mgo test 1

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  1. A description of all raw materials and intermediate assemblies required to create a finished product.
    • bill of materials
    • 1
  2. The imitation of natural processes and systems.
  3. Black Swan
    An incident of extreme consequence, unexpected or considered highly improbable by forecasters and planners.
  4. Evaluation and improvement of an existing process design.
    business process reengineering
  5. Largely idle capacity maintained beyond the expected load level of a system, often to absorb unexpected demand.
    • capacity cushion
    • 5
  6. The proportion of variation in a dependent variable that is explained by a regression model.
    coefficient of determination
  7. A make-to-stock processing strategy that emphasizes uninterrupted production of extremely high volumes of a single product.
    continuous processing
  8. Specific ability that distinguishes a business from its competitors, giving it an advantage in the market.
    • core competency
    • 5
  9. A measure of the strength of any linear relationship between two sets of observations.
    • correlation coefficient
    • 4
  10. 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.
    • cyclic variation
    • 4
  11. 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.
    • delayed differentiation
    • 6
  12. 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.
    • Delphi method
    • 4
  13. An outcome of interest, influenced by one or more factors known as independent variables.
    • dependent variable
    • 4
  14. A non-repeating deviation in a time series created by a distinct, identifiable external influence.
    • exogenous variation
    • 4
  15. Inventory awaiting sale to consumers.
    • finished goods
    • 6
  16. 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
  17. Cost incurred regardless of the volume of associated activity.
    • fixed cost
    • 5
  18. A tendency to create errors that are predominantly positive or negative
    • forecast bias
    • 4
  19. A factor that can be used to predict an outcome of interest.
    • independent variable
    • 4
  20. An environment that provides no restriction on the number of arrivals that might potentially join a waiting line.
    • infinite calling population
    • 5
  21. A delay occurring during the provision of a service, as perceived by the customer receiving the service.
    • in-process wait
    • 5
  22. An expert opinion panel specifically composed of managers.
    • jury of executive opinion
    • 4
  23. Any delay between requesting a product and receiving it.
    • lead time
    • 6
  24. Identification of best alternative to a local decision without considering the larger problem of which the local decision is a component.
    • local optimization
    • 1
  25. A system which produces standard modules to be modified and/or combined into a customizable product.
    • make-to-assemble
    • 6
  26. A system that produces low volumes of customized product.
    • make-to-order
    • 2,6
  27. A system that produces high volumes of standardized product.
    • make-to-stock
    • 2,6
  28. An average of the absolute values of a set of forecast errors.
    • mean absolute deviation (MAD)
    • 4
  29. An average of the squared values of a set of forecast errors.
    • mean squared error (MSE)
    • 4
  30. A ratio of a particular output to the combined value of a set of inputs of an operation.
    • multi-factor productivity
    • 2
  31. Predicting a value by assuming it equal to the most recent actual value available.
    • naive forecasting
    • 4
  32. The randomness inherent in a process, sometimes known as random variation.
    • natural variation
    • 4
  33. A ratio of a particular output to a particular input of an operation.
    • partial productivity measure
    • 2
  34. A forecast error divided by the actual value from that same time period.
    • percent error
    • 4
  35. The farthest point in the future considered in decision-making.
    • planning horizon
    • 1,4
  36. A delay occurring before any service begins, as perceived by the customer waiting for the service.
    • pre-process wait
    • 5
  37. Activities or phenomena that transform.
    • processes
    • 6
  38. Generalized pattern of product demand over time, summarizing this development as the four phases of incubation, rapid growth, maturity and decline.
    • product life cycle
    • 2
  39. A rule or rules determining the order in which waiting individuals will be served.
    • queue discipline
    • 5
  40. Body of knowledge concerning the mathematical modeling of waiting lines.
    • queuing theory
    • 5
  41. Inventory brought in from outside the system.
    • raw materials
    • 6
  42. Identification of mathematical relationships between two or more variables and application of those relationships to predict future values.
    • regression analysis
    • 4
  43. Production of finished goods from the recycled components of returned goods.
    • remanufacturing
    • 6
  44. In forecasting, the degree to which a technique modifies forecasts to reflect recent changes in past data.
    • responsiveness
    • 4
  45. A methodology stressing the use of data collection and analysis to redesign work processes and improve the efficiency of industrial systems.
    • scientific management
    • 1
  46. A repeating pattern within a time series.
    • seasonality
    • 4
  47. A single queue of customers waiting in a line that must bend one or more times to fit within the service facility.
    • serpentine line
    • 5
  48. 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
  49. A time series technique that predicts a future value by averaging a fixed number of previous most recent actual values.
    • simple moving average
    • 4
  50. A time series with no significant trend component.
    • stationary series
    • 4
  51. A methodology and resulting plan which identifies the long-term goals of an organization.
    • strategy
    • 1
  52. A system consisting of all organizations that play some role in supplying a particular product to a customer.
    • supply chain
    • 1
  53. A methodology and resulting plans which pursue the strategic goals of an organization through its available resources.
    • tactics
    • 1
  54. The degree of perceivable, physical essence of a product.
    • tangibiity
    • 1
  55. A series of observed values in chronological order.
    • time series
    • 4
  56. A ratio of the combined value of all outputs to the combined value of all inputs of an operation.
    • total productivity measure
    • 2
  57. The ratio of the sum of a set of forecast errors over the MAD of that forecast.
    • tracking signal
    • 4
  58. A sustained period of growth or decline in a time series
    • trend
    • 4
  59. The difference between the total value of the outputs and the total value of the inputs associated with an operation.
    • value-added
    • 1,2
  60. Inventory resulting from transformation of raw materials, but not yet ready for sale to consumers.
    • work-in-process (WIP)
    • 6
Card Set:
mgo test 1
2012-02-08 22:09:24
mgo test1

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