Operations Management 12,13,14 IRSC – Flashcards
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what does wip stand for?
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work in process
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what are purchased items or extracted materials that will be transformed into components or products called?
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raw materials inventory
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finished goods in transit to the customer are called what?
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distribution inventory
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which inventory function provides a cushion against unexpected supply shortage?
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speculative inventory
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which inventory function helps firms garner quantity discounts?
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lot size inventory
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in inventory management, when discussing customer service we mean?
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whether the product is available when the customer wants it
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what is the formula for inventory turnover?
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annual cost of goods sold/average inventory in dollars
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if inventory records fall to accurately reflect the quantity of materials available, all except which of the following will occur?
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continuous oprations
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what costs are considered the basic EOQ model?
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annual ordering cost & annual holding costs
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what does EPQ stand for?
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economic production quantity
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a company's plan is a statement of the resources available to the operations group during the next 6 to 18 months
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aggregate
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what type of aggregate plan maintains a constant workforce and produces the same amount of product in each time period?
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level
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in level production plan equipment capacity is set equal to
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average demand
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raissa's pizza parlor has an average monthly demand of 1200 pizzas. statistically, each employee can produce 10 pizzas per hour. the parlor is open 20 days each month. how many employees must they employee to meet the demand using a level aggregate plan?
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6
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what type of aggregate plan sets labor and equipment capacity to satisfy demand each period?
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chase
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what type of aggregate plan keeps a stable workforce and uses backorders to compensate for excess demand needs?
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hybrid
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using a chase strategy with the following 4 month demand and starting employee count, how many employees will be fired and how many will be hired if each employee can fix 4 engines a day? Nov _25 starting employee count 6 dec=10 jan=15 feb-12
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3, 8
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in evaluating the current situation, the is the percentage of normal capacity at which the company is currently operating
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point of departure
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once you implement a new aggregate plan you must then
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b-d
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when a company's product is nontangible, which of the following is no longer a viable option?
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inventory
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what does ERP stand for?
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enterprise resource planning
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ERP is software designed for _____ & _______
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organizing and managing
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what is an information system designed to integrate internal and external members of the supply chain?
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enterprise resource planning
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_____MRP is an MRP system that includes production planning, maser production scheduling, and capacity requirement planning
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closed loop
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what information system enables companies to have the right material in the right amounts available at the right time?
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material requirements planning
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companies use to check that enough work is scheduled for operations and that the amount of work scheduled is feasible
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capacity requirements planning
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independent demand is the demand for
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finished products
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CRP systems are used to check that the amount of work
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is feasible
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selection of the lot size rule to be used should be based on minimizing
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the sum of ordering and carrying costs
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setup time is changed
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each time the machine is prepared to produce the desired item quantity
