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OPIM 3104 Exam 1
OPIM 3104 Exam 1
25
Business
Undergraduate 3
03/04/2014

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Cards

Term
Mean Absolute Deviation
Definition
A measure of the overall forecast error for a model.
Term
Mean Squared Error
Definition
Averages of the squared differences between the forcasted and observed values.
Term
Mean Absolute Percent Error
Definition
The average of the absolute differences between the forcasted and observed values. Expressed as a percent.
Term
Trend Projection
Definition
A time series forecasting method that fits a line to a series of historical data and predicts future values.
Term
Seasonal Variations
Definition
Regular upwards or downwards movement in a time series that tie to recurring events.
Term
Cycles
Definition
Patterns in the data that occur every several years.
Term
Cycles
Definition
Patterns in the data that occur every several years.
Term
Coefficient of Correlation
Definition
The measure of the strength between two variables.
Term
Coefficent of Determination
Definition
The amount of variation in the dependent variable about its mean.
Term
Bias
Definition
A measurement of how well a forecast is at predicting values.
Term
Office Layout
Definition
Positions works and equipment to provide movement of information.
Term
Retail Layout
Definition
Allocates display spaces and responds to customer behaviors.
Term
Warehouse Layout
Definition
Addresses trade-offs between space and material handling.
Term
Fixed Position Layout
Definition
Address the layout requirements of large unmovable objects.
Term
Process-Oriented Layout
Definition
Deals with low volume high variety productions.
Term
Product Oriented Layout
Definition
Seeks the best personnel and machine layouts for continuous production.
Term
Cross-Docking
Definition
Avoiding storage costs by processing them as they arrive.
Term
Random Stocking
Definition
Used in warehouses to locate stock where ever there is open space.
Term
Cycle Time
Definition
The maximum amount of time each project is allowed at each work station.
Term
Batch Production
Definition
Project is created in stages or batches. Usually many going on at once.
Term
Mass Production
Definition
Very high levels of output.
Term
Core Competency
Definition
a defining capability or advantage that distinguishes an enterprise from its competitors.
Term
Global Stategy
Definition
A companies guidelines for globalization.
Term
Transitional Strategy
Definition
Companies operated headquarters in different regions where they operate.
Term
Project
Definition
A one time production due to a customer order.
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