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CGCM Operations Management - Study Guide Exam
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CGCM Operations Management - Study Guide ExamFIFO - Answer an acronym for an inventory method of first in, first out. This expression
describes the principle of a queue: what comes in first is handled first, what comes in
next waits until the first is finished.
flowcharting - Answer the graphical presentation of a procedure.
forecast - Answer an estimate of future demand for products.
functional layout - Answer a facility configuration in which operations of a similar
function are grouped together.
gap analysis - Answer an analysis that flows from benchmarking or other assessments.
Once the general expectation of performance within the industry is identified, it is
compared with current capabilities, and this becomes the gap analysis.
goal - Answer a specific intended result of a strategy; often used interchangeably with
objective.
input - Answer resources (funds, labor, time, equipment, space, technology etc.) used to
produce outputs and outcomes.
insourcing - Answer the practice of in-house operations accepting work from clients
outside of their own organization.
intermediate outcome - Answer an outcome from a business activity that can be
identified and measured in the short term, and is an indicator of longer-term outcomes.
, inventory - Answer firm's raw materials and products held in anticipation of eventual
sale
just-in-time (JIT) - Answer an inventory strategy that strives to improve a business's
return on investment by reducing in-process inventory and associated carrying costs.
Also called Kanban system.
Kaizen - Answer the Japanese term for continuous, ongoing improvement by finding and
eliminating waste in machinery, labor or production methods.
key performance indicators (KPI) - Answer a short list of metrics that a company
identifies as the most important variables reflecting operational or organizational
performance.
key success factors (KSF) - Answer three to five broad areas on which an organization
must focus in order to achieve its vision. Sometimes called strategic themes or critical
success factors.
knowledge management - Answer caters to the critical issues of organizational
adaptation, survival and competence in face of increasingly discontinuous
environmental change.
law of variability - Answer the more variability exists in a process, the less productive
that process will be.
lean management - Answer often simply referred to as LEAN is a production philosophy
that includes principles and practices to reduce cost through the removal of waste and
the simplification of all production and support processes by identifying
non-value-added activities.
lease - Answer a contract calling for the user to pay the owner for use of an asset. A
rental agreement lasting an identified period of time.
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