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op mgmt test 4
mgmt
58
Management
Undergraduate 4
11/14/2012

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Term
logistics
Definition
(1) In an industrial context, the art and science of obtaining, producing, and distributing material and product in the proper place and in the proper quantities. (2) In a military sense (where it has greater usage), its meaning also can include the movement of personnel.
Term
International logistics
Definition
All functions concerned with the movement of materials and finished goods on a global scale.
Term
third-party logistics
Definition
A company that manages all or part of another company's product delivery operations.
Term
Cross-docking
Definition
docking An approach used in consolidation warehouses where rather than making larger shipments, large shipments are broken down into small shipments for local delivery in an area.
Term
hub-and-spoke systems
Definition
Systems that combine the idea of consolidation and that of cross-docking.
Term
free trade zone
Definition
A closed facility (under the supervision of government customs officials) into which foreign goods can be brought without being subject to the payment of normal import duties.
Term
trading bloc
Definition
A group of countries that agree on a set of special arrangements governing the trading of goods between member countries. Companies may locate in places affected by the agreement to take advantage of new market opportunities.
Term
factor-rating system
Definition
An approach for selecting a facility location by combining a diverse set of factors. Point scales are developed for each criterion. Each potential site is then evaluated on each criterion and the points are combined to calculate a rating for the site.
Term
transportation method
Definition
A special linear programming method that is useful for solving problems involving transporting products from several sources to several destinations.
Term
centroid method
Definition
A technique for locating single facilities that considers the existing facilities, the distances between them, and the volumes of goods to be shipped.
Term
strategic sourcing
Definition
The development and management of supplier relationships to acquire goods and services in a way that aids in achieving the immediate needs of a business.
Term
vendor managed inventory
Definition
When a customer allows the supplier to manage an item or group of items
Term
bullwhip effect
Definition
The variability in demand is magnified as we move from the customer to the producer in the supply chain.
Term
functional products
Definition
Staples that people buy in a wide range of retail outlets, such as grocery stores and gas stations.
Term
innovative products
Definition
Products such as fashionable clothes and personal computers that typically have a life cycle of just a few months.
Term
outsourcing
Definition
Moving some of a firm's internal activities and decision responsibility to outside providers.
Term
logistics
Definition
Management functions that support the complete cycle of material flow: from the purchase and internal control of production materials; to the planning and control of work-in-process; to the purchasing, shipping, and distribution of the finished product.
Term
total cost of ownership (TOC)
Definition
Estimate of the cost of an item that includes all the costs related to the procurement and use of the item including disposing of the item after its useful life.
Term
inventory turnover and weeks of supply
Definition
Measures of supply chain efficiency that are mathematically the inverse of one another.
Term
cogs
Definition
The annual cost for a company to produce the goods or services provided to customers.
Term
average aggregate inventory value
Definition
The total value of all items held in inventory for the firm, valued at cost.
Term
weeks of supply
Definition
A measure of how many weeks' worth of inventory is in the system at a particular point in time.
Term
total quality management (TQM)
Definition
Managing the entire organization so that it excels on all dimensions of products and services that are important to the customer.
Term
Malcolm Baldrige National Award
Definition
An award established by the U.S. Department of Commerce and given annually to companies that excel in quality.
Term
Design Quality
Definition
The inherent value of the product in the marketplace. Conformance quality The degree to which the product or service design specifications are met.
Term
quality at the source
Definition
The person who does the work is responsible for ensuring that specifications are met.
Term
dimensions of quality
Definition
Criteria by which quality is measured.
Term
cost of quality
Definition
Expenditures related to achieving product or service quality such as the costs of prevention, appraisal, internal failure, and external failure.
Term
six Sigma
Definition
A statistical term to describe the quality goal of no more than four defects out of every million units. Also refers to a quality improvement philosophy and program
Term
DPMO (defects per million opportunities)
Definition
A metric used to describe the variability of a process.
Term
DMAIC
Definition
An acronym for the D efine, M easure, A nalyze, I mprove, and C ontrol improvement methodology followed by companies engaging in Six-Sigma programs.
Term
PDCA cycle
Definition
Also called the "Deming cycle or wheel"; refers to the plan–do–check–act cycle of continuous improvement.
Term
continuous improvement
Definition
The philosophy of continually seeking improvements in processes through the use of team efforts.
Term
Kaizen
Definition
Japanese term for continuous improvement.
Term
Lean Six Sigma
Definition
Combines the implementation and quality control tools of Six Sigma with the materials management concept of lean manufacturing with a focus on reducing cost by lowering inventory to an absolute minimum.
Term
black belts, master black belts, green belts
Definition
Terms used to describe different levels of personal skills and responsibilities in Six-Sigma programs.
Term
fail-safe or poke-yoke procedures
Definition
Simple practices that prevent errors or provide feedback in time for the worker to correct errors.
Term
ISO 9000
Definition
Formal standards used for quality certification, developed by the International Organization for Standardization.
Term
eternal benchmarking
Definition
Looking outside the company to examine what excellent performers inside and outside the company's industry are doing in the way of quality.
Term
conformance quality
Definition
relates to how well a product or service meets design specifications
Term
fitness for use
Definition
relates to how the customer views quality dimensions of a product or service
Term
ISO 9000
Definition
the series of international quality standards
Term
what is the enemy of good quality?
Definition
variation
Term
a six sigma process that is running at the center of the of control limits would expect a defect rate of?
Definition
2 parts per billion units
Term
the standard quality improvement methodology developed by GE?
Definition
DMAIC cycle
Term
Inventory turnover formula
Definition
COGS/ Average Aggregate Inventory Value
Term
Weeks of Supply Formula
Definition
(Average aggregate Inventory Value/ COGS) x 52 weeks
Term
Specificity
Definition
Refers to how common an item is or how many substitutes might be available
Term
green sourcing
Definition
when a firm works with suppliers to look for opportunities to save money and benefit the environment
Term
multiple sources of supply (pooling)
Definition
in order to cope with high levels of supply uncertainty a firm would use this strategy to reduce risk
Term
Agile supply chain
Definition
a supply chain that must deal with high levels of both supply and demand uncertainty
Term
total capacity
Definition
for the transportation model to be able to fund a feasible solution, this must always be greater than or equal to demand.
Term
regression analysis
Definition
a technique that is useful for screening potential locations for service
Term
aspects of demand include
Definition
product life cycle
predictability
lead times
product variety
Term
Deming on quality
Definition
14 points
14. create top level management that will enforce steps 1-13
Term
Deming on quality
Definition
basic cause of sickness of american industry and unemployment is failure of top mgmt to manage
Term
The Shingo System
Definition
two aspects
1- single minute exchange of die (SMED)
2- source inspection and poka-yoke
Term
Single minute exchange of die (SMED)
Definition
simplification of set up process/ time
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