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55 Cards in this Set
- Front
- Back
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What is a PROJECT?
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Unique, one-time operations designed to accomplish a set of objectives in a limited time frame.
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What are ACTIVITIES?
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Project steps that consume time and/or resources.
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All projects are composed of...
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Activites.
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What is a NETWORK DIAGRAM?
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Diagram of project activites that shows sequential relationships by use of arrows and nodes.
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What is ACTIVITY-ON-ARROW?
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Network diagram convention in which arrows designate activites.
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What is ACTIVITY-ON-NODE?
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Network diagram convention in which nodes designate activities.
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What is a PATH?
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A sequence of dependent activites from the start to the end of a project.
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What is a CRITICAL PATH?
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The longest time path in the project; determines expected project duration.
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What is a CRITICAL CHAIN?
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The sequence of activies which determines the shortest realistic duration of a project, where all dependencies - escpecially resource contention - are considered.
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What are CRITICAL ACTIVITIES?
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Activities that are on a critical path.
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What are SLACK ACTIVITIES?
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Activities that are NOT on a critical path.
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What is SLACK?
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The maximum amount of time an individual activity or a path can be delayed without delayin the expected completion time of the entire project.
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ES = EARLIEST START =
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the earliest tiem an activity can start, assuming all preceding activities start as early as possible.
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EF = EARLIEST FINISH =
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the earliest time an activity can finish.
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LS = LASTEST START =
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the latest time an activity can start and not delay the project.
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LF = LATEST FINISH =
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the latest time an activity can finish and not delay the project.
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SLACK =
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LS - ES = LF - EF
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[ES EF]
[LS LF] |
[ES EF] = Forward Pass
[LS LF] = Backward Pass |
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Maximax is known as...
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the optimistic gambler approach.
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Maximin is known as...
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the conservative or pessimistic approach.
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Minimax Regret is known as...
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the bad loser approach.
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Laplace is...
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the average approach.
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The procedure for MAXIMAX is...
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to identify the best payoff in the entire payoff table and choose the alternative that corresponds to that payoff.
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The procedure for MAXIMIN is...
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to determine the worst possible outcome for each alternative and choose the alternative that has the "best" of these worst possible outcomes.
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The procedure for MINIMAX REGRET is...
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to build a "regret matrix," determine the worst possible regret for each alternative, and choose the alternative that has the "best" of the worst regrets.
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The procedure for LAPLACE is...
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to calculate the average payoff for each alternative and choose the alternative with the highest average payoff.
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The procedure for EXPECTED VALUE is...
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to compute the expected value of each alternative by summing the "weighted payoffs" for each alternative and select the alternative with the highest expected value.
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The weighted payoffs are calculated by...
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multipying the payoff by the probability for the corresponding state of nature.
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Expected Value of Perfect Information =
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Expected payoff under certainty -- Expected payoff (of the best decision) under risk
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INVENTORY is...
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a stock or store of goods.
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The objective of inventory control is to...
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support the desired level of customer service while keeping inventory costs within reasonable limits.
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INVENTORY TURNOVER is...
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the ratio of average cost of goods sold to average inventory investment.
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DEPENDENT DEMAND is...
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demand for items in inventory that are subassemblies or component parts to be used in the production of finished goods.
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INDEPENDENT DEMAND is...
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demand for items that are finished items.
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LEAD TIME (LT) is...
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the time interval between ordering and receiving the order.
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HOLDING (carrying) COST are...
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the cost to carry an item in inventory for a length of time, usually a year.
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ORDERING COST are...
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the costs of ordering and receiving inventory.
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SHORTAGE COST are...
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the costs resulting when demand exceeds the supply of inventory on hand; often unrealized profit per unit.
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PURACHASE COST are...
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the cost to actually purchase the inventory items. This cost is relevant in determining the order quantity only when the purchase cost is variable.
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A-B-C CLASSIFICATION SYSTEM is...
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the classification of inventory items according to some measure of importance for the purpose of allocating control efforts accordingly.
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ECONOMIC ORDER QUANTITY (EOQ) is...
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the order size that minimizes total cost.
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QUANTITY DISCOUNTS are...
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the purchase price reductions for large orders.
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A BLANKET ORDER is...
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an agreement between buyer and seller, whereby the buyer agrees to buy a certain quantity of goods within a specified time period at a mutually agreeable price; and the goods are delivered as needed by the buyer.
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REORDER POINT (ROP) is...
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when the quantity on hand of an item drops to this amount, the item is reordered.
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SAFETY STOCK (SS) is...
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the stock that is held is excess of the expected demand due to variable demand rate and/or lead time.
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SERVICE LEVEL (SL) is...
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the probability of not running out of stock during the lead time.
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DEPENDENCY is said to exist when...
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certain activities cannot begin until certain other activities have been completed.
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THROUGHPUT CAPACITY is...
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the amount of resource's capacity that is needed to directly support the throughput of the plant.
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PROTECTIVE CAPACITY is...
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the amount of a resource's capacity that is necessary to maintain the integrity of the schedule bby providing recovery capability.
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EXCESS CAPACITY is...
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the amount of a resource's capacity that is in excess of the throughput and protective capacities.
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EXCESS CAPACITY can be safely...
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eliminated without affecting the integrity of the plant's schedule.
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Activation is...
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the employment of a resource to process materials or products.
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Utilization is...
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the employment of a resource to process materials or product that contribute positively to the performance of the company - throughput.
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Synchronous Management Principle #4:
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The level of utilization of a non-bottleneck resource is controlled by the constraints of the system.
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Synchronous Management Principle #5:
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Resources must be utilized, not simply activated.
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