GSC Final Exam
Master Scheduling
A detailed planning process that tracks production output and matches this output to actual customer orders
hedge inventory
A form of inventory buildup to buffer against some event that may not happen.
Enterprise Resource Planning (ERP)
A large integrated system that ties together all of a business's activities.
lean six sigma
A methodology that combines the organizational elements and tools of Six Sigma with Lean's focus on waste reduction
cloud computing
A model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources that can be rapidly provisioned and released with minimal management effort or service provider interaction
Lean
A philosophy of production that emphasizes the minimization of the amount of resources (including time) used in the various activities of the enterprise. It involves identifying and eliminating non-value-added activities in design, production, supply chain management, and dealing with customers.
level demand production
A production plan that varies the level of inventory in order to maintain an even production level for a given period. Level production plans may be a result of facility restraints, or to accommodate seasonal demand.
chase demand schedule
A production planning method that maintains a stable inventory while varying production to meet demand. Companies may combine chase and level production schedule methods.
lean supply chain management
An extension of the Lean philosophy to supply chain efforts beyond production. Lean supply chain management seeks to minimize the level of resources required to carry out all supply chain activities.
cycle stock
Components or products that are received in bulk by a downstream partner, gradually used up, and then replenished again in bulk by the upstream partner.
safety stock
Extra inventory that a company holds to protect itself against uncertainties in either demand or replenishment time.
transportation inventory
Inventory that is moving from one link in the supply chain to another.
smoothing inventory
Inventory that is used to smooth out differences between upstream production levels and downstream demand
lean perspective on waste
waste is any activity that does not add value to the good or service in the eyes of the consumer
Bill of Material (BOM)
a listing of all the subassemblies, intermediates, parts, and raw materials that go into a parent assembly showing the quantity of each required to make an assembly
just in time
a philosophy of manufacturing based on planned elimination of all waste and on continuous improvement of productivity
Material Requirements Planning (MRP)
a planning process that translates the master production schedule into planned orders for the actual parts and components needed to produce the master schedule items
kanban system
a production control approach that uses containers, cards, or visual cues to control the production and movement of goods through the supply chain
inappropriate process
companies sometimes use overly complex processes when simpler, more ones would work better
Decision Support System (DSS)
computer based information systems that allow users to analyze, manipulate and present data in a manner that aids higher level decision making
waiting
inefficient layouts or inability to match demand with output levels my cause ________
overproduction
inflexible or unreliable processes may cause organizations to produce goods before they are required
anticipation stock
inventory that is held in anticipation of customer demand
muda
means waste in Japanese
defects
not only do defects create uncertainty in the process, they rob production capacity by creating products or services that require rework or must be scrapped
performance phase
organization actually starts to execute the project plan
Customer Relationship Management (CRM)
planning and control activities and information systems that link a firm with its downstream suppliers
Supplier Relationship Management (SRM)
planning and control activities and information systems that link a firm with its upstream suppliers
unnecessary/excess motion
poorly designed processes can lead to unnecessary motion
post completion phase
project manager or team confirms the final outcome, conducts a post implementation meeting to critique the project and personnel, and reassigns project personnel
Concept phase
project planners develop a broad definition of what the project is and what its scope will be
project definition phase
project planners identify how to accomplish the work, how to organize for the project, the key personnel and resources required to support the project, tentative schedules, and tentative budget requirements
planning phase
project planners prepare detailed plans that identify activities, time and budget targets, and the resources needed to complete each task, while also putting into place the organization that will carry out the project
Master production schedule (MPS)
the amount of product that will be finished and available for sale at the beginning of each week. the MPS drives more detailed planning activities such as MRP
Exploding the BOM
the process of working backward from the master production schedule for a level 0 item to determine the quantity and timing of orders for the various subassemblies and components
underutilization of employees
this is the newest form of waste added to the list, and it recognizes that too often companies do not fully utilize the kills and decision-making capabilities of their employees
unnecessary transpiration
transporting goods always increases costs and the risk of damage, but it does not necessarily provide value to the final customer
unnecessary inventory
uncertainty with regard to quality levels, delivery lead times, and the like can lead to unnecessary inventory
available to promise (ATP)
a field in the mast schedule record that indicates the number of units that are available for sale each week, given those that have already been promised to other customers
