BUSMGT 2021 Midterm 1

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Rank the following services from low to high in regards to degree of customer/server contact. Face-to-face total customization face-to-face loose specs phone contact internet and on-site technology face-to-face tight specs mail contact

1. Mail contact 2. Internet and on-site technology 3. Phone contact 4. Face-to-face tight specs 5. Face-to-face loose specs 6. Face-to-face total customization

Place the following production methods in order starting with the one having the highest level of inventory investment and moving down to the one with the lowest inventory investment. Make-to-stock Assemble-to-order Make-to-order Engineer-to-order

1. Make-to-stock 2.Assemble-to-order 3.Make-to-order 4.Engineer-to-order

Three-step risk management process

1. identify the sources of potential disruptions 2. assess the potential impact of the risk 3. develop plans to mitigate the risk

Place the following production methods in order starting with the one having inventory closest to the customer and then moving back to the one with inventory closest to the source. - make-to-stock - make-to-order - assemble-to-order - engineer-to-order

1. make-to-stock 2. assemble-to-order 3. make-to-order 4. engineer-to-order

There are _________________ dimensions depicted on a product-process matrix.

2 , two, to, or too

If a car has four engine choices, three transmission choices, and five entertainment choices, there are____________________ total number of combinations.

4 * 3 * 5 = 60

"C" items typically account for ____________________% of the items, but only account for a very small percentage of the inventory cost.

50

Which of the following is an example of a service business? Multiple choice question. A computer manufacturer An automobile manufacturer A home builder A call center

A call Center

Productitivy

A common measure of how well a country, industry, or business unit is using its resources (or factors of production).

Order winner

A criterion or possibly a set of criteria that differentiates the products or services of one firm from those of another. i.e price, quality, reliability.

Meeting a launch date

A firm may be required to coordinate with other firms on a complex project.. In such cases, manufacturing may take place while development work is still being completed. Coordinating work between firms and working simultaneously on a project will reduce the total time required to complete the project.

Queuing system

A process where customers wait in line for service

Make-to-stock

A production environment where the customer is served "on-demand" from finished goods inventory.

Make-to-order

A production environment where the product is built directly from raw materials and components in response to a specific customer order.

What is the relationship between response to customer demand and inventory investment? There is minimal relationship between inventory investment and customer response. The quicker you respond, the less inventory you have. Having more inventory makes it harder, and therefore slower, to respond to customers. A quicker response comes at the expense of greater inventory investment.

A quicker response comes at the expense of greater inventory investment.

Efficiency

A ratio of the actual output of a process relative to some standard. Also, being "efficient" means doing something at the lowest possible cost

Order qualifier

A screening criterion that permits a firm's products to even be considered as possible candidates for purchase.

Technical Liaison and support

A supplier may be expected to provide technical assistance for product, development, particular during the early stages of design and manufacturing.

The _______________________ inventory classification scheme divides inventory items into three groupings: high dollar volume, moderate dollar volume, and low dollar volume.

ABC

Supplier after-sale support

An important competitive dimension may be the ability of a firm to support its product after the sale. This involves availability of replacement parts and, possibly, modification of older, existing products to new performance levels. Speed of response to these after-sale needs is often important aswell.

Fixed-time period model (P-model)

An inventory control model that specifies inventory is ordered at the end of a predetermined time period. The interval of time between orders is fixed and the order quantity varies.

Fixed order quantity model (Q-model)

An inventory control model where the amount requisitioned is fixed and the actual ordering is triggered by inventory dropping to a specified level of inventory.

Single-period problem

Answers the question of how much to orderwhen an item is purchased only one time and it is expected that it will be used and not reordered

What term describes the expected number of customers that arrive each period? Service rate Exit rate Arrival rate Survival rate

Arrival rate

This accommodation strategy entails extra employees or additional employee skills to compensate for variations among customers; Classic reduction Classic accommodation Uncompromised reduction Low-cost

Classic accommodation

Operations And supply chain strategy

Concerned with setting broad policies and plans for using the resources of a firm and must be integrated with corporates strategy.

Planning

Consists of the processes needed to operate an existing supply chain strategically. Here a firm must determine how anticipated demands will be met with available resources. A major aspect of planning is developing a set of metrics to monitor the supply chain so that it is efficient and delivers high quality and value to customers.

