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BUSI 411 Quiz Week 4 2024: Service Facilities & Process Improvement with complete solution;Liberty

BUSI 411 Quiz Week 2: Defining Services & New Service Development Newest 2024/2025 Version with complete solution;Liberty

Briefly describe the terms operations management and supply chainoperations management relates to the management of systems or processes that create goods and/or provide services. These processes involve the planning, coordination, and execution of all activities within an organization that create goods and services. supply chain is the sequence of organizations, including their facilities, functions, and activities, that are involved in producing and delivering a product or service. T...

ABC ApproachClassifying inventory according to some measure of importance, and allocating control efforts accordingly. Cycle CountingA physical count of items in inventory. Cycle StockThe amount of inventory needed to meet expected demand Economic Order QuantityThe order size that minimizes total annual cost. Excess CostDifference between purchase cost and salvage value of items left over at the end of a period. Fill RateThe percentage of demand filled by the stock on hand. Fixed-order...

Compute a weighted average forecast using a weight of .40 for the most recent period, .30 for the next most recent, .20 fore the next, and .10 for the next. 1 - 42 2- 40 3 - 43 4-40 5-4141 = .4(41)+.3(40)+.2(43)+.1(40) Exponential SmoothingA weighted-moving-average forecasting technique in which data points are weighted by an exponential functio

Type 1 ErrorConcluding a process is not in control when it actually is. Type 2 ErrorConcluding a process is in control when it is not. What is quality?The ability of a product or service to consistently meet or exceed customer expectations. Who is Walter Shewart?Father of quality control What is a control chart?A statistical chart of time-ordered values of a sample statistic. Who is Edwards Deming?1. Special vs common cause variation 2. 14 points 3. Made a difference in Japan

ABC ApproachClassifying inventory according to some measure of importance, and allocating control efforts accordingly. Cycle CountingA physical count of items in inventory. Cycle StockThe amount of inventory needed to meet expected demand Economic Order QuantityThe order size that minimizes total annual cost. Excess CostDifference between purchase cost and salvage value of items left over at the end of a period. Fill RateThe percentage of demand filled by the stock on hand.

Compute a weighted average forecast using a weight of .40 for the most recent period, .30 for the next most recent, .20 fore the next, and .10 for the next. 1 - 42 2- 40 3 - 43 4-40 5-4141 = .4(41)+.3(40)+.2(43)+.1(40) Exponential SmoothingA weighted-moving-average forecasting technique in which data points are weighted by an exponential function. Smoothing forecast value of .1 projected value 42 actual value 40=42+(.1*(40-42))

Type 1 ErrorConcluding a process is not in control when it actually is. Type 2 ErrorConcluding a process is in control when it is not. What is quality?The ability of a product or service to consistently meet or exceed customer expectations. Who is Walter Shewart?Father of quality control What is a control chart?A statistical chart of time-ordered values of a sample statistic. Who is Edwards Deming?1. Special vs common cause variation 2. 14 points 3. Made a difference in Japan

Briefly describe the terms operations management and supply chainoperations management relates to the management of systems or processes that create goods and/or provide services. These processes involve the planning, coordination, and execution of all activities within an organization that create goods and services. supply chain is the sequence of organizations, including their facilities, functions, and activities, that are involved in producing and delivering a product or service. T...