Z94.14 - Operations & Inventory Planning & Control
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LABOR TICKET. A form used to record labor allocated to specific jobs or production operations.
LAP-PHASING. (See OVERLAPPED SCHEDULE.)
LAST-IN-FIRST-OUT (LIFO). A sequencing procedure where the last item in to the queue is the first item out of the queue.
LEAD TIME. A span of time required to perform an activity. In a production and inventory control context, the activity in question is normally the procurement of materials and/or products either from an outside supplier or from one's own manufacturing facility. The individual components of any given lead time can include queue time, move or transportation time, receiving and inspection time, processing time, etc. (See MANUFACTURING LEAD TIME, PURCHASING LEAD TIME.)
LEAD TIME OFFSET. A term used in MRP where a planned order receipt in one time period will require the release of that order in some earlier time period based on the lead time. The difference between the order's due date and release date is the lead time offset.
LEAST TOTAL COST. A dynamic lot-sizing technique that calculates the order quantity by comparing the carrying cost and the set-up (or ordering) costs for various lot sizes and selects the lot where these are most nearly equal.
LEAST UNIT COST. A dynamic lot-sizing technique that adds ordering cost and inventory carrying cost for each trial lot size and divides by the lot size, picking the lot size with the lowest unit cost.
LEVEL. A relative position in which a part or assembly is used within a product structure signified by a code. Normally the end items are assigned level "0" and the components/sub-assemblies going into it level "1" and so on. MRP explosion process starts from level "0" and proceeds downward one level at a time.
LEVELING. A capacity planning concept where work is balanced between work centers and across time.
LIFO. (See LAST-IN-FIRST-OUT.)
LIMITING OPERATION. The operation having the least capacity. In a series of operations with no alternative routings, the capacity of the total system can be no greater than the limiting operation. As long as this limiting condition exists, the total system can be effectively scheduled by simply scheduling the limiting operation. Syn: bottleneck.
LINE BALANCING. Assignment of elemental tasks to work stations so as to minimize the number of work stations and to minimize the total amount of unassigned time at all stations. Line balancing can also mean a technique for determining the product mix that provides a fairly consistent flow of work at the planned line rate. (See ASSEMBLY LINE.)
LINE ITEM. One item on a customer order, regardless of quantity.
LOAD. (1) The amount of scheduled work ahead of a manufacturing facility, usually expressed in terms of hours or work units of production. (2) To assign work to the capacity available at particular work stations.
LOAD LEVELING. Spreading orders out over time or re-scheduling operations so that the amount of work to be done in the time periods is distributed evenly. (See FINITE LOADING.)
LOAD PROFILE. A display of future capacity requirements based on planned and released orders for a single part or all parts over a given time span. Syn: load projection.
LOGISTICS. In an industrial context, the art and science of obtaining and distributing material and product. In a military sense (where it has greater usage), its meaning can also include the transportation of personnel.
LONG-RANGE RESOURCE PLANNING. A planning activity for long-term capacity decisions such as level-loading based on the production plan, and other available data beyond the time horizon for the production plan. This activity is to plan long term capacity needs out to the time period necessary to acquire gross capacity additions (such as a major factory expansion.)
LONG TERM AGREEMENTS (LTA'S). A strategic supplier management approach where long-term financial terms, prices, quality and ever improvement requirements are negotiated with a supplier, sometimes by a central purchasing organization. Individual buyers then release orders against the LTA where only quantity and schedule need to be established.
LOT-FOR-LOT. A lot sizing technique in MRP which generates planned orders in quantities equal to the net requirements in each period. Syn: discrete order quantity.
LOT NUMBER. A unique identification assigned to a homogenous quantity of material. Syns: batch number, mix number.
LOT SIZE. The amount of a particular item that is ordered from the facility or vendor. Syns: order quantity, batch quantity.
LOT SIZE INVENTORY. Inventories which are maintained whenever quantity price discounts, shipping costs, or set-up costs, etc. make it more economical to purchase or produce in larger lots than are needed for immediate purposes.
LOW LEVEL CODE. Identifies the lowest level in any bill of material at which a particular component may appear. Net requirements for a given component are not calculated until all the gross requirements have been calculated down to that level. Low level codes are normally calculated and maintained automatically by the computer software. (See LEVEL.)
LUMPY DEMAND. A demand pattern with large fluctuations from one time period to another. Syns: discontinuous demand.
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