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What is a system? correct answers Group of items, events, actions that are interdependent Ex: going to class, reading assignments, doing homework, passing exams, passing this class. Operations as a Transformation Process correct answers Input: Material, machines, labor, management, capital...

Operations Management correct answers - Add value. - Involves decision making. 4 Components to Positioning a Firm correct answers 1. Cost 2. Speed 3. Quality 4. Flexibility Order Winner vs Order Qualifiers correct answers Winner: gets the sale Qualifiers: get you in the game Henry For...

What is Lean correct answers Same as Just in Time, improve quality, reduce costs where did Lean come from/ History correct answers lean thinking Womack 1995. Lean Six sigma. Lean Sigma Lean's Goal correct answers To eliminate waste Just in Time 7 wastes correct answers -waste of overproduc...

Components of Lean correct answers Processing time Move time Waiting time Setup time component of lean: processing time correct answers reduce number of items or improve efficiency component of lean: move time correct answers reduces distances, simplify movements, standardize routings co...

Rules of forecasting correct answers -Forecasts are usually _________ -Every forecast should include an estimate of _______ -Forecasts are more accurate for _________ or groups -Forecasts are more accurate for _______ periods Simple Moving Average correct answers Weighted Moving Average co...

JIT correct answers philosophy of manufacturing based on planned elimination of all waste & on continuous improvement of productivity; management or continuous process improvement JIT goals correct answers -producing only what's needed, when it's needed -philosophy of inventory management -do...

system correct answers a group of items, events, or actions that are interdependent EX. going to class, reading assignments, homework, passing class, taking exams Why do companies and organizations exist? correct answers most textbooks would say "to meet the needs of society", but he says they ...

What is Decision Making? correct answers Identifying hazards and determining the probability that these hazards will occur. What is ethics? correct answers Guidelines on how leaders and decision makers should properly live their lives. What are Descriptive Statistics used for? correct answers ...

Sarbanes-Oxley correct answers "Code of Ethics for Senior Financial Officers" Reporting of: -Honest and ethical conduct, conflicts of interest -Full disclosure, accurate and timely periodic reports -Compliance with government rules and regulations Bottom line: New Layer of Legal Compli...