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A description of all raw materials and intermediate assemblies required to create a finished product.
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The imitation of natural processes and systems.
biomimicry
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Black Swan
4
An incident of extreme consequence, unexpected or considered highly improbable by forecasters and planners.
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Evaluation and improvement of an existing process design.
business process reengineering
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Largely idle capacity maintained beyond the expected load level of a system, often to absorb unexpected demand.
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The proportion of variation in a dependent variable that is explained by a regression model.
coefficient of determination
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A make-to-stock processing strategy that emphasizes uninterrupted production of extremely high volumes of a single product.
continuous processing
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Specific ability that distinguishes a business from its competitors, giving it an advantage in the market.
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A measure of the strength of any linear relationship between two sets of observations.
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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.
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A make-to-assemble strategy emphasizing the stocking of highly standardized components to be quickly transformed into finished products once a customer’s requirement is known.
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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.
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An outcome of interest, influenced by one or more factors known as independent variables.
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A non-repeating deviation in a time series created by a distinct, identifiable external influence.
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Inventory awaiting sale to consumers.
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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
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Cost incurred regardless of the volume of associated activity.
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A tendency to create errors that are predominantly positive or negative
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A factor that can be used to predict an outcome of interest.
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An environment that provides no restriction on the number of arrivals that might potentially join a waiting line.
- infinite calling population
- 5
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A delay occurring during the provision of a service, as perceived by the customer receiving the service.
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An expert opinion panel specifically composed of managers.
- jury of executive opinion
- 4
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Any delay between requesting a product and receiving it.
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Identification of best alternative to a local decision without considering the larger problem of which the local decision is a component.
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A system which produces standard modules to be modified and/or combined into a customizable product.
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A system that produces low volumes of customized product.
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A system that produces high volumes of standardized product.
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An average of the absolute values of a set of forecast errors.
- mean absolute deviation (MAD)
- 4
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An average of the squared values of a set of forecast errors.
- mean squared error (MSE)
- 4
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A ratio of a particular output to the combined value of a set of inputs of an operation.
- multi-factor productivity
- 2
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Predicting a value by assuming it equal to the most recent actual value available.
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The randomness inherent in a process, sometimes known as random variation.
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A ratio of a particular output to a particular input of an operation.
- partial productivity measure
- 2
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A forecast error divided by the actual value from that same time period.
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The farthest point in the future considered in decision-making.
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A delay occurring before any service begins, as perceived by the customer waiting for the service.
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Activities or phenomena that transform.
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Generalized pattern of product demand over time, summarizing this development as the four phases of incubation, rapid growth, maturity and decline.
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A rule or rules determining the order in which waiting individuals will be served.
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Body of knowledge concerning the mathematical modeling of waiting lines.
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Inventory brought in from outside the system.
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Identification of mathematical relationships between two or more variables and application of those relationships to predict future values.
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Production of finished goods from the recycled components of returned goods.
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In forecasting, the degree to which a technique modifies forecasts to reflect recent changes in past data.
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A methodology stressing the use of data collection and analysis to redesign work processes and improve the efficiency of industrial systems.
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A repeating pattern within a time series.
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A single queue of customers waiting in a line that must bend one or more times to fit within the service facility.
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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
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A time series technique that predicts a future value by averaging a fixed number of previous most recent actual values.
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A time series with no significant trend component.
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A methodology and resulting plan which identifies the long-term goals of an organization.
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A system consisting of all organizations that play some role in supplying a particular product to a customer.
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A methodology and resulting plans which pursue the strategic goals of an organization through its available resources.
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The degree of perceivable, physical essence of a product.
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A series of observed values in chronological order.
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A ratio of the combined value of all outputs to the combined value of all inputs of an operation.
- total productivity measure
- 2
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The ratio of the sum of a set of forecast errors over the MAD of that forecast.
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A sustained period of growth or decline in a time series
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The difference between the total value of the outputs and the total value of the inputs associated with an operation.
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Inventory resulting from transformation of raw materials, but not yet ready for sale to consumers.
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