Term
| What is the basic elements of the supply chain? |
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Definition
| Supply, Manufacture, and Distribution is? |
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Term
| In order to maximize profit, a company must have what? |
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Definition
What does the following do?
- Provide best customer service
- Provide lowest production costs
- Provide lowest inventory investment
- Provide lowest distribution costs |
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Term
| What does inventory turns ratio measures? |
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Definition
| What measures the effectively of inventories that are being used? |
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Term
| What is the formula for inventory turns? |
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Definition
| What is Annual Cost of Goods Sold / Average Inventory in Dollars |
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Term
| What are order qualifiers? |
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Definition
What are competitive characteristics that a firm must exploit to be a viable competitor in the marketplace?
Examples - Price, quality, delivery, etc |
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Term
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Definition
What are the competitive
characteristics that cause customers to choose one firm’s goods and services over those of its
competitors? |
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Term
| What are the different strategies of delivery lead time? |
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Definition
What are the following?
- Engineer-to-Order
- Make-to-Order
- Assemble-to-Order
- Make-to-Stock |
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Term
| What is Engineer-to-Order? |
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Definition
| What type of delivery lead time requires time and significant customization? Usually the customer is highly involved in the product design. Inventory is not normally purchased until needed by manufacturing. |
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Term
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Definition
| What type of delivery lead time starts manufacturing the product when the customer's order is received? The final product is usually made from standard items. The lead time is reduced due to little design time and inventory held as raw material. |
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Term
| What is Assemble-to-Order? |
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Definition
| What delivery lead time manufactures the product from standard components that the manufacturer can inventory and assemble according to a customer order? Delivery lead time is reduced further because their is no design time needed and inventory is held ready for assembly. Customization is limited. |
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Term
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Definition
| What type of delivery lead time has the shortest lead time by manufacturing the goods and sells from finished goods inventory? |
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Term
| What is work-in-process (WIP)? |
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Definition
| What is inventory that is purchased at the beginning of production to be processed into finished goods? |
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Term
| What are the basic inputs of manufacturing planning and control system? |
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Definition
What are the following?
- Product Description
- Process Specifications
- Time Needed to Perform Operations
- Quantities Required |
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Term
| What is Product Description? |
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Definition
| What shows how the product will appear at some stage of production? |
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Term
| What is bill of material? |
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Definition
| What document describes the components used to make the products and the sub-assemblies at various stages of manufacture? |
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Term
| What is Process Specifications? |
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Definition
| What describe the steps necessary to make the end product? |
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Term
| What is Time Needed to Perform Operations? |
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Definition
| What is the standard time it takes for an average operator to work at a normal pace to perform the task? |
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Term
| What is Available Facilities? |
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Definition
| What is the plant, equipment, and labor that is available to process work? |
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Term
| What is Quantities Required? |
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Definition
| What is information that comes from forecasts, customer orders, orders to replace finished-goods inventory, and the material requirement plan? |
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Term
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Definition
| What is a verifiable measure stated in either quantitative or qualitative terms defined with respect to a reference point? |
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Term
| What creates performance standards? |
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Definition
| What is created when company policies are transformed into objectives and specific goals? |
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Term
| What is a performance measure? |
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Definition
| What is both quantified and objective that contains at least two parameters? |
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Term
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Definition
| What is the products that are needed, how many are needed, and when they are needed? |
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Term
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Definition
| What is the capability of manufacturing to produce goods and services? |
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Term
| What is a strategic business plan? |
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Definition
| What is a statement of the major goals and objectives the company expects to achieve over a long range period? |
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Term
| Which manufacturing environments would consumer products, such as film, food, etc. be classified? |
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Definition
| What type of products are generally considered make-to-stock? |
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Term
Many different end items are made from a small number of components. What
manufacturing environment would this be? |
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Definition
| Make-to-order companies typically make end items that are made from? |
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Term
| Aggregate inventory management is concerned with? |
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Definition
| What is the cost and benefits of carrying the different classes of inventory? |
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Term
| Which of the following are objectives of inventory? |
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Definition
| In order to maximize profits, a company must manage inventories, provide great customer service, and have efficient plant operations, while minimizing the amount of capital used for inventory. |
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Term
| What is included in the cost of carrying inventory? |
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Definition
What is
- Heating and lighting a warehouse
- Obsolete inventory
- Labor to move material
- Damaged inventory |
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