Term
| Factors for selecting a forcasting model |
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Definition
1. The amount & type of available data
2.Degree of accuracy required
3. Length of forcast horizon
4. Presence of data patterns |
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Term
| What is the Time Series Model Equation |
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Definition
| Data = historic pattern + random variation |
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Term
| What are the types of Quantitative Models |
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Definition
1. Time Series Models
2. Casual Models |
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Term
| What are the Strengths and Weaknesses of Quantitative Models? |
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Definition
Strengths
- consistent and objective
-Can consider a lot of data at once
Weaknesses
- Necessary data isn't always available
- Forcast quality relies on data quality |
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Term
| What are the types of Qualitative methods? |
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Definition
1. Executive opinon
2. Market Research
3. Delphi method |
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Term
| What are the Strengths and Weaknesses of Qualitative methods? |
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Definition
Strengths
- Incorporates inside information
- Useful when future is expected to be very different from past
Weaknesses
-Forcaster bias can effect accuracy
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Term
| What are the Forcasting Steps? |
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Definition
1. decide what to forcast
2. Evaluate and analyze appropriate data
3. Select and test the forcasting model
4. Generate the forcast
5. Monitor forcast accuracy over time |
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Term
| What are Principles of Forecasting? |
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Definition
Forcasts are rarely perfect
Grouped forcasts are more accurage than individual items
Forcast accuracy is higher for shorter time horizons
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Term
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Definition
- Multifunctional workers
- Reduce cycle time
- Minimize setups
- Good Housekeeping
-Parallel processing
- Simple, highly-visible flow of work |
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Term
| JIT role in manufactoring |
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Definition
- identify and fix problems
- Reorganize workplace
- Reduce setup times
- Reduce lot sizes and lead times
- implement layout changes
- Switch to pull production
-Extend methods tto suppliers |
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Term
| What are the benefits of JIT? |
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Definition
- Smaller inventories
- Improved quality
- Reduced space requirements
- Shorter lead times
- Lower production costs
- Increased productivity
- Increased machine utilization
- Greater flexibility |
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Term
| Supplier and JIT relations |
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Definition
- use single source suppliers
- build long term relationships
- co-locate facilities to reduce transport
- stable delivery schedules
- Share cost and other info |
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Term
| What is the role of management when it comes to JIT? |
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Definition
- Responsible for culture of mutual trust
- Serve as coaches and facilitators
- Support culture with appropriate incentive system
- Responsible for developing workers
- provide multi-functional training
- Facilitate teamwork |
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Term
| What are the role of workers when it comes to JIT? |
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Definition
- Cross trained employees
- Actively engaged in problem- solving
- Workers are empowered
- Everyone responsible for quality
- Workers gather performance data
- Team approaches used for problem solving
- Decisions made bottom-up
- Workers responsible for preventitive maintenance |
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Term
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Definition
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Term
|
Definition
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Term
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Definition
| The authority to stop the line |
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Term
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Definition
| Signal for more inventory |
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Term
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Definition
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Term
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Definition
- unsynchronized production
- Inefficient and streamlined
- unnecessary material handling
- scrap and rework |
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Term
| What is the philosophy of JIT? |
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Definition
- Elimination of Waste
- Broad view of operations
- Simplicity
- Continuous Improvement
- Visibility
- Flexibility |
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Term
| What is Six Sigma capability? |
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Definition
| Assumes the process is capable of procucing output where +/- 6 standard deviations |
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Term
| What are the control charts for Attribute Data? |
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Definition
p-charts
-track the proportion that are defective in a sample
c-charts
- track the average number of defects per unit of output |
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Term
| What control charts are used for variable data? |
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Definition
- Mean (x bar)
- Range charts |
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Term
|
Definition
| Can only be described by discrete characteristics |
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Term
What is Variable level Data?
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Definition
Can only be measured using a continuous scale
Example length, weight, time, and temperature |
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Term
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Definition
| Use statistical limits to identify when a sample of data falls within a normal range of variation |
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Term
| What is Standard Deviation? |
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Definition
| Describes the amount of spread or observed variation in the data set |
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Term
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Definition
| the average or central tendency of a data set |
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Term
| What is acceptance sampling? |
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Definition
| Used to accept or reject entire batches by only inspecting a few items |
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Term
| What is Statistical Process Control (SPC) |
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Definition
| Used to determine whether a process is performing as expected |
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Term
| What are descriptive Statistics? |
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Definition
| Used to describe quality characteristics and relationships |
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