exam 1 partial cheat sheet

exam 1 partial cheat sheet - Product Life Cycle(Graph on pg...

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Product Life Cycle - (Graph on pg. 25) Consists of 4 major parts: 1. Start-up- The market for the product is developing, production and distribution costs are high, and competition is generally not a problem. 2. Rapid Growth- Sees the beginning of competition. The primary strategic goal during this period is to establish the product as firmly as possible in the marketplace. 3. Maturation- The object should be to maintain and improve the brand loyalty that the firm cultivated in the growth phase. Seek to increase the market share through competitive pricing. 4. Stabilization or Decline Process Life Cycle - (Graph on pg. 27) Consists of 3 major stages: 1. Early- The manufacturing function has the characteristics of a job shop. It must cope with a varied mix of relatively low-volume orders and be responsive to changes in the product design. 2. Middle- Automation begins to play a greater role. The firm should be able to exert more control over suppliers as the volume of production increases. 3. Mature- Most of the major operations are automated, the production process is standardized, and few manufacturing innovations are introduced. Objective Forecasting Methods - Those in which the forecast is derived from an analysis of data. Casual Models - pg. 56 Time Series Methods - Uses only past values of the phenomenon we are predicting. 1. Trend - Refers to the tendency of a time series to exhibit a stable pattern of growth or decline. We distinguish between linear trend (the pattern described by a straight line) and nonlinear trend (the pattern described by a nonlinear function, such as a quadratic or exponential curve). When the pattern of trend is not specified, it is generally
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This note was uploaded on 04/16/2008 for the course IE 3371 taught by Professor Kobza during the Spring '08 term at Texas Tech.

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exam 1 partial cheat sheet - Product Life Cycle(Graph on pg...

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