single period model
Model for ordering of perishables and other items with limited useful lives.
Generally, the unrealized profit per unit.
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.
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.
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
a person who promotes and supports a project
Project Life cycle
program evaluation and review technique, for planning and coordinating large projects
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
project steps that consumes resources and or time
the starting and finishinf of activities, designated bu the nodes in the AOA convention
time estimates that are fairly certain
estimates of times that follow for variation
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
the patr of a supply chain involved with the forarda and reverse flow of goods, services and information
series of steps that begin with a request for purchase and end with notification of shipment received in satisfacory condition
purchasing is handled by one special department
individual departments or seprate locations handle their own purchaisin requirements
inventory oscillations become progressicle y larger looking backward through the suply chain
the process involved in responding to customer orders