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26 Cards in this Set
- Front
- Back
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value stream |
value adding and non value adding activities required to design, order and provide a product from concept to launch, deliver, raw materials to customers. |
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waste reduction |
optimization of value adding act and elimination of non value adding act that are part of the value stream |
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lean manufacturing |
what the customer wants, quantity, when, and with minimum resources |
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lean warehousing |
eliminating non value added steps and waste in product storage processes |
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lean logistics |
can be applied to the functions associated w/ the movement of material through the system |
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lean customers |
have a great understanding of their business needs and specify meaningful requirements |
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value stream mapping |
graphical way to analyze where value is or is not being added as material flows through a process |
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Kaizen |
japanese philosophy that focuses on continuous improvement |
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quality at the source |
philosophy of making factory workers personally responsible for the quality of their output. workers are expected to make the part correctly the first time and stop immediately if a problem arises |
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level schedule |
a schedule that pulls material into final assembly at a constant rate |
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freeze window |
period of time during which the schedule is fixed and no further changes are possible |
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backflush |
using calculations of production to adjust actual on-hand inventory balances |
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uniform plant loading |
smoothing the production flow to dampen schedule variation |
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kanban pull system |
a signaling device used to control production production control system that uses a signaling device to regulate flows |
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strategic sourcing |
development and management of supplier relationships to acquire goods and services in a way that aids to achieving the immediate needs of a business |
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vendor managed inventory |
when a customer allows the supplier to manage an item or group of items |
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bullwhip effect |
the variability in demand is magnified as we move from the customer to the producer in the supply chain |
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functional products |
staples that people buy in a wide range of retail outlets, such as grocery stores and gas stations |
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innovative products |
fashionable clothes and personal computers that typically have a life cycle of just a few months |
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outsourcing |
moving some of a firm's internal activities and decision responsibility to outside providers |
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logistics |
mgmt functions that support the complete cycle of material flow |
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total cost of ownership |
estimate of the cost of an item that includes all the costs related to the procurement and use of the item including disposing of the item after its useful life |
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inventory turnover |
COGS/ ave aggregate inv value |
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COGS |
annual cost of producing goods or services |
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AAIV |
total value of all items held in inventory for the firm, valued at cost |
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weeks of supply |
inverse of inventory turnover |
