Shared Flashcard Set

Details

1 - MSC 385 || 3/7/2019
1 - MSC 385 || 3/7/2019
43
Business
Undergraduate 3
03/07/2019

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Cards

Term
What is a process that evaluates output relative to a standard and takes corrective action when output doesn't meet standards?
Definition
Quality Control
Term
What is an appraisal activity that compares goods or services to a standard?
Definition
Inspection
Term
What is a time-ordered plot of sample statistics, used to distinguish between random and nonrandom variability?
Definition
Control Chart
Term
What is a chart that shows how the mean or average changes overtime?
Definition
X-bar
Term
What is a control chart used to monitor process dispersion?
Definition
Range
Term
What is a control chart factor based on sample size n?
Definition
A2
Term
Average of Sample Means + (A2 * Average of Sample Ranges) =
Definition
UCL x-chart Control Limits
Term
Average of Sample Means - (A2 * Average of Sample Ranges) =
Definition
LCL x-chart Control Limits
Term
D4 * Average of Sample Ranges
Definition
UCL R-chart Control Limits
Term
D3 * Average of Sample Ranges
Definition
LCL R-chart Control Limits
Term
What is a Control Chart Factor Based On Sample Size, n?
Definition
D3 or D4
Term
What is a stock or store of ?
Definition
Inventory
Term
What are items that are ready to be sold or used?
Definition
Independent demand items
Term
What is a physical count of items in inventory made at periodic intervals?
Definition
Periodic System
Term
What is a system that keeps track of removals from inventory continuously, thus monitoring current levels of each item?
Definition
Perpetual Inventory System
Term
What are reliable estimates of the amount and timing of demand for inventory?
Definition
Forecasts
Term
What is the time interval between ordering and receiving the order?
Definition
Lead Time
Term
What is the physical count of items in inventory?
Definition
Cycle Counting
Term
What should the accuracy of the cycle count be for?:

A
Definition
.2
Term
What should the accuracy of the cycle count be for?:

B
Definition
1
Term
What should the accuracy of the cycle count be for?:

C
Definition
5
Term
Order Quantity In Units
Definition
Q
Term
Holding carrying costs
Definition
H
Term
Demand, usually units per year
Definition
D
Term
Ordering cost per order
Definition
S
Term
(Q/2)H =
Definition
Annual Holding Cost
Term
(D/Q)S =
Definition
Annual Ordering Cost
Term
Annual Holding Cost + Annual Ordering Cost =
Definition
Total Cost
Term
Square_root(2DS/H)
Definition
Deriving EOQ
Term
What is the shortening for Maximum Inventory?
Definition
Imax
Term
Production
Definition
p
Term
Usage Rate
Definition
u
Term
(Q(subscript p)/p)(p-u)
Definition
Maximum Inventory
Term
(Imax/2)H
Definition
Carrying Cost
Term
Unit Price
Definition
P
Term
squareroot(2DS/H) * squareroot(p/(p-u))
Definition
EPQ
Term
Annual Holding Cost + Ordering Cost + Purchase Cost
Definition
Quantity Discount Model Total Cost
Term
PD
Definition
Purchase Cost
Term
Demand Rate
Definition
d
Term
Lead Time
Definition
LT
Term
d(LT)

or

Expected Demand During Lead Time + Safety Stock
Definition
ROP
Term
Average Demand * Lead Time + (# of Standard Deviations * Standard Deviation of Demand Period) * Squareroot of Lead Time =
Definition
ROP Demand Uncertainty
Term
(Demand per period * Average Lead Time) +(# of Standard Deviations * Standard Deviation of Lead Time)
Definition
ROP Lead Time Uncertainty
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