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chap 12, 17,11, 5

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

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