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AN 300 EXAM 1
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Terms in this set (21)
operations management
Which business function is responsible for planning, coordinating, and controlling the resources needed to produce a company's products and services?
1. manufacturing a radio
2. a haircut
3. a surgery
4. a train ride
What would be considered to be a transformation?
inputs (ex. buildings, technology, managers, information)
Resources needed to produce a company's goods and services
flexibility, time, quality, and cost
What are the four broad categories of competitive priorities?
1. skills in attracting and raising capital
2. use of information technology
3. a highly trained workforce
4. quality control techniques
What are some core competencies that a company might have?
improving its own processes
Benchmarking can result in the company
sell above the break-even point
In break-even analysis, in order to make a profit the company must
capital intensive
What is a characteristic of continuous operations?
bullwhip effect
Which term refers to inaccurate or distorted demand information created in the supply chain?
the option with the higher variable costs
According to the financial calculations of the make-or-buy decision, if we need fewer units than the indifference point, then which option should we definitely choose?
delphi method
Which forecasting method is particular good for predicting technological changes and scientific advances?
linear regression
What is a causal forecasting method?
cycle, horizontal, seasonality, and trend
What are the four basic patterns of time series data?
naïve
Which forecasting method assumes that next period's forecast is equal to this period's actual value?
correlation coefficient
What is the statistic that measures the direction and strength of the linear relationship between two variables?
the correlation coefficient is close to +1 or -1
How do you determine whether or not linear trend line or linear regression is a good forecasting method?
capital costs, storage costs, and risk costs
What are the three major categories of holding costs?
quantity discounts are not considered
What is an assumption of the basic EOQ model?
annual ordering costs + annual holding costs
What costs are considered in the basic EOQ model?
orders arrive at once
Which basic EOQ assumption does the EPQ model relax?
annual purchasing costs + annual holding costs + annual ordering costs
What costs are considered in the quantity discount model?
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