chap 12, 17,11, 5
Excess cost
Difference between purchase cost and salvage value of items left over at the end of a period.
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
Network precedence Diagram
diagram of project activities that shows sequential relationships by use of arrows and nodes
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
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