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10 Cards in this Set
- Front
- Back
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operations management
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the management of systems or processes that create goods and/or provide services
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value added
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difference between the cost of inputs and the value or price of outputs
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six sigma
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a process for reducing costs, improving quality, and increasing customer satisfaction
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forecasting
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predicting what you need in order to meet future demand
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qualitative forecasting techniques
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market surveys/research
expert opinion delphi method life signal analysis |
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Delphi Method
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group members never meet face to face decisions are made through many iterations of ideas and eventual agreement
to predict when a certain event will occur |
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seasonality
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refers to short term fairly regular variations generally related to factors such as the calendar or time of day. restaurants, supermarkets etc
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expert opinion
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based on experience/ insight of experts or key executives in field
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time series model
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a time ordered sequence of observations taken at regular intervals
demand is tracked over time to see natural patterns |
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causal models
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demand is tracked as a function of another variable sucha s advertising dollars. as the variable changes, we look for corresponding changes in demand
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