Which of the following would be recommended by the product-process matrix for high volumes? Manufacturing cell Project Continuous/Assembly line Workcenter/Workunit

Continuous / Assembly line

Where does an automobile manufacturer fall on the goods-service continuum? Multiple choice question. Pure goods Core services Pure service Core goods

Core Goods

The variation introduced by the customer into a service process causes a trade-off between which of the following? Cost and efficiency Cost and effort Cost and quality Cost and productivity

Cost and quality

__________________ is a physical inventory-taking technique in which inventory is counted frequently, often times on a time-based schedule.

Cycle counting

The average time between completion of successive units is which of the following? Throughput rate Turnaround time Flow time Cycle time

Cycle time

In a process flow chart a diamond represents which of following? Flow Storage area Decision point Tasks

Decision point

Which of the following is not a step required to make a good? Making Decoupling Delivering Sourcing

Decoupling

_____ is also referred to as logistics processes. Multiple choice question. Delivering Marking Returning Sourcing Planning

Delivering

Two characteristics of a product of service that define quality

Design Quality Process Quality

Select all that apply Which of the following affect safety stock levels in a fixed-order quantity model? Check all that apply. Lead time in days Reorder point in units Desired service level Standard deviation of usage during lead time

Desired service level Standard deviation of usage during lead time

Which of the following skills does a worker require when the degree of customer contact is high? Diagnostic skills Verbal skills Clerical skills Helping skills

Diagnostic skills

____________________inventory includes in-transit items or at a warehouse ready for shipment to the customer.

Distribution

The performance metric that measures a ratio of the actual output of a process relative to some standard is which of the following? Velocity Flow time Operation time Efficiency

Efficiency

Training of service personnel, consistency of service performance, availability and access to the service, and comprehensiveness of the service. Multiple choice question. Supporting facility Facilitating goods Explicit services Implicit services

Explicit Services

Demand is characterized as independent if it comes from sources_________________ to the firm and is not related to other __________________.

External, outside, or foreign products, parts, inventory, or items

In regards to the service package, the material purchased or consumed by the buyer or the items provided to the customer. Explicit services Information Implicit services Facilitating goods Supporting facility

Facilitating goods

True or False: According to the notion of trade-offs, an operation can excel simultaneously on all competitive dimensions.

False

True or False: All firms compete on the same dimensions

False

True or False: An operations and supply chain strategy is independent of a corporate strategy.

False

Which of the following is considered to be warehouse inventory? Work-in-process inventory Finished goods inventory in a distribution center Inventory at a vendor's facility awaiting shipment Raw material inventory awaiting a machining operation

Finished goods inventory in a distribution center

Which model is more likely to have a stock out? Fixed-time period Fixed-order quantity system Both are equally likely, depending on the desired service level used

Fixed-time period

Services generally vary from day to day and even hour to hour as a function of the attitudes of the customers and the servers. Which of the following are exceptions to this? Multiple select question. New technologies Soft technologies Information technologies Hard technologies

Hard Technologies Information Technologies

Select all that apply How can the waiting line be controlled on the server side? Check all that apply. Having the server use faster (or slower) machines Use express or special purpose lines Use faster setup Use a different layout Using faster servers

Having the server use faster (or slower) machines Use faster setup Use a different layout Using faster servers

Which of the following is a characteristic of goods? Multiple choice question. Intangible Homogeneous High customer interaction Inherently heterogeneous

Homogeneous

An _________________ ________________system provides the organizational structure and the operating policies for maintaining and controlling goods to be stocked.

Inventory control

A key financial ratio directly tied to inventory is called? Earnings per share Debt ratio Inventory turns Cost of goods sold

Inventory turns

Sourcing

Involves the selection of suppliers that will deliver the goods and services needed to create the firm's product. A set of pricing, deliver, and payment processes are needed, along with metrics for monitoring and improving the relationships between partners of the firm. These processes include receiving shipment, verifying them, transferring them to manufacturing facilities, and authorizing supplier payments.

