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A description of all raw materials and intermediate assemblies required to create a finished product.

The imitation of natural processes and systems.
biomimicry

Black Swan
4
An incident of extreme consequence, unexpected or considered highly improbable by forecasters and planners.

Evaluation and improvement of an existing process design.
business process reengineering

Largely idle capacity maintained beyond the expected load level of a system, often to absorb unexpected demand.

The proportion of variation in a dependent variable that is explained by a regression model.
coefficient of determination

A maketostock processing strategy that emphasizes uninterrupted production of extremely high volumes of a single product.
continuous processing

Specific ability that distinguishes a business from its competitors, giving it an advantage in the market.

A measure of the strength of any linear relationship between two sets of observations.

A form of seasonality that requires longer than one year to complete one cycle of the pattern, generally associated with economic influences on time series data.

A maketoassemble strategy emphasizing the stocking of highly standardized components to be quickly transformed into finished products once a customer’s requirement is known.

A qualitative forecasting technique that develops a prediction by compiling expert opinions such that the identities of the experts are concealed from all participants during the forecasting process.

An outcome of interest, influenced by one or more factors known as independent variables.

A nonrepeating deviation in a time series created by a distinct, identifiable external influence.

Inventory awaiting sale to consumers.

An environment in which there exists a distinct restriction on the maximum number of potential arrivals that might join a waiting line.
 finite calling population
 5

Cost incurred regardless of the volume of associated activity.

A tendency to create errors that are predominantly positive or negative

A factor that can be used to predict an outcome of interest.

An environment that provides no restriction on the number of arrivals that might potentially join a waiting line.
 infinite calling population
 5

A delay occurring during the provision of a service, as perceived by the customer receiving the service.

An expert opinion panel specifically composed of managers.
 jury of executive opinion
 4

Any delay between requesting a product and receiving it.

Identification of best alternative to a local decision without considering the larger problem of which the local decision is a component.

A system which produces standard modules to be modified and/or combined into a customizable product.

A system that produces low volumes of customized product.

A system that produces high volumes of standardized product.

An average of the absolute values of a set of forecast errors.
 mean absolute deviation (MAD)
 4

An average of the squared values of a set of forecast errors.
 mean squared error (MSE)
 4

A ratio of a particular output to the combined value of a set of inputs of an operation.
 multifactor productivity
 2

Predicting a value by assuming it equal to the most recent actual value available.

The randomness inherent in a process, sometimes known as random variation.

A ratio of a particular output to a particular input of an operation.
 partial productivity measure
 2

A forecast error divided by the actual value from that same time period.

The farthest point in the future considered in decisionmaking.

A delay occurring before any service begins, as perceived by the customer waiting for the service.

Activities or phenomena that transform.

Generalized pattern of product demand over time, summarizing this development as the four phases of incubation, rapid growth, maturity and decline.

A rule or rules determining the order in which waiting individuals will be served.

Body of knowledge concerning the mathematical modeling of waiting lines.

Inventory brought in from outside the system.

Identification of mathematical relationships between two or more variables and application of those relationships to predict future values.

Production of finished goods from the recycled components of returned goods.

In forecasting, the degree to which a technique modifies forecasts to reflect recent changes in past data.

A methodology stressing the use of data collection and analysis to redesign work processes and improve the efficiency of industrial systems.

A repeating pattern within a time series.

A single queue of customers waiting in a line that must bend one or more times to fit within the service facility.

A time series technique that predicts a future value with a weighted average of the previous prediction and the error in that prediction.
 simple exponential smoothing
 4

A time series technique that predicts a future value by averaging a fixed number of previous most recent actual values.

A time series with no significant trend component.

A methodology and resulting plan which identifies the longterm goals of an organization.

A system consisting of all organizations that play some role in supplying a particular product to a customer.

A methodology and resulting plans which pursue the strategic goals of an organization through its available resources.

The degree of perceivable, physical essence of a product.

A series of observed values in chronological order.

A ratio of the combined value of all outputs to the combined value of all inputs of an operation.
 total productivity measure
 2

The ratio of the sum of a set of forecast errors over the MAD of that forecast.

A sustained period of growth or decline in a time series

The difference between the total value of the outputs and the total value of the inputs associated with an operation.

Inventory resulting from transformation of raw materials, but not yet ready for sale to consumers.