OPIM 101 - Spring 2012 Exam 1 Review

OPIM 101 - Spring 2012 Exam 1 Review - Operations &...

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Operations & Information Management 101 Exam 1 Review February 25, 2012
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Remember… Exam 1: Monday, February 27, 6:00 – 8:00 P.M. Exams written in pencil will not be re-graded 30 Questions, 1 point each. No partial credit. You must show your work. Calculator permitted. Carry decimals through intermediate calculations. No communication devices.
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Room Assignments You MUST take the exam in your assigned room Room Start End JMHH F85 1018 1949 JMHH F95 1973 2731 JMHH G06 2757 4839 JMHH G60 4841 5513 SHDH 350 5524 6345 SHDH 351 6359 7251 DRLB A1 7256 8987 1st four digits of Penn ID
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Lecture 1, 2: Process Flows
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Little's Law Inventory = (Flow Rate) x (Flow Time) Inventory - # of flow units in the process (unit) Flow Time – time it takes a flow unit to get through the process (time) Flow Rate – rate at which flow units enter or leave the process (units/time)
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Types of Flow “Units” Inventory Flow Rate Flow Time Product Unit Units/Time Time Dollars Average Inventory COGS Time (e.g. year)
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Little’s Law Tip Little's Law assumes the system is non-empty. The time required to produce the first unit may be different than the time required to produce subsequent units.
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Important Terms In a multi-stage process, the process with the lowest capacity is the bottleneck. [time] of supply (e.g. days of supply) The amount of time it would take for inventory to be depleted, if no new inventory arrived. Example : Weeks-of-supply = Inventory / Average weekly flow rate
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Inventory Turns Inventory Turn = 1 / Flow Time Caution : Finding the inverse will give you the number of turns in the flow time unit. You may need to covert time units.
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Multiple Flow Units Plain Cheesesteak Cheesesteak with onions Cheesesteak with peppers Cheesesteak with onion and peppers Instead of just being a single flow unit, there are now multiple types of flow units Cheese Peppers Onions Beef Bread Bread
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Effect of Multiple Flow Units Tip : It is sometimes helpful to express demand and capacity in terms of the “flow unit” (e.g. minutes per hour). Certain resources will be more utilized than others due to higher demand at each particular resource.
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Process Utilization Utilization = (Flow Rate) / (Process Capacity) A measure of production How much a process produces relative to how much it can produce
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