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10 Cards in this Set
- Front
- Back
- 3rd side (hint)
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stock out
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a situation in which the demand for a product cannot be fulfilled by the current inventory.
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lead time
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the amount of time between when a process starts and when it's completed
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safety stock level
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level of extra stock maintained to mitigate stock outs.
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service level
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goals are defined for which the service level gives the percentage achieved.
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qualitative data
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numeric or nonnumeric names used to identify an attribute of each element (2 types)
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nominal-labels only
ordinal-like nominal except also gives rank |
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quantitative data
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numeric values that indicate how much/how many
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cross-sectional data
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data collected at the same time
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time-series data
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data collected over several regular intervals in sequence
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population
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the set of ALL items of interest
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sample
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a subset of the population
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