Shared Flashcard Set

Details

OPIM 3104 Exam 2
Exam 2 Vocab
21
Business
Undergraduate 3
03/29/2011

Additional Business Flashcards

 


 

Cards

Term
Critical Path
Definition
the computed longest time path though a network
Term
Slack time
Definition
Free time for an activity. The length of time an activity can be delayed without delaying the entire project
Term
Crashing
Definition
shortening activity time in a network to reduce time on the critical path so total completion time is reduced
Term
Gantt Charts
Definition
Planning charts used to schedule resources and allocate time. Low cost means of helping managers make sure that activities are planned, order of performance is documented, activity time estimates are recorded and overall project time is developed
Term
User based quality
Definition
Quality lies in the eyes of the beholder. Marketing people and customers like this approach
Term
Manufacturing based quality
Definition
quality means conforming to standards and making it right the first time
Term
Product based quality
Definition
view quality as a precise and measurable variable
Term
Prevention costs
Definition
costs associated with reducing the potential for defective parts or services (e.g. training, quality improvement programs0
Term
Appraisal costs
Definition
costs related to evaluating products, processes, parts and services ( e.g. testing, labs, inspectors)
Term
External failure costs
Definition
cost s that occur after delivery of defective parts or services (e.g. rework, returned goods, liabilities, lost goodwill, costs to society)
Term
Internal failure costs
Definition
cost that result from production of defective parts or services before delivery to customer( e.g. rework, scarp, downtime)
Term
Total Quality Management (TQM)
Definition
management of an entire organization so that it excels in all aspects of products and services that are important to the customer
Term
Kaizen
Definition
Japanese word for plan-do-check-act model. Ongoing process of unending improvement
Term
Six Sigma
Definition
a program to save time, improve quality and lower costs
Term
Benchmarking
Definition
selecting a demonstrated standard of performance that represents the very best performance for a process or an activity
Term
Just-in-time (JIT)
Definition
designed to produce or distribute goods just as they are needed
Term
Poka-yoke
Definition
literally translated, "foolproof"; it has come to mean device or technique that ensures the production of a good unit every time
Term
Chase strategy
Definition
A planning strategy that sets production equal to forecasted demand
Term
Level scheduling
Definition
maintaining a constant output rate, production rate, or workforce level over planning horizon
Term
Mixed strategy
Definition
a planning strategy that uses 2 or more controllable variables to set a feasible production plan
Term
Yield Management (or Revenue Management)
Definition
capacity decisions that determine the allocation of resources to maximize profit or yield
Supporting users have an ad free experience!