Which of the following is not a metric used to measure process performance? Utilization Productivity Lateness Efficiency

Lateness

The time needed to respond to a customer order is called the lead time cycle time turnaround time throughput time

Lead Time

Which of the following is not a feature of a service package? Explicit services Location Implicit services Information

Location

The issue of balancing the level of finished inventory against the level of service to the customer occurs in which type of firm? Make-to-order Engineer-to-order Assemble-to-order Make-to-stock

Make-to-stock

Which of the following types of processes has a large amount of finished good inventory? Make-to-order Engineer-to-order Assemble-to-order Make-to-stock

Make-to-stock

Which type of firm invests in lean manufacturing programs in order to improve customer service levels for a given inventory investment? Assemble-to-order Make-to-order Engineer-to-order Make-to-stock

Make-to-stock

Firms that service customers from finished goods inventory are known as engineer-to-order firms make-to-stock firms make-to-order firms assemble-to--order firms

Make-to-stock firms

Which of the following terms describes a process that has several groups of activities linked through flows? Multi-channel Multi-stage Single-channel Single-stage

Multi-stage

The major problem of this structure is that it requires rigid control of the line to maintain order and to direct customers to available servers. Multichannel, single phase Multichannel, multiphase Mixed Single channel, single phase Single channel, multiphase

Multichannel, single phase

Which of the following is not a channel in queue structures? Mixed Single Multichannel Multiphase

Multiphase

When can a service innovation be patented? Multiple choice question. Only when a physical product is provided with the service. Always Never Only when the company holds a trademark.

Never

Straddling

Occurs when a company seeks to match the competitive dimensions of a competitor while maintaining its existing position. It adds new features, services, or technologies onto the activities it already performs.

OSCM

Operations and Supply Chain Management

What is defined as the design, operation, and improvement of the systems that create and deliver the firm's primary products and services. Multiple choice question. Operations and supply chain management Supply chain management Inventory management Aggregate planning Master production scheduling

Operations and supply chain management

Which of the following is an example of an output of a service process? Ground equipment Passengers transported Reservation personnel Flight crews

Passengers transported

Social Responsibility

Pertains to fair and beneficial business practices toward labor, the community, and the region in which a firm conducts its business.

Poka-yokes

Procedures that prevent mistakes form becoming defects. They are commonly found in manufacturing but also can be used in service processes

One or more activities that transform inputs into outputs is/are called what? Multiple choice question. Process Planning Delivering Returning Making Sourcing

Process

Also known as throughput ratio. Throughput rate Flow time Value-added time Operation time Process velocity

Process velocity

Strategic Analysis

Process: Define vision, mission, and objective ---> Conduct Strateggic Analysis ---> Define Strategic competitive priorities Output: Customer preferences New Tech. Population demographics Competition analysis

Implementation projects

Process: Definition of specific Implementations Projects ---> Identification of resources needed ---> project funding procurement Outputs: Specific Project Plans

Initiatives

Process: Identification of major steps needed in response to new competitive priorities ---> Product Design Initiatives ---> Operations and Supply Chain initiatives Outputs: Product/Platform Changes Operations / Supply Chain Changes

A framework depicting when the different production process types are typically used depending on volume and standardization is known as what? Product-process matrix Process-cost matrix Product-volume matrix Process-time matrix

Product-Process Matrix

Building service activities into a firm's product offering is known as Multiple choice question. product-service processing product-service handling product-service bundling product-service decoupling

Product-Service Bundling

The performance metric that measures the ratio of output to input is which of the following? Utilization Productivity Throughput rate Efficiency

Productivity

Where do food products fall on the goods-service continuum? Multiple choice question. Pure services Core services Pure goods Core goods

Pure goods

What term describes a line of waiting persons, jobs, things, or the like? Line Finite Infinite Queue

Queue

Which of the following indicates when the inventory position drops to the reorder level, as per a fixed-order quantity model? R N T Q

R

Operations Effectiveness

Relates to the core business processes needed to run the business

Design Quality

Relates to the set of features the product or service contains

Supply chain _________ is the likelihood of a disruption that would impact the ability of a company to continuously supply products or services.

Risk

Core __________ service , Correct Unavailable providers must integrate tangible goods.

