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
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
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