Term
Elements of supply chain managements 

Definition
Customers – what products/services do customers want Forecasting – predicting timing and volume of customer demand Design – incorporating customer wants, manufacturability, and time to market Capacity planning – matching supply and demand Processing – controlling quality, scheduling work Inventory – meeting demand requirements while managing costs Purchasing – evaluating potential suppliers, supporting the needs of operations on purchased goods and services Suppliers – monitoring supplier quality, ontime delivery, and flexibility; maintaining supplier relations Location – determining the location of facilities Logistics – deciding how to best move information and materials 


Term

Definition
Tactics The methods and actions taken to accomplish strategies The “how to” part of the process Operations The actual “doing” part of the process 


Term

Definition
Effective strategy formulation requires taking into account: Core competencies Environmental scanning SWOT Successful strategy formulation also requires taking into account: Order qualifiers Order winners 


Term

Definition
A measure of the effective use of resources, usually expressed as the ratio of output to input Productivity measures are useful for Tracking an operating unit’s performance over time Judging the performance of an entire industry or country 


Term

Definition
Strategy that focuses on quality in all phases of an organization Pursuit of such a strategy is rooted in a number of factors: Trying to overcome a poor quality reputation Desire to maintain a quality image 


Term

Definition
Strategies that focus on the reduction of time needed to accomplish tasks It is believed that by reducing time, costs are lower, quality is higher, productivity is higher, timetomarket is faster, and customer service is improved 


Term
Agile Operations strategies 

Definition
A strategic approach for competitive advantage that emphasizes the use of flexibility to adapt and prosper in an environment of change Involves the blending of several core competencies: Cost Quality Reliability Flexibility 


Term

Definition
Develop productivity measures for all operations Determine critical (bottleneck) operations Develop methods for productivity improvements Establish reasonable goals Make it clear that management supports and encourages productivity improvement Measure and publicize improvements Don’t confuse productivity with efficiency 


Term
productivity VS effectivemess VS efficiency 

Definition
Effectiveness = doing the "right" thing productivity: more for less efficiency: speed (getting most of same) 


Term

Definition
Unique, onetime operations designed to accomplish a specific set of objectives in a limited time frame 


Term

Definition
A hierarchical listing of what must be done during a project Establishes a logical framework for identifying the required activities for the project Critical Activities – those that if delayed with make the project late/ over budget Three tools to manage projects : Gantt charts, CPM PERT 


Term

Definition
CPM – one exact time PERT – allows for more accurate calculations T o = time optimistic T m = time most likely T p = time pessimistic 


Term

Definition
Draw the project network using nodes and arrows Use forward pass (left to right) to determine ES & EF times Use backward pass (right to left) LS & LF Calculated slack for each activities and determine critical path 


Term
Probabilistic Time Estimates 

Definition
Measure of variance away from average line = standard deviation Mean +/ 1 sd = 68% of output Mean +/ 2 sd = 95.5% of output Mean +/ 3 sd = 99.7% (~100%) Z Table = lists % for in between sd’s
sd and mean = fully describe data, what percent of data fall within what values. 


Term
Determining the critical Path 

Definition
A critical path is a path of activities, from the Start node to the Finish node, with 0 slack times. 


Term
definitiaon of Crashing a project 

Definition
Shortening activity durations Typically, involves the use of additional funds to support additional personnel or more efficient equipment, and the relaxing of some work specifications The project duration may be shortened by increasing direct expenses, thereby realizing savings in indirect project costs 


Term

Definition
Crash the project one period at a time Crash the least expensive activity that is on the critical path When there are multiple critical paths, find the sum of crashing the least expensive activity on each critical path If two or more critical paths share common activities, compare the least expensive cost of crashing a common activity shared by critical paths with the sum for the separate critical paths 


Term
Potential sources of error in project management 

Definition
The project network may be incomplete Precedence relationships may not be correctly expressed Time estimates may be inaccurate There may be a tendency to focus on critical path activities to the exclusion of other important project activities Major risk events may not be on the critical path 


Term

Definition
Linear programming involves choosing a course of action when the mathematical model of the problem contains only linear functions. 


Term
Process for linear programming 

Definition
Define decision variables Define objective functions in terms of decision variables Define constraints in terms of decision variables Write nonnegativity constraint 


Term

Definition
limit the degrees to which the obejctive can be pursued 


Term

Definition
satisfies all the problems' constraints 


Term

Definition
feasible solution that results in th largest possible objective vlaue when maximinzing (or smallest when minimising). 


Term
Range of Optimality and 100% rule 

Definition
The 100% rule states that simultaneous changes in objective function coefficients will not change the optimal solution as long as the sum of the percentages of the change divided by the corresponding maximum allowable change in the range of optimality for each coefficient does not exceed 100%. 