Service

Delta Company uses special equipment and personnel to changeover production runs quickly. The costs associated with this changeover approach are considered Purchasing costs Setup costs Carrying costs Rapid stock costs

Setup costs

Which order cost is frequently little more than a guess? Setup Ordering Holding Shortage

Shortage

The size of arrivals can be described in what two terms? Single and Group Patient and Group Patient and Batch Single and Batch

Single and Batch

Which of the following processes involves the selection of suppliers? Multiple choice question. Delivering Returning Sourcing Making

Sourcing

Select all that apply Which of the following affect safety stock levels in a fixed-order quantity model? Check all that apply. Standard deviation of usage during lead time Reorder point in units Lead time in days Desired service level

Standard deviation of usage during lead time Desired service level

The term that describes when activities in the process stage must stop because there is no work? Buffer Bottleneck Starving Blocking

Starving

Little's Law

States a mathematical relationship between throughput rate, flow time, and the amount of work-in-process inventory inventory = throughput rate * Flow time

Which of the following is not one of the basic accommodation strategies for handling customer-introduced variability into a service system? Super Classic Uncompromised Low-cost

Super

In regards to the service package, the physical resources that must be in place before a service can be offered. Facilitating goods Explicit services Implicit services Information Supporting facility

Supporting Facility

In a process flow chart a rectangle represents which of following? Decision Flow Tasks Buffer

Tasks

Starving

The activities in a stage must stop because there is no work

Blocking

The activities in the stage must stop because there is no place to deposit the item just completed

Inventory position

The amount on-hand plus on-order minus backordered quantities. In the case where inventory has been allocated for special purposes, the inventory position is reduced by these allocated amounts.

Cycle time

The average time between completions of successive units in a process

Operations and supply chain management (OSCM)

The design, operation, and improvement of the systems that create and deliver the firm's primary products and services.

Which of the following is not a main factor to consider with waiting lines regarding line structure and service rate? The distribution utilized The number of lines The line length The queue discipline

The distribution utilized

Service Rate

The number of customers a server can handle during a given time period.

Days-of-supply

The number of days of inventory of an item

Lead Time

The time needed to respond to a customer order

Setup time

The time required to prepare a machine to make a particular item

Run time

The time required to produce a batch of parts

Total average value of inventory

The total average investment in raw material, work-in-process, and finished goods inventory

Other Dimensions.

These typically include such factors as colors available, size, weight, location of the fabrication site, customization available, and product mix options.

Environmental impacted

This dimension is related to critera such as carbon dioxide emissions, use of nonrenewable resources, or other factors that relate to sustainability.

Optimal order quantity (Qopt)

This order size minimizes total annual cost.

Shareholders

Those individuals or companies that legally own one or more shares of stock in the company.

Select all that apply An inventory control system is responsible for which of the following? Finding the best price for goods Timing the order placement Keeping track of what has been ordered Receiving goods Ordering goods Selecting new vendors

Timing the order placement Keeping track of what has been ordered Receiving goods Ordering goods

True or False: An operations strategy must consider the risk in a supply chain

True

True or False: Operations effectiveness is related directly to the costs of doing business

True

True or false: Operations and supply chain management is focused on the systems that create and deliver an organization's products and services.

True

True or false: A service organization exists to serve the customer True False

True

True or false: Carrying finished goods inventory is more expensive than carrying raw material inventory. True False

True

True or false: Manufacturing processes are used to make tangible goods. True False

True

True or false: The best way to start analyzing a process is to diagram its basic elements. True False

True

True or false: The cost trade-off decision in the management of queues is often straightforward. True False

True

True or false: The exponential distribution can be derived from the Poisson distribution. True False

True

Once a customer is served, how many fates are possible? One Two Three Four or more

Two

Which of the following is not a way to control arrivals? Establish specific hours for customers Run a special Use a faster machine Create short lines

Use a faster machine

Which of the following terms describes the ratio of the time that a resource is activated, relative to the time that it is available for use? Utilization Flow time Cycle time Throughput time

Utilization

_____________________services are services that operate completely from the Internet.

Virtual

Analyzing a process allows some important questions to be answered. Which of the following would not likely be one of those questions? How many customers can the process handle per hour? How long will it take to serve a customer? What change is needed in the process to expand capacity? What should the firm charge? How much does the process cost?

What should the firm charge?

Select all that apply Which of the following is/are manufacturing inventory items? In-transit supplies Work-in-process Finished products Component parts in manufacturing

Work-in-process Finished products Component parts in manufacturing

Which work flow structures is appropriate for a process with great flexibility to produce a variety of products? Workcenter Continuous process Manufacturing cell Project layout

Workcenter

Service Package

a bundle of goods and services that is provided in some environment

web platform business

a firm that creates value by enabling the exchange of information and processing of transactions between consumers and providers of a service or product

Product-process matrix

a framework depicting when the different production process types are typically used, depending on product volume and how standardized the product is

Productivity

a measure of how well resources are used.

