A model that identifies the optimum number of items to order to minimize the costs of
managing (ordering, storing, and using) them.
Q*
Setup cost = holding cost
Give this one a try later!
economic order quantity
The inventory level at which action is taken to replenish the stocked item
Demand per day x Lead time for new order + safety stock
Expected demand during lead time + # of standard deviations of demand during lead
time
,Give this one a try later!
reorder point
Forecasting technique:
- Used when some trend might be present
- Older data usually less important
- Weights based on experience and intuition
Give this one a try later!
weighted moving average
Productivity in the ____________ ___________
Productivity improvement in services is difficult because:
1. Typically labor intensive
2. Frequently focused on unique individual attributes or desires
3. Often an intellectual task performed by professionals
4. Often difficult to mechanize and automate
5. Often difficult to evaluate for quality
Give this one a try later!
service sector
Reasons businesses globalize:
,Reduce ________ and exchange rate risks
- Risks associated with currency exchange rates
- Reduce direct and indirect costs
- Trade agreements can lower tariffs
Give this one a try later!
costs
Smoothing constant
Give this one a try later!
mean absolute percent error
Forecasting system step 4:
Select the forecasting __________
Example: Disney uses a variety of statistical models that we shall discuss, including
moving averages, econometrics, and regression analysis. It also employs judgmental,
or nonquantitative, models.
Give this one a try later!
, model
Function of inventory
Take advantage of _____________ discounts
Purchases in larger quantities may reduce the cost of goods or their delivery
Give this one a try later!
quantity
International operations strategy:
Low cost reduction
Low local responsiveness
- import/export or license existing product
Give this one a try later!
international
The probability that demand will not be greater than supply during lead time. It is the
complement of the probability of a stockout
Give this one a try later!
managing (ordering, storing, and using) them.
Q*
Setup cost = holding cost
Give this one a try later!
economic order quantity
The inventory level at which action is taken to replenish the stocked item
Demand per day x Lead time for new order + safety stock
Expected demand during lead time + # of standard deviations of demand during lead
time
,Give this one a try later!
reorder point
Forecasting technique:
- Used when some trend might be present
- Older data usually less important
- Weights based on experience and intuition
Give this one a try later!
weighted moving average
Productivity in the ____________ ___________
Productivity improvement in services is difficult because:
1. Typically labor intensive
2. Frequently focused on unique individual attributes or desires
3. Often an intellectual task performed by professionals
4. Often difficult to mechanize and automate
5. Often difficult to evaluate for quality
Give this one a try later!
service sector
Reasons businesses globalize:
,Reduce ________ and exchange rate risks
- Risks associated with currency exchange rates
- Reduce direct and indirect costs
- Trade agreements can lower tariffs
Give this one a try later!
costs
Smoothing constant
Give this one a try later!
mean absolute percent error
Forecasting system step 4:
Select the forecasting __________
Example: Disney uses a variety of statistical models that we shall discuss, including
moving averages, econometrics, and regression analysis. It also employs judgmental,
or nonquantitative, models.
Give this one a try later!
, model
Function of inventory
Take advantage of _____________ discounts
Purchases in larger quantities may reduce the cost of goods or their delivery
Give this one a try later!
quantity
International operations strategy:
Low cost reduction
Low local responsiveness
- import/export or license existing product
Give this one a try later!
international
The probability that demand will not be greater than supply during lead time. It is the
complement of the probability of a stockout
Give this one a try later!
