Z94.14 - Operations & Inventory Planning & Control

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FAMILY. (See PRODUCT FAMILY.)

FCFS. (See FIRST-COME-FIRST-SERVED.)

FEATURE. (See ACCESSORY, ATTACHMENT, OPTION.)

FIFO. (See FIRST-IN-FIRST-OUT.) 

FINAL ASSEMBLY SCHEDULE (FAS). A schedule of end items needed to replenish finished goods inventory or to satisfy make-to-order demand. For make-to-order products, the FAS is prepared after receipt of a customer order; is constrained by the availability of material and capacity, and schedules the operations required to complete the product from the level where it is stocked (or master scheduled) to the end item level. Also referred to as the "finishing schedule" as it may include other operations than simply the final assembly. Syn: blending schedule, pack-out schedule.

FINISHED PRODUCTS INVENTORIES. Inventories on which all manufacturing operations, including final test, have been completed. These may be either finished parts, like renewal parts, or finished assemblies which have been authorized for transfer to the finished stock account.

FINISHING LEAD TIME. The time that is necessary to finish manufacturing a product after receipt of a customer order. An input to the FAS. The finishing lead time should be equal to or less than the company's goal for shipping its product after receipt of a customer order.

FINITE LOADING. Conceptually the term means putting no more work into a factory than the factory can be expected to execute. The specific term usually refers to a technique that involves automatic shop priority revision in order to level load operation. (See INFINITE LOADING.)

FIRM PLANNED ORDER (FPO). A planned order that is frozen in quantity and time. The computer is not allowed to automatically change it; this is the responsibility of the planner in charge of the corresponding item. This technique can aid planners working with MRP systems to respond to material and capacity problems by firming up selected planned orders. Additionally, firm planned orders are the normal method of stating the master production schedule.

FIRST-COME-FIRST-SERVED (FCFS). A priority rule for sequencing jobs such that the first job into the facility receives first priority.

FIRST-IN-FIRST-OUT (FIFO). A priority rule for sequencing jobs such that the first job into the queue is the first job processed.

FIXED ORDER QUANTITY. A lot sizing technique in MRP that will always cause a planned order to be generated for a predetermined fixed quantity or multiples thereof if net requirements for the period exceed the fixed order quantity. (See ECONOMIC ORDER QUANTITY, LOT-FOR-LOT, PERIOD ORDER QUANTITY.)

FLOAT. The amount of work-in-process inventory between two manufacturing operations, especially in repetitive manufacturing.

FLOORSTOCK. Stock of inexpensive production parts held in the factory from which production workers can draw without requisitions.

FLOW SHOP. A manufacturing facility in which the plant layout arranges work stations according to the order in which operations should be performed to optimize cost, lead time, and quality performance. Syn: product shop.

FLUCTUATION INVENTORIES. Inventories that are carried as a cushion to protect against forecast error and stockouts. (See SAFETY STOCK.)

FOCUS FORECASTING. A system that allows the user to simulate the effectiveness of numerous forecasting techniques, thereby being able to select the most effective one.

FORECAST. An objective extrapolation of past data to the future. A forecast is analytical versus a prediction which is subjective incorporating management's anticipation of changes and new factors influencing demand.

FORECAST ERROR. The difference between actual demand and forecast demand, typically stated as an absolute value.

FORECAST HORIZON. The period of time into the future for which a forecast is prepared.

FORECAST INTERVAL. The increments of time into which the forecast is divided, sometimes referred to as time buckets. Syn: forecast period.

FORMULATION. (See BILL OF MATERIAL.)

FORWARD SCHEDULING. A scheduling technique where the scheduler proceeds from a known order start date and computes the completion date usually proceeding from the first operation to the last. (See BACKWARD SCHEDULING.)

FULL PEGGING. The ability of a system to automatically trace requirements for a given component all the way up to the end item or contract number.

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