In a price-break model of lot sizing, the lowest cost quantity is always feasible.
A rate fence is a logical justification for different prices for what is essentially the same
service.
Firms that match the production rate to the order rate by hiring and laying off
employees as the order rate varies are following what is known as the chase strategy.
The critical path of activities in a project is the sequence of activities that form the
shortest chain in a project network of activities.
Use of systems like point-of-sale, radio-frequency identification tags, bar-code
scanners, and automatic recognition has made it more difficult to understand what all
the information is saying.
An MRP system can allow for product rejects by building a larger batch than is
demanded, but a JIT system cannot tolerate poor quality.
In a practical sense, an infinite queue is one that includes every possible member of the
served population.
A work center is a physical area of the business in which productive resources are
organized and work is completed.
Sharing capacity is a common source of external capacity.
“Operations” refers to manufacturing and service processes used to transform resources
employed by a firm into products desired by customers.
In conducting a total cost of ownership analysis, it is probably best to use a team
representing the key functional areas.
Core competencies are those things that everyone in the firm must be able to do well.