Mgsc 395 stuvia Study guides, Class notes & Summaries

forecast - Answer a prediction of future events used for planning purposes time series - Answer the repeated observations of demand for a service or product in their order of occurrence time series pattern: horizontal - Answer nearly flat over time time series pattern: trend - Answer consistently rising or falling time series pattern: seasonal - Answer varies in a repeatable pattern over seasons time series pattern: cyclical - Answer less predictable than seasonal, longer cycle th...

inventory management - Answer the planning and controlling of inventories in order to meet the competitive priorities of the organization inventory - Answer a stock of materials used to satisfy customer demand or to support the production of services or goods pressures for small inventories - Answer -inventory holding cost -cost of capital -storage and handling costs -taxes -insurances -shrinkage pressure for large inventories - Answer - customer service -ordering cost -setup cos...

Global Supply Chain and Operations Management - Answer -designing products and services -designing, implementing, and improving processes -Create and provide these products and services to customers when they want, at prices they will buy, and at quality they expect.... all while making profits long term and short term Operations Management - Answer Systematic design, direction, and control of processes that transform inputs into services and products for internal, as well as external, cust...

Capacity - Answer The max rate of output of a process or system What do long-term capacity plans involve? - Answer Investments in new facilities and equip at the organizational level, and require top mgmt participation and approval bc they are not easily reversed When choosing a capacity strategy, what do managers need to consider? - Answer How much of a cushion is needed for variable demand & should we expand capacity ahead of demand or wait until demand is more certain 2 ways capacity...

Break Even Analysis - Answer Analysis to compare processes by finding the volume at which two different processes have equal total costs. pQ = F + cQ Break Even Quantity - Answer The volume at which total revenues equal total costs. Variables for Break Even - Answer Variable cost (c) The portion of the total cost that varies directly with volume of output. Fixed cost (F) The portion of the total cost that remains constant regardless of changes in levels of output. Quantity (Q) The ...

Operations management - Answer The systematic design, direction, and control of processes that transforms inputs into serves and products for internal, as well as external, customers Process - Answer any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers Operation - Answer a group of resources performing all or part of one or more processes Supply Chain - Answer An interrelated series of processes within and...

Bottlenecks exist in which type of manufacturing​ processes? - Answer job process, batch process, line process What is the name of the product mix decision method that takes advantage of the principles outlined in the theory of​ constraints? - Answer the traditional method The theory of constraints methods increase the​ firm's profits more effectively by focusing on​ what? - Answer making materials flow rapidly through the entire system A simple process for matching work elemen...

Operations Management - Answer The systematic design, direction, and control of processes. Process - Answer any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs. Operation - Answer a group of resources performing all or part of one or more processes. Market Analysis - Answer Understanding what the customer wants and how to provide it. Competitive priorities - Answer the critical dimensions that a process or supply chain ...

Finance - Answer Acquires financial resources and capital for inputs Marketing - Answer Generates sales of outputs Operations - Answer Translates materials and services into outputs Process - Answer Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers Operation - Answer A group of resources performing all or part of one more processes Supply Chain - Answer An interrelated series of processes within a...

For what organizational decisions are demand forecasts used? - Answer -long term(general forecast) -intermediate term(product family/service lines) -short term(detailed) What are the costs/risks of forecasts that are too high or too low? - Answer Too high: -surplus of inventory -price markdown(blackfri.) -too many employees Too low: Not enough.. -product for demand -people working(bad customer service) What are characteristics of all forecasts? - Answer -ALL wrong to some degr...