Seasonality is the characteristic of data that is predictable and more often than not can be seen in predictable and repetitive patterns. The patterns can occur: annually (or longer), monthly, weekly, daily, hourly, by the minute, second or less if you can measure it.
Setup time is the time required for a specific machine or resource to convert from the production of the last good piece to the next pieces first good part.
A spaghetti diagram is a tool used to track the amount of movement or distance traveled by a worker or materials. You can then use a spaghetti diagram to analyze what you tracked and improve the flow. As a tool that is used in the analysis of process flows, a spaghetti diagram reveals redundancy in processes and helps users to identify various forms of waste.
The name comes from the reference of laying spaghetti noodles out to show the flow of materials or workers.
The Sales and Operations or S&OP processes mission is to balance supply and demand at an aggregate level, to align operational planning with financial planning, and to link strategic planning with tactical/operational planning. It does this through a series of meetings which are designed to guide a group of individuals towards consensus of "ONE" plan.
The STRATEGY Methodology is an 8 step methodology for the development and implementation of strategy. The 8 steps of the STRATEGY Methodology are:
Strategy is defined as a plan or method chosen to bring about a desired future. Such as; the achievement of a goal, objective, countermeasure or solution to a problem. In other words strategy reveals how you will inspire or marshal all of your resources to come together in an efficient and effective manner while working towards a defined mission or goal.
Scope Creep is a common challenge in project management. Scope Creep is sometimes referred to as Scope Slip. Scope Creep is any activity that was not part of the initial plan for a project. It often can be seen in activities, services or additional features that are not covered in a project quote, out of the initial timeline or characteristics that are not within tolerance. To prevent scope creep improvements must be monitored closely often on a very granular perspective so that the outputs do not exceed to the initial agreements and do not fall outside of timelines, project costs or quality.
Standard costing is a predetermined or estimated cost of performing a service, operation or producing goods. Standard costing takes into account the volume and rate of items or services to calculate costs. For more information on standard costing click on the link below.
Safety stock is used to help meet or mitigate the risks associated with stockouts. Organizations often hold excessive inventory as a result of safety stock which in the most general sense is held to protect against uncertainties in supply and demand. Safety stock is sometimes referred to as fluctuation inventory.