Functional layouts are by far the most common layout you will find in organizations. These layouts can be seen in how machines and people are positioned. A functional layout is a workplace configuration in which operations/processes are organized by the type of work (function) they do. For example, a manufacturing plant that has sanders in one area, saws in another and assembly in another is a functional layout. The machines are grouped according to the function they perform.
The future state is a reference to the aim of an individual, team or organization. It can be seen as technical, organizational or philosophical. A future state is something that will exist, happen or come to be. When we speak of a future state in Lean and Six Sigma Strategies we are referring to the improved current state. The Future State is not the ideal state. It is a realistic concept that helps guide you towards your ideal state. Future states are accomplishable in the sense that you will move from current to future and then your future will become your new current condition.
A fiscal year usually refers to an accounting year that does not end on December 31. (The accounting year of January 1 thrugh December 31 is usually referred to as a calendar year.) Some examples of the fiscal years used by U.S. corporations include:
Reference: Accounting Coach - Fiscal Year.
In Lean Six Sigma, flow is the term used to refer to a production or service environment that continuously moves value through the value stream without interruptions. An environment that has flow would have very low levels of muda, muri and mura.
The fishbone diagram is a structured analysis tool used to organize potential causes associated with a speciffic effect.
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Finished goods are products or end items that are sold as a complete item or unit. These items are commonly subject to a customer order, sales order or purchase order that is linked directly to a customer.
First in First out is a method used in inventory valuation for accounting purposes. The method advocates the practice of using the oldest inventory item first, hense the name "first in" "first out." The principle is also applicable in maintaining precise sequence during and through the production of items because it ensures that the first part into a process or inventory location is also the first part to be used. The FIFO lane is one method of controling and regulating a pull system that is between two disconnected (decoupled) processes.
A forecast is a prediction of something to come or in the future. A forecast would take place before any type of action or activity happens. Forecasts are almost always wrong but they can be used to define a hope-for, goal, target or condition that you believe is attainable based on analysis and assessment.
Examples of Forecast
1. Educated Guessing
For further learning on forecasting techniques the book entitled Forecasting Methods and Applications gives good insight.