Final Exam Definitions - Chapter 8 ● Long-range planning...

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Chapter 8 Long-range planning: planning focusing on a horizon greater than one year, usually performed annually Intermediate-range planning: planning focusing on a period from 3 to 18 months, time increments are weekly, monthly or yearly Short- range planning: Planning covering a period from one day to six months with daily or weekly time increments Cut-and-try approach: involves costing out various production planning alternatives and selecting the one that is best Linear programming: Use of mathematical analysis to determine an optimal plan Stimulation: What- it approach using stimulated demand to evaluate effectiveness of alternative plans Yield management: the process of allocating the right type of capacity to the right type of customer at the right price and time to maximize revenue or yield Chapter 9 ERP- a computer system that integrates application programs in accounting, sales, manufacturing, and the other functions in a firm
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