

A

The process of developing a systematic approach to the entire usage cycle for a group of items

Operations Management (4 decks)

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