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Factory Physics
''Factory Physics'' is a book written by Wallace Hopp and Mark Spearman, which introduces a science of operations for manufacturing management. According to the book's preface, Factory Physics is "a systematic description of the underlying behavior of manufacturing systems. Understanding it enables managers and engineers to work with the natural tendencies of manufacturing systems to: * Identify opportunities for improving existing systems * Design effective new systems * Make the trade-offs needed to coordinate policies from disparate areas The book is used both in industry and in academia for reference and teaching on operations management. It describes a new approach to manufacturing management based on the laws of Factory Physics science. The fundamental Factory Physics framework states that the essential components of all value streams or production processes or service processes are demand and transformation which are described by structural elements of flows and stocks. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers). Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Capacity Utilization
Capacity utilization or capacity utilisation is the extent to which a firm or nation employs its installed productive capacity (maximum output of a firm or nation). It is the relationship between output that ''is'' produced with the installed equipment, and the potential output which ''could'' be produced with it, if capacity was fully used. The Formula is the actual output per period all over full capacity per period expressed as a percentage. Engineering and economic measures One of the most used definitions of the "capacity utilization rate" is the ratio of actual output to the potential output. But potential output can be defined in at least two different ways. Engineering definition One is the "engineering" or "technical" definition, according to which potential output represents the maximum amount of output that can be produced in the short run with the existing stock of capital. Thus, a standard definition of capacity utilization is the (weighted) average of the ratios ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Business Books
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from sole proprietors and partnerships. Corporations are separate and unique legal entities from their shareholders; as such they provide limited liability for their owners and members. Corpora ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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1996 Non-fiction Books
1996 was designated as: * International Year for the Eradication of Poverty Events January * January 8 – A Zairean cargo plane 1996 Air Africa crash, crashes into a crowded market in the center of the capital city of the Democratic Republic of the Congo, Kinshasa, killing around 300 people. * January 9–January 20, 20 – Serious fighting breaks out between Russian soldiers and rebel fighters in Chechnya. * January 11 – Ryutaro Hashimoto, leader of the Liberal Democratic Party (Japan), Liberal Democratic Party, becomes Prime Minister of Japan. * January 13 – Prime Minister of Italy, Italy's Prime Minister, Lamberto Dini, resigns after the failure of all-party talks to confirm him. New talks are initiated by President Oscar Luigi Scalfaro to form a new government. * January 14 – Jorge Sampaio is elected President of Portugal. * January 16 – President of Sierra Leone Valentine Strasser is deposed by the chief of defence, Julius Maada Bio. B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Supply Chain Management
In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished products and delivered to their end customers. A more narrow definition of supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally". This can include the movement and storage of raw materials, work-in-process inventory, finished goods, and end to end order fulfilment from the point of origin to the point of consumption. Interconnected, interrelated or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain. SCM is the br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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CONWIP
Constant work in process or CONWIP are pull-oriented production control systems. Such systems can be classified as pull and push systems (Spearman et al. 1990). In a push system, the production order is scheduled, and the material is pushed into the production line. In a pull system, the start of each product assembly process is triggered by the completion of another at the end of production line. This pull-variant is known for its ease of implementation. CONWIP is a kind of single-stage kanban system and is also a hybrid push-pull system. While kanban systems maintain tighter control of system WIP through the individual cards at each workstation, CONWIP systems are easier to implement and adjust, since only one set of system cards is used to manage system WIP.Marek, Richard P. et al., Understanding the fundamentals of Kanban and CONWIP pull systems using simulation, Proceedings of the 2001 Winter Simulation Conferenc/ref> CONWIP uses cards to control the number of Work in proce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Institute Of Industrial Engineers
The Institute of Industrial and Systems Engineers (IISE), formerly the Institute of Industrial Engineers, is a professional society dedicated solely to the support of the industrial engineering profession and individuals involved with improving quality and productivity. The institute was founded in 1948 as the American Institute of Industrial Engineers. In 1981, the name was changed to Institute of Industrial Engineers in order to reflect its international membership base. The name was changed again to the present Institute of Industrial and Systems Engineers in 2016 to reflect the changing scope of engineers working with large-scale, integrated systems. Members include both college students and professionals. IISE holds annual regional and national conferences in the United States. IISE is headquartered in the United States in Peachtree Corners, Georgia, a suburb located northeast of Atlanta Atlanta ( ) is the List of capitals in the United States, capital and List o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Inventory
Inventory (British English) or stock (American English) is a quantity of the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Service Level
Service level measures the performance of a system, service or supply. Certain goals are defined and the service level gives the percentage to which those goals should be achieved. Examples of service level: * Percentage of calls answered in a call center * Percentage of customers waiting less than a given fixed time * Percentage of customers that do not experience a stockout * Percentage of all parts of an order being fulfilled completely *Use of a safety stock to ensure that a target percentage of orders can be met in full and on time.Aberdeen GroupAre Your Inventory Management Practices Outdated? published on 1 March 2005, accessed on 14 July 2024 The term "service level" is used in supply-chain management and in inventory management to measure the performance of inventory replenishment policies. Under consideration, from the optimal solution of such a model also the optimal size of back orders can be derived. A back order is an order placed for an item which is out-of-stock ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Management
Management (or managing) is the administration of organizations, whether businesses, nonprofit organizations, or a Government agency, government bodies through business administration, Nonprofit studies, nonprofit management, or the political science sub-field of public administration respectively. It is the process of managing the resources of businesses, governments, and other organizations. Larger organizations generally have three Hierarchy, hierarchical levels of managers, organized in a pyramid structure: * Senior management roles include the board of directors and a chief executive officer (CEO) or a President (corporate title), president of an organization. They set the strategic goals and policy of the organization and make decisions on how the overall organization will operate. Senior managers are generally executive-level professionals who provide direction to middle management. Compare governance. * Middle management roles include branch managers, regional managers, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Cost
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ..., cost is a metric that is totaling up as a result of a process ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Demand
In economics, demand is the quantity of a goods, good that consumers are willing and able to purchase at various prices during a given time. In economics "demand" for a commodity is not the same thing as "desire" for it. It refers to both the desire to purchase and the ability to pay for a commodity. Demand is always expressed in relation to a particular price and a particular time period since demand is a flow concept. Flow is any variable which is expressed per unit of time. Demand thus does not refer to a single isolated purchase, but a continuous flow of purchases. Factors influencing demand The factors that influence the decisions of household (individual consumers) to purchase a commodity are known as the determinants of demand. Some important determinants of demand are: The price of the commodity: Most important determinant of the demand for a commodity is the price of the commodity itself. Normally there is an inverse relationship between the price of the commodity and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |