practical operations management exam 1 – Flashcards
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Process
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activities that transform inputs to outputs
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value-added
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difference between total value of outputs and total value of inputs
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value-creation
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achieving positive value added
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productivity
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measure of value creation
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operations
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set of activities that turns inputs to outputs
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sustainability
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the degree to which an activity with immediate benefit does not incur greater costs in the long term
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green
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production is green if it is sustainable
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lean
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operating without waste
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responsibility
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obligation to perform
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ethics
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principles governing conduct; delineating good from bad
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tangibility
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the degree of perceivable, physical essence of a product
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goods
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tangible products
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services
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intangible products
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inventory
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tangible items ready for use or sale
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stockpiling
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producing or securing goods in advance of demand
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supply chain
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a system consisting of all organizations that play some role in supplying a particular product to a customer
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value chain
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a system consisting of all functions within an organization that play some role in adding value to the organizations product
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local optimization
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localized problem solving that ignores any larger problem of which local decision is a component
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NGO
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a nongovernmental organization , understood to be a non-profit
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scientific management
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methodology emphasizing the use of data collection and analysis to redesign processes and improve efficiency
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Incident
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a unscheduled event requiring immediate attention
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iterative planning
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deliberately adjusting plans at a short interval to reflect new info.
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strategy
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methodology and resulting plan the identifies the long term goals of an organization
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planning horizon
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the farthest point in the future considered in decision making
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business analytics
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continuous investigation of business performance using large volumes of data
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tactics
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means to pursue strategic goals with available resources
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biomimicry
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imitation of natural processes and systems
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vision
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an organizations defining statement about the future
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mission
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organizations statement about what it is doing to meet its vision
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business unit
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a segment of a larger organization, usually managed as a profit loss center
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goal alignment
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developing goals compatible among business units and consistent withe higher level goals of that organization
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enterprise resource planning (ERP)
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strategic information system that integrates all functional areas of an organization
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data warehouse
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database of an organization ongoing operations archived for analysis and decision supports
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data mining
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analysis of data in search of new patterns and relationships
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e-commerce
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buying and selling products through electronic transactions
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core competency
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specific ability that distinguishes a business from its competitors
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order qualifiers
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minimum competitive characteristics necessary to be considered for a customers order
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order winners
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those characteristics that give a product a competitive advantage
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make-to-order
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produces high volumes of standard products
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total productivity measure
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ratio of all value of outputs combined over combined value of all inputs
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partial productivity measure
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ratio of a particular output over a particular input
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quality of conformance
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degree to which output meets producer expectations
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total quality management (TQM)
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simultaneous and continuous pursuit of improvement of quality and design with involvement of entire organization
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employee empowerment
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granting an employee the authority to take independent action on behalf of the overall operation
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kaizen
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Japanese term for continuous improvement
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quality circles
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a group of employees that meets regularly to discuss and develop opportunities for continuous improvement on an operation
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pareto analysis
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use of stats to identify the factors most influential in a particular outcome of interest
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causal modeling
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predicting the outcome by identifying the relationship with one or more factors
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natural variation
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random variation; randomness inherent in a process
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assignable variation
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deviations with a specific cause or source
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six sigma
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quality management using analytic tools and widespread employee involvement
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DMAIC
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define, measure, analyze, improve , control; various phases of six sigma methodology
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reverse engineering
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disassembling and evaluating a competitors product
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rapid prototypng
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creating physical examples of a design as quickly as possible, to allow further assessment and improvement
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quality function deployment
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modeling mathmatical correlations between customers perception of a product and its technical design specifications
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cradle-to-gate
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planning from purchase of raw materials to end of production
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cradle-to-grave
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planning from purchase of raw materials ro sale of produc to customer
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manufacturability
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degree to which a product can be created easily and reliably according to expectations
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concurrent engineering
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integration of design and process development phases. increases manufacturability
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assemble to order
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produces standard models to be customized
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proaction
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avoidance of preventable risk, 1st and most basic stage of risk management
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forecasting
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predicting future events
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crowdsourcing
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combining interdependent efforts of many people to accomplish a task
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expert opinion panel
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a small group of highly knowledgeable people who develop prediction through discussion and consensus
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jury of executive opiniom
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an expert panel composed of managers
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delphi method
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a qualitative forecasting technique in which experts achieve consensus through a blind process via a facilitator
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extrapolation
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projecting existing data into the future
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time series
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values observed in chronological order
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time series decomposition
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modeling observed values based on identifiable component influences
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error
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the difference between an observed value and a predicted one
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naiive forecast
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assuming a future value equals the most recent actual value available
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mean error
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an average of forecast errors; useful for indicating forecast bias
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forecast bias
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a tendency to create errors that are predominately positive or negative
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means squared error
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an average of the squared values of a set of forecast values
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mean absolute deviation
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an average of the absolute values of a set of forecast errors
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percent error
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forecast error divided by the corresponding actual value
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tracking signal
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ratio of the sum of a set of forecast errors over the MAD of that forecast
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responsiveness
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the degree to which a technique modifies forecasts to reflect recent changes in past data
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regression analysis
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using mathematical relationships between two or more variables to predict future values
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correlation coefficient
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a measure of the strength of the relationship between two variables
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coefficient of determination
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proportion of variation in a dependent variable that is explained by a regression model
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known unknown
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a source of uncertainty known to a decision maker, usually evident in past experience or data
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exogenous variation
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a non repeating deviation in a time series created by a distinct , identifiable external influence
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black swan
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an incident of extreme consequence, unexpected or considered highly improbale
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unknown unknown
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uncertainty omitted from planning bedcaus the decision maker is unaware of its presence
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trend
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a sustained period of growth or decline
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seasonality
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a repeating pattern in a time series
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cyclic variation
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seasonality with a cycle time longer than one year; generally associated with economic influence on time series data
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seasonal relatives
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a set of numerical values the describe a seasonal pattern
