OPM 3000 MIDTERM VERIFIED STUDY GUIDE
Little's Law - Answers - avg. time flow unit spends in process
I=RxT
OPM - Answers - march supply and demand
customer creates demand
customer preference - Answers - consumer utility:
made up of consumption which is made up of performance and fit
inconvenience - Answers - made up of location and timing
Efficient Frontier - Answers - The set of firms that are not Pareto dominated
pareto dominant - Answers - equal or better than 2 variables/ parameters of interest
inefficieny inhibitors - Answers - waste time variability inflexibility
process analysis - Answers - any aspect of an operation including inputs outputs and
resources
flow unit - Answers - associated w outputs of a process.
calculated inventory - Answers - # of flow units at any given time in a process
processing time - Answers - average time a server takes to complete service of a flow
unit
capacity of a resource - Answers - 1/p
reciprocal of processing time
Inventory - Answers - I
on avg. how many flow units are within the process boundaries at any point in time.
Flow Time - Answers - how much time a flow unit spends within the process
T
Flow Rate - Answers - how many flow units pass through the process per unit of time
R= min (Demand, Process Capacity)
Process Capacity - Answers - min ( 1/p1 , 1/p2)
Little's Law - Answers - avg. time flow unit spends in process
I=RxT
OPM - Answers - march supply and demand
customer creates demand
customer preference - Answers - consumer utility:
made up of consumption which is made up of performance and fit
inconvenience - Answers - made up of location and timing
Efficient Frontier - Answers - The set of firms that are not Pareto dominated
pareto dominant - Answers - equal or better than 2 variables/ parameters of interest
inefficieny inhibitors - Answers - waste time variability inflexibility
process analysis - Answers - any aspect of an operation including inputs outputs and
resources
flow unit - Answers - associated w outputs of a process.
calculated inventory - Answers - # of flow units at any given time in a process
processing time - Answers - average time a server takes to complete service of a flow
unit
capacity of a resource - Answers - 1/p
reciprocal of processing time
Inventory - Answers - I
on avg. how many flow units are within the process boundaries at any point in time.
Flow Time - Answers - how much time a flow unit spends within the process
T
Flow Rate - Answers - how many flow units pass through the process per unit of time
R= min (Demand, Process Capacity)
Process Capacity - Answers - min ( 1/p1 , 1/p2)
