Inventory Part A:
Inventory Part A (IA): Single-Product
Littles Law: L = W
Inventory = Throughput Flow time
Throughput = The number of flow units passing through a
specific point in the system per unit time (the rate at which sa
Project Management (PM)
Projects: Unique, one-time operations designed to
accomplish a specific set of objectives in a limited time
E.g., The Olympic Games; Producing a movie; Software
development; Product development
Quality Management (QM)
Quality is the ability of a product or service to consistently
meet or exceed customer expectations.
Customer defines quality (quality is customer-oriented).
Quality is closely linked to profit via cust