In each of the following, name the term defined or answer the question. Answers are listed at the bottom.
1. Term used to refer to the process a firm uses to balance supply and demand.
2. When doing aggregate planning, these are the three general operations-related variables that can be adjusted.
3. A strategy where the production rate is set to match expected demand.
4. When overtime is used to meet demand and avoid the costs associated with hiring and firing.
5. A strategy that uses inventory and backorders as part of the strategy to meet demand.
6. Sometimes a firm may choose to have all or part of the work done by an outside vendor. This is the term used for the approach.
7. If expected demand during the next four quarters is 150, 125, 100, and 75 thousand units, and each worker can produce 1,000 units per quarter, how many workers should be used if a level strategy is being employed?
8. Given the data from question 7, how many workers would be needed for a chase strategy?
9. In a service setting, what general operations-related variable is not available compared to a production setting?
10. The practice of allocating capacity and manipulating demand to make it more predictable.