Inventory turn

a measure of the expected number of times inventory is replaced over a year

Cycle counting

a physical inventory-taking technique in which inventory is counted on a frequent basis rather than once or twice a year

Exponential distribution

a probability distribution associated with the time between arrivals

Continuous process

a process that converts raw materials into finished product in one continuous process

Assemble-to-order

a production environment where preassembled components, subassemblies, and modules are put together in a response to a specific customer order

Make-to-stock

a production environment where the customer is served "on-demand" from finished goods inventory

Bottleneck

a resource that limits the capacity or a maximum output of the process

Assembly line

a setup in which an item is produced through a fixed sequence of workstations, designed to achieve a specific production rate.

Project Layout

a setup in which the product remains at one location, and equipment is moved to the product

Buffer

a storage are between stages where the output of a stage is placed prior to being used in a downstream stage

Inventory

all the money that the system has invested in purchasing things it intends to sell

Reorder point (R)

an order is placed when inventory drops to this level

Process

any set of activities performed by an organization that takes inputs and transforms them into outputs ideally for greater value to the organization that the original inputs

In the exponential distribution, lambda (λ) represents the mean number of ___________ per time period? seconds customers waiting arrivals departures

arrivals

The two critical components of ALL reorder point calculation scenarios are: average daily demand and lead time in days annual demand and lead time in days average product costs and average daily lead time order cycle time and transportation costs

average daily demand and lead time in days

A _________________ is when the order is held and filled at a later date when the inventory for the item is replenished.

backorder

Comparing the metrics of one company to another, is often referred to as ______________________.

benchmarking

Which of the following describes a resource that limits the capacity or maximum output of a process? Bottleneck Starving Buffer Blocking

bottleneck

A standard approach to choosing among alternative processes or equipment that uses fixed cost, variable costs, and revenue is known as break-even analysis net present value revenue analysis economic analysis

break-even analysis

hybrid

combines the features of both make-to-order and make-to-stock

Products and services sold strictly on the basis of cost and are typically _________-like

commodity

A ________________service time rule states that each service takes exactly the same time.

constant

within every industy, there is usualy a segment of the market that buys solely on the basis of low _________

cost, price or prices

The customer order _______________ point determines where inventory is positioned to allow processes or entities in the supply chain to operate independently.

decoupling

The x-axis of the service-system matrix shows which of the following degree of process efficiency degree of innovation degree of customer contact degree of sales opportunity

degree of customer contact

When then number of needed items are computed based on the number of higher-level items produced, one is operating in a(n)_______________ demand environment.

dependent

___________________ inventory includes in-transit items or at a warehouse ready for shipment to the customer.

distribution

ABC inventory classific

divides inventory into dollar volume categories that map into strategies appropriate for the category

Fixed-order quantity models are _____________ triggered.

event

capability variability

example: a patient being unable to explain his or her symptoms to a doctor

arrival variability

example: a restaurant customer comes at a time inconsistent with average demand

request variability

example: a traveler asks for a room with a view at a crowded hotel

Subject preference variability

example: one bank customer interpreting a teller addressing him by his first name as a sign of warmth, while another customer feels that such informality is un-businesslike.

Effort variability

example: shoppers not bothering to put their shopping carts in a designated area in a supermarket parking lot

True or false: A large party of 10 at a restaurant is an example of a single arrival size. True False

false Reason not true: While they come in together, each one must be waited on individually so this is a batch arrival.

A multiple-stage process has multiple groups of activities that are linked through ________________

flows

Core ___________________ providers already provide a significant service component as part of their businesses.

goods

Manufacturing cell

groups dissimilar machines to work on products that have similar shapes and processing requirements

Engineer-to-order

here the firm works with the customer to design the product, which is then made from purchased material, parts, and components.

Activity-System Maps

how a company's strategy is delivered through a set of tailored activities

Attitude of the servers, atmosphere, waiting time, status, privacy and security, and convenience. Multiple choice question. Supporting facility Implicit services Facilitating goods Explicit services

implicit services

If the cycle time decreases, the output of the process will______________.

increase

If the utilization of a process increases, the output of that process will ____________________

increase or grow

Campbell's Soup makes product for Kroger and other grocery stores based on sales to the final consumer. This inventory management environment is characterized as ________ demand. independent forecasted dependent marketing

independent

What two terms are utilized to describe line length? Unlimited and set number Infinite and limited Infinite and set number Unlimited and limited

infinite and limited

A platform business creates value by enabling the exchange of __________________ between the consumers and the providers.

