DS Final Exam
Order by
25 terms
Terms | Definitions |
|---|---|
 single period model | Model for ordering of perishables and other items with limited useful lives. |
| Shortage cost | Generally, the unrealized profit per unit. |
| Excess cost | Difference between purchase cost and salvage value of items left over at the end of a period. |
| Economic Order Quantity | The order size that minimizes total annual cost. |
| A-B-C approach | Classifying inventory according to some measure of importance, and allocating control efforts accordingly. |
| Perpetual Inventory system | System that keeps track of removals from inventory continuously, thus monitoring current levels of each item. |
| Little's Law | The average amount of inventory in a system is equal to the product of the average demand rate and the average time a unit is in the system. |
| Key decisions in Project Management | 1. deciding which projects to implement 2. Selecting the project manager 3. Selecting the project team 4. Planning and designing the project 5. Managing and controlling project resources 6. Deciding if and when a project should be terminated |
| project champion | a person who promotes and supports a project |
| Project Life cycle | 1. Definition 2. planning 3. execution 4. termination |
| PERT | program evaluation and review technique, for planning and coordinating large projects |
| CPM | Critical path methods, for planning and coordinating large projects |
| Network precedence Diagram | diagram of project activities that shows sequential relationships by use of arrows and nodes |
| activities | project steps that consumes resources and or time |
| events | the starting and finishinf of activities, designated bu the nodes in the AOA convention |
| deterministic | time estimates that are fairly certain |
| probabilistic | estimates of times that follow for variation |
| beta distribution | describes the inherent variability in activity time estimates |
| supply chain management | the strategic coordinatyion of the suppy chain for the purpose of integratig supple and demand management |
| logistics | the patr of a supply chain involved with the forarda and reverse flow of goods, services and information |
| purchaisng cucle | series of steps that begin with a request for purchase and end with notification of shipment received in satisfacory condition |
| centraliaed purchasing | purchasing is handled by one special department |
| decentralized purchasing | individual departments or seprate locations handle their own purchaisin requirements |
| bullwhip effect | inventory oscillations become progressicle y larger looking backward through the suply chain |
| order fulfillment | the process involved in responding to customer orders |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.