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MGT 301 Final Exam NAU- Questions & Answers
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MGT 301 Final Exam NAU- Questions & Answers
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MGT 301 Final Exam NAU- Questions & AnswersMAPE (mean absolute percent error) Correct Ans-the average of the absolute difference
between the forecast and actual values, expressed as a percent of actual values
process time Correct Ans-Measure of the time a product is actually being worked on in a
machine or by an employee in a work area.
throughput time Correct Ans-total elapsed time from the start to the finish of a job or a
customer being processed at one or more work centers
Process Capability Correct Ans-the ability of the process to meet the design specifications for
a service or product
Kanban System Correct Ans-a production control approach that uses containers, cards, or
visual cues to control the production and movement of goods through the supply chain
7 wastes Correct Ans--overproducing
-waiting
-transportation
-over-processing
-excess inventory
-excess movement
,-scrap and rework
5S Correct Ans-A workplace organization system comprised of the following steps: sort, set
in order, shine, standardize, and sustain.
Capacity Considerations Correct Ans-1. forecast demand accurately
2. match technology increments and sales volume
3. find the optimum operating size (volume)
4. build for change
Managing Demand Correct Ans-- Demand exceeds capacity
Curtail demand by raising prices, scheduling longer lead time
Long term solution is to increase capacity
- Capacity exceeds demand
Stimulate market
Product changes
- Adjusting to seasonal demands
Produce products with complementary demand patterns
managing supply Correct Ans-Actions taken to cope with demand requirements
,Theory of Constraints Correct Ans-A specific approach used to identify and manage
constraints in order to achieve the company's goals.
crashing Correct Ans-process by which activity time is shortened to reduce the critical path
and completion time
Work Breakdown Structure Correct Ans-The hierarchy of project tasks, subtasks, and work
packages.
Costs of Inventory Correct Ans-cost to purchase, holding cost, ordering cost, stockout cost
ABC analysis Correct Ans-the process of dividing SKUs into three classes, according to their
dollar usage, so that managers can focus on items that have the highest dollar value.
EOQ Model Correct Ans-Economic order quantity is the optimal order quantity that
minimizes the total inventory holding costs and ordering costs. The EOQ model is one of the
oldest classical production scheduling models.
shrinkage Correct Ans-losses experienced by retailers due to shoplifting, employee theft, and
damage to merchandise
pilferage Correct Ans-a small amount of theft
, Matching supply and demand Correct Ans--Suppliers must accurately forecast demand so
they can produce & deliver the right quantities at the right time at the right cost.
-Suppliers must find ways to better match supply & demand to achieve optimal levels of cost,
quality, & customer service to enable them to compete with other supply chains.
-Problems that affect product & delivery will have ramifications throughout the chain.
Level Strategy Correct Ans-level scheduling means production is uniform from period to
period. maintaining a constant output rate, production rate, or workforce level over the
planning horizon.
Chase strategy Correct Ans-a planning strategy that sets production equal to forecast
demand
Counter-seasonal product and service mixing Correct Ans--Develop a product mix of counter
seasonal items
-May lead to products or services outside the company's areas of expertise
example: a company that make air conditioners/heater or a company that makes lawn
mowers/snow blowers, etc.
R-chart Correct Ans-a control chart that tracks the "range" within a sample; it indicates that
a gain or loss in uniformity has occurred in dispersion of a production process
p-chart Correct Ans-a chart used for controlling the proportion of defective services or
products generated by the process
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