Primary functions of organizations - ANSWER planning, organizing, leading, and
controlling.
Service attributes - ANSWER - reliability
- responsiveness
- assurance
- empathy
- tangibles
Core competencies - ANSWER COMPETITIVE ADVANTAGE A factor that a
business see's as a key to their success.
Forecasting time horizons - ANSWER -Short-range forecast
Up to 1 year, generally less than 3 months
Purchasing, job scheduling, workforce levels, job assignments, production levels
-Medium-range forecast
3 months to 3 years
Sales and production planning, budgeting
-Long-range forecast
3+ years
New product planning, facility location, research and development
Inventory management - ANSWER o Motives-to achieve a desired level of customer
service while keeping inventory costs reasonable
o Polices
o Safety stock- Extra inventory carried for uncertainties in supply and demand. Buffer
stock.
o Models- Dependent Demand: internal demand for parts based on the demand of
the final product in which the parts are used. Sub-assemblies, components, and raw
materials are examples of dependent demand items.
Independent demand: The demand for final products and has a demand pattern
affected by trends, seasonal patterns, and general market conditions.
Lean Operations - ANSWER systematic method in which a business's goal is to
deliver value to customers while improving processes and reducing waste
o Waste- anything that doesn't contribute value to the customer
1. Overproduction
2. Waiting/Queues
3. Transportation
4. Overprocessing
5. Excess Inventory
6. Excess Movement
controlling.
Service attributes - ANSWER - reliability
- responsiveness
- assurance
- empathy
- tangibles
Core competencies - ANSWER COMPETITIVE ADVANTAGE A factor that a
business see's as a key to their success.
Forecasting time horizons - ANSWER -Short-range forecast
Up to 1 year, generally less than 3 months
Purchasing, job scheduling, workforce levels, job assignments, production levels
-Medium-range forecast
3 months to 3 years
Sales and production planning, budgeting
-Long-range forecast
3+ years
New product planning, facility location, research and development
Inventory management - ANSWER o Motives-to achieve a desired level of customer
service while keeping inventory costs reasonable
o Polices
o Safety stock- Extra inventory carried for uncertainties in supply and demand. Buffer
stock.
o Models- Dependent Demand: internal demand for parts based on the demand of
the final product in which the parts are used. Sub-assemblies, components, and raw
materials are examples of dependent demand items.
Independent demand: The demand for final products and has a demand pattern
affected by trends, seasonal patterns, and general market conditions.
Lean Operations - ANSWER systematic method in which a business's goal is to
deliver value to customers while improving processes and reducing waste
o Waste- anything that doesn't contribute value to the customer
1. Overproduction
2. Waiting/Queues
3. Transportation
4. Overprocessing
5. Excess Inventory
6. Excess Movement