information

A process that cannot be weighed or measured is known as Multiple choice question. perishable intangible tangible time dependent

intangible

The time between placing an order and receiving the item(s) is called: lead time cycle count reorder point demand variation

lead time

The higher the per unit revenue, the_____________________ the break-even volume.

lower, less, smaller, or lesser

A constant service time is generally limited to _______________-controlled operations

machine

More accommodation implies _____; less accommodation implies _____. more cost, less-satisfied customer more cost, more-satisfied customers less cost, less-satisfied customer less cost, more-satisfied customers

more cost, less-satisfied customer

pacing

movement of items through a process is coordinated through a time mechanism

workcenter

often referred to as a job shop, a process structure suited for low-volume production of a great variety of nonstandard products. Workcenters sometimes are referred to as departments and are focused on a particular type of operation

As it relates to inventory, a buyer's time expended to prepare the purchase order for more material is considered a(n) ____ cost. execution holding buffer ordering

ordering

The managerial and clerical costs to prepare purchase or production orders are called: ordering costs logistics costs shortage costs holding costs

ordering costs

__________________refers to the fixed timing of the movement of items through the process.

pacing

if you wish to measure productivity in units other than dollars, you must use ____________ measures of productivity.

partial

The fixed-order quantity model is a _______________ system, which requires that every time a withdrawal from inventory or an addition to inventory is made, records must be updated to reflect whether the reorder point has been reached.

perpetual

The fixed-order quantity model is a __________________system, which requires that every time a withdrawal from inventory or an addition to inventory is made, records must be updated to reflect whether the reorder point has been reached.

perpetual

If safety stock is ______________, the effect is to place a reorder sooner.

positive

Poisson distribution

probability distribution for the number of arrivals during each time period

Safety stock inventory levels are determined by the__________________ of stock out at a given desired service level.

probability, chance, or likelihood

A ____________________ is any part of an organization that takes inputs and transforms them into outputs.

process

________________is the ratio of output to input.

productivity

A difficult but important first step in process analysis is to clearly define the _________________ of the analysis.

purpose, goal, or objective

Work measurement

setting time standards for a job

Specialization of labor

simple, repetitive jobs are assigned to each worker

Job enrichment

specialized work is made more interesting by giving the worker a greater variety of tasks

Job design

specification of the work activities of an individual or group

The term _____ is used to indicate that multiple activities have been pulled together for analysis purposes. single-channel multi-channel stage

stage

In the make-to-order and engineer-to-order environments, the customer order decoupling point could be in either raw materials at the manufacturing site or possibly even with the ______________ inventory.

supplier

Safety Stock

the amount of inventory carried in addition to the expected demand

flow time

the average time that it takes a unit to move through an entire process

Independent demand

the demands for these items are unrelated to each other, or to activities that can be predicted with certainty

Arrival rate

the expected number of customers that arrive each period

service blueprint

the flowchart of a service process, emphasizing what is visible and what is not visible to the customer

Dependent demand

the need for any one item is a direct result of the need for some other item, usually an item of which it is a part. Also, when the demand for the item can be predicted with accuracy due to a schedule or specific activity

throughput rate

the output rate that the process is expected to produce over a period of time

high and low degrees of customer contact

the physical presence of the customer in the system and the percentage of times the customer must be in the system relative to the total time it takes to perform the service

Utilization

the ratio of the time that a resource is actually activated relative to the time that it is available for use

Process velocity

the ratio of the value-added time to the flow time

operation time

the sum of the setup time and run time for a batch of parts that are run on a machine

Value-added time

the time in which useful work is actually being done on the unit

Price-break model

this model is useful for finding the order quantity of an item when the price of the item varies with the order size

Stakeholders

those individuals or organizations that are influenced, either directly or indirectly, by the actions of the firm

Fixed-time-period models are ______________ triggered.

time

lean manufactruing

to achieve high customer service with minimum levels of inventory investment

True or False: A process is made up of one or more activities that transform inputs into outputs

true

The probability approach to determining safety stock considers only the probability of running out of stock, not how ______________ many we are short.

units

Customer order decoupling point

where inventory is positioned in the supply chain

This is safety stock. zσT+L q I A d(T+L)

zσT+L

This is the variance of the exponential distribution. 1/λ λ 1/λ^2 λ^2

λ


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