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Operations Management 4A Terms_1
Fichas del conjunto (21)
- 1Pareto Principle20% of the people control 80% of the wealth
- 2Inventory: Decoupling PointWhere inventory is carried and allows "upstream" part of supply chain to operate relatively independently of "downstream" part
- 3Inventory Mgmt: Single Period ModelA one time purchase of an item.
Formula: P<= Cu/Co+Cu - 4Inventory MGMT: Fixed Order Quantity ModelWhen inventory is maintained and when a supply is diminished to a fixed quantity, then there is a order to resupply
- 5Inventory MGMT: Fixed Time Period OrderInventory is maintained according to a fixed schedule of time.
- 6Inventory Costs1. Holding Costs
2. Setup
3. Ordering Costs
4. Shortage Costs - 7Basic purpose of Inventory Analysis1. When items should be reordered
2. How large the order should be. - 8Independent DemandWhen the demands for items are unrelated to each other.
- 9Dependent DemandWhen the demands for any one item is a direct result of need for some other item, usually an item which it is a part.
- 10Single period inventory problemAnswers the question of how much to order when an item is purchased only one time and is expected that it will be used and then not reordered.
- 11CoCost per unit of demand overestimated
- 12CuCost per unit of demand underestimated.
- 13Safety StockAmount of inventory carried in addition to the expected stockout.
- 14Examples of Single Period Inventory Models1. Overbooking airline flights
2. Ordering fashion items
3. Any type of one-time order - 15Fixed-Order Quantity ModelsDemand for the product is constant and uniform throughout the period.
Lead time (time from ordering to receipt) is constant
Price/unit is constant.
Inventory holding cost is based on ave. inventory
Ordering or setup costs are constant.
All demand for product will be satisfied. - 16Inventory Turn calculation= Cost of goods sold / Ave. inventory value
- 17Inventory Turn (definition)A measure of the expected number of times inventory is replaced over a year.
- 18Reorder Point (R)an order is placed with inventory drops to this level.
- 19InventoryThe stock of any item or resource used in an organization.
- 20ABC ClassificationA. High Dollar Volume
B. Moderate Dollar Volume
C. Low Dollar Volume - 21Cycle CountingA physical inventory taking technique in which inventory is counted on a frequent basis rather than once or twice a year.
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- Fichas sobre Operations Management 4A Terms_1, creado por akuma33 el 08/12/2013.
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- Creado por akuma33 · 8 dic 2013
- Copiado por akuma33 · 8 dic 2013
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