Term
| What is a process that evaluates output relative to a standard and takes corrective action when output doesn't meet standards? |
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Definition
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Term
| What is an appraisal activity that compares goods or services to a standard? |
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Term
| What is a time-ordered plot of sample statistics, used to distinguish between random and nonrandom variability? |
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Term
| What is a chart that shows how the mean or average changes overtime? |
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Term
| What is a control chart used to monitor process dispersion? |
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Definition
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Term
| What is a control chart factor based on sample size n? |
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Definition
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Term
| Average of Sample Means + (A2 * Average of Sample Ranges) = |
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Definition
| UCL x-chart Control Limits |
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Term
| Average of Sample Means - (A2 * Average of Sample Ranges) = |
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Definition
| LCL x-chart Control Limits |
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Term
| D4 * Average of Sample Ranges |
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Definition
| UCL R-chart Control Limits |
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Term
| D3 * Average of Sample Ranges |
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Definition
| LCL R-chart Control Limits |
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Term
| What is a Control Chart Factor Based On Sample Size, n? |
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Definition
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Term
| What is a stock or store of ? |
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Definition
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Term
| What are items that are ready to be sold or used? |
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Definition
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Term
| What is a physical count of items in inventory made at periodic intervals? |
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Definition
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Term
| What is a system that keeps track of removals from inventory continuously, thus monitoring current levels of each item? |
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Definition
| Perpetual Inventory System |
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Term
| What are reliable estimates of the amount and timing of demand for inventory? |
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Definition
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Term
| What is the time interval between ordering and receiving the order? |
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Definition
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Term
| What is the physical count of items in inventory? |
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Definition
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Term
What should the accuracy of the cycle count be for?:
A |
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Definition
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Term
What should the accuracy of the cycle count be for?:
B |
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Term
What should the accuracy of the cycle count be for?:
C |
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Definition
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Definition
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Term
| Demand, usually units per year |
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Definition
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Definition
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Definition
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Term
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Definition
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Term
| Annual Holding Cost + Annual Ordering Cost = |
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Term
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Definition
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Term
| What is the shortening for Maximum Inventory? |
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Term
| squareroot(2DS/H) * squareroot(p/(p-u)) |
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Definition
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Term
| Annual Holding Cost + Ordering Cost + Purchase Cost |
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Definition
| Quantity Discount Model Total Cost |
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Term
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Term
d(LT)
or
Expected Demand During Lead Time + Safety Stock |
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Definition
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Term
| Average Demand * Lead Time + (# of Standard Deviations * Standard Deviation of Demand Period) * Squareroot of Lead Time = |
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Definition
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Term
| (Demand per period * Average Lead Time) +(# of Standard Deviations * Standard Deviation of Lead Time) |
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Definition
| ROP Lead Time Uncertainty |
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