Shared Flashcard Set

Details

Ops Management Final
University of Iowa Fall 2013 Ops Management Final
31
Business
Undergraduate 2
12/15/2013

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Cards

Term
High volume, innovative production might be appropriate during which phase of the product life cycle
Definition
Maturity
Term
4 Phases of the product life cycle
Definition
Launch, growth, maturity, decline
Term
2 Winning Strategies of Managing Product Operations
Definition
Design and develop new and innovative products.

Build flexible, low cost, efficient, production systems that can produce high quality products
Term
Product Design Affects
Definition
Product Quality - exceed customer expectation
Product Cost - Fewer parts, easy to produce
Customer Satisfaction - Functional vs. Aesthetics
Product Life Cycle
Term
6 purposes of inventory
Definition
Meet anticipated demand
Decouple production and distribution
Take advantage of quantity discounts
Provide hedge against inflation
Protect against shortages
Permit smooth operations through WIP
Term
Disadvantages of Inventory
Definition
Higher costs (item cost, ordering cost, holding cost)
Difficult to control due to variability in demand
Hides production and quality problems
Term
The purpose of ABC analysis is to
Definition
Determine which items in inventory should be monitored with the most intensity
Term
Class A items represent approximately
Definition
15% of Items and 75% of total dollar value
Term
Class B items represent approximately
Definition
30% of items and 20% of total dollar value
Term
Class C items represent approximately
Definition
55% of items and 5% of total dollar value
Term
Functions of EOQ Model: Holding Cost and Order/Setup Cost
Definition
Holding Cost: Linear/Positive, as order quantity increases, holding cost increases
Order Cost: Diminishing cost, as order quantity increases, order cost decreases
Term
As the order quantity increases
Definition
Holding Cost increases and Ordering Cost decreases
Term
Bullwhip effect
Definition
Variation increases upstream in supply chain because manufacturers overreact to small changes in demand, participate in batch ordering, or order more when prices are low.
Term
Forward Logistics
Definition
Manufacturing
Term
Reverse Logistics
Definition
Disassembled, refurbished, disposal of products
Term
Strategic Response to change in exchange rate
Definition
When the value of A's currency decreases vs B, the cost of B's products will increase in A's dollars

(past-present)/present
Term
The fundamental difference between cycles and seasonality is the:
Definition
Duration of the repeating pattern
Term
Seasonality is measured in which ways (4)
Definition
Day, week, month, quarter
Term
High impulse response
Definition
forecasts that respond very fast to changes in historical data
Term
Low impulse response
Definition
forecasts reflect few of the changes in historical data
Term
When the smoothing constant *alpha* assumes a value of one, the forecast becomes equivalent to a:
Definition
naive approach (i.e., what happened yesterday will happen today)
Term
A good tracking signal:
Definition
centers closely around zero
Term
Gantt Charts Show 3 things
Definition
When activities should start and finish
Each activity's duration
The overall project time
Term
Critical Path is/has/does (4 things)
Definition
the longest path in the network
determines the time project can be completed
any delay on critical activities delays the project
activities on critical path have zero slack
Term
Crashing
Definition
shortens the critical path by assigning more resources to critical tasks
Term
The bin card for keeping track of inventory is a type of:
Definition
Continuous review system
Term
T/F: Design for logistics involve minimizing packaging, handling and shipping costs
Definition
True
Term
T/F: Inventory is stored capacity
Definition
True
Term
Example of business where proximity to market is important:
Definition
Mall/Hospital
Term
Example of business proximity to raw materials is important:
Definition
Paper mill
Term
Factors affecting location decision
Definition
Proximity, labor, available amenities, transportation, source of raw materials, zoning restriction, environmental restriction, tax incentives
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