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business > topic 4 (operations) > Flashcards

topic 4 (operations) Flashcards

1
Q

Operations management

A

the activities, decisions and responsibilities of managing production and delivery of products and services

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2
Q

Labour intensive

A

a relatively high proportion of labour in the production is used compared to equipment

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3
Q

Capital intensive

A

uses a relatively high proportion of capital equipment relative to labour.

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4
Q

operational objectives include:

A
  • Costs
  • Quality
  • Speed of response and flexibility
  • Dependability
  • environmental objectives
  • added value
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5
Q

profit=

A

sales revenue – (variable costs + fixed costs)

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6
Q

reducing cost per unit enables what

A

a low unit cost enables a business either to keep prices low for customers or to enjoy a higher profit margin

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7
Q

U can reducing variable costs per unit by

A

finding cheaper supplies

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8
Q

reducing fixed cost can occur when

A

when businesses have merged because they may have duplication of fixed costs

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9
Q

quality

A

those features of a product or service that allow it to satisfy customers

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10
Q

quality cab be measured by

A

Customer satisfaction ratings
Customer complaints

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11
Q

Dependability

A

businesses do not want to let customers down and so focus on ensuring that they meet promises- or are dependable

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12
Q

environmental object may include

A
  • reducing waste
  • reducing carbon footprint
  • minimising waste products or materials
  • increasing recycling
  • achieving self-sufficiency in energy use.
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13
Q

added value

A

the difference between what a business spends to produce its goods or services, and the price that customers are prepared to pay.

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14
Q

external factors

A

CCPESTEL
consumer,competitor,political,environmental,social,
technological,economic,legislation

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15
Q

Internal influences on operational objectives

A

cooperate objectives
finance
human resources
the nature of product/service

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16
Q

labour productivity is

A

The amount (volume) of output that is obtained from each employee

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17
Q

labour productivity formula

A

output per period/ number of employees in that period

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18
Q

increasing labour productivity can be achieved by

A
  • recruiting suitably skilled and trained employees
  • training to improve skills and attitudes of existing
    employees
  • using appropriate remuneration and non-financial
    benefits to improve
  • improving working practiced
  • improved technology and capital equipment
19
Q

difficulties of improving labour productivity

A

training of existing staff may take longer
Employing new people with the appropriate skills can be costly and may also take time

20
Q

unit costs =

A

total cost/ units of output

21
Q

capacity is

A

The maximum total level of output or production that a business can produce in a given time period.

22
Q

capacity utilisation is

A

The % of a firms total possible production level that’s being reached

23
Q

capacity utilisation =

A

capacity output per annum(year)/ maximum posssible output per annum(year)

24
Q

how to increase capacity

A
  • invest in capital machinery
  • invest in employees through training
  • hire more employees
  • Change production practices to be more efficient.
25
Q

lean production

A

Aims to reduce all forms of waste in the production process

26
Q

just in time production(JIT)

A

This involves reducing the stock holding of a business to make it more efficient.

27
Q

benifts of JIT

A
  • Reduced stock holding
  • Smaller warehouses
  • Less staff needed to manage and control stock
  • Improved relationship with suppliers
  • Less risk as stock will not perish or go out of date
28
Q

drawbacks of JIT

A
  • Production line could stop completely leaving staff
    and machinery idle
  • Reliability of suppliers
  • Reliability of raw materials
  • Reduced options for responding to customer
    demands
29
Q

benifits of quailty

A

creates usp
impacts sales
impacts sellling price
pricing felixbility
frim reputation

30
Q

quality controll

A

a system that uses inspections to check the quality of work at stages of the manufacturing process.

31
Q

pros of quality control

A

Quality checks at the end can stop faulty goods reaching customers
Inspectors can spot common problems and out them right

32
Q

cons of qaulity control

A

Does not encourage responsibility
Expensive to operate
Responsibility rests with inspectors, therefore staff take no responsibility, which could reduce motivation.

33
Q

quality assurance

A

A system that improves quality by arranging every process to get products right the first time

34
Q

pros of quality assurance

A

Workers take responsibility
Motivates workforce
Reduced costs because of less waste
Greater consistency of quality products because responsibility is spread throughout workforce.

35
Q

cons

A

Needs a change in the culture of the organisation
Can take time to embed the system because of cultural change
Could increase costs in the short term

36
Q

kaizen

A

A policy of implementing small, incremental changes in order to achieve better quality and greater efficiency

37
Q

mass customisation

A

the personalisation or custom tailoring of goods or services to meet customer needs – but at near mass- production prices.

38
Q

methods of increasing capcity

A
  • Extending factories
  • Overtime or longer hours
  • Hiring new staff
  • Flexible workforce
  • Sub-contracting
39
Q

methods of reducing capcity

A
  • Sell of fixed assets
  • Changing to shorter working weeks or days
  • Laying of workers
  • Transferring resources to other areas/locations
40
Q

temporaty contract

A

A temporary contract is an employment contract that is for a fixed period or can be terminated easily by either party

41
Q

stock control charts show

A

lead times
re-order levels
buffer level of inventory
re-order quanties

42
Q

measure of reliability

A

the percentage of deliveries on time
how much the suppliers meet its terms of contract

43
Q

vertical intergration

A

this is a method where businesses can guarantee the reliability, quality and flexibility of their suppliers as they buy their suppliers

business (12 decks)

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