UNIVERSITY OF ALABAMA (2024-2025) CHILCUTT
FINAL EXAM WITH 100% CORRECT ANSWERS
Technological Forecasts - <Answers>>>Are concerned with
rates of technological progress, which can result in the birth of
exciting new products, requiring new plants and equipment.
Functions of Inventory - <Answers>>>1. To provide a
selection of goods for anticipated demand and to separate the
firm from fluctuations in demand
2. To decouple or separate various parts of the production
process
3. To take advantage of quantity discounts
4. To hedge against inflation
JIT (just in time) - <Answers>>>Problem solving via a focus
on throughput and reduced inventory
Toyota Production System (TPS) - <Answers>>>focus on
continuous improvement, respect for people, and standard
work practices
Kanban - <Answers>>>A Japanese word meaning "card" or
"visible record" that refers to cards used to control the flow of
production through a factory
Kaizen - <Answers>>>continuous improvement
, UNIVERSITY OF ALABAMA (2024-2025) CHILCUTT
FINAL EXAM WITH 100% CORRECT ANSWERS
Gemba - <Answers>>>Japanese term for the one true source
of information
Poka-Yoke - <Answers>>>mistake proofing
Demand Forecasts - <Answers>>>Projections of demand for
a company's products or services. Forecasts drive decisions,
so managers need immediate and accurate information about
real demand.
Bill of materials - <Answers>>>Lists the hierarchy of
components, their description, and the quantity of each
required to make one unit of a product.
Modular Design - <Answers>>>Products designed in easily
segmented components
Adds flexibility to both production and marketing
Improved ability to satisfy customer requirements
Stakeholders - <Answers>>>Those with a vested interest in
an organization, including customers, distributors, suppliers,
owners, lenders, employees, and community members.
Total Quality Management (TQM) - <Answers>>>a
management philosophy that focuses on satisfying customers
through empowering employees to be an active part of
continuous quality improvement
FINAL EXAM WITH 100% CORRECT ANSWERS
Technological Forecasts - <Answers>>>Are concerned with
rates of technological progress, which can result in the birth of
exciting new products, requiring new plants and equipment.
Functions of Inventory - <Answers>>>1. To provide a
selection of goods for anticipated demand and to separate the
firm from fluctuations in demand
2. To decouple or separate various parts of the production
process
3. To take advantage of quantity discounts
4. To hedge against inflation
JIT (just in time) - <Answers>>>Problem solving via a focus
on throughput and reduced inventory
Toyota Production System (TPS) - <Answers>>>focus on
continuous improvement, respect for people, and standard
work practices
Kanban - <Answers>>>A Japanese word meaning "card" or
"visible record" that refers to cards used to control the flow of
production through a factory
Kaizen - <Answers>>>continuous improvement
, UNIVERSITY OF ALABAMA (2024-2025) CHILCUTT
FINAL EXAM WITH 100% CORRECT ANSWERS
Gemba - <Answers>>>Japanese term for the one true source
of information
Poka-Yoke - <Answers>>>mistake proofing
Demand Forecasts - <Answers>>>Projections of demand for
a company's products or services. Forecasts drive decisions,
so managers need immediate and accurate information about
real demand.
Bill of materials - <Answers>>>Lists the hierarchy of
components, their description, and the quantity of each
required to make one unit of a product.
Modular Design - <Answers>>>Products designed in easily
segmented components
Adds flexibility to both production and marketing
Improved ability to satisfy customer requirements
Stakeholders - <Answers>>>Those with a vested interest in
an organization, including customers, distributors, suppliers,
owners, lenders, employees, and community members.
Total Quality Management (TQM) - <Answers>>>a
management philosophy that focuses on satisfying customers
through empowering employees to be an active part of
continuous quality improvement
