Module 4 Operations and Distribution Flashcards
1
Q
Lean Manufacturing
A
- Value
- Value stream
- Flow
- Pull
- Perfection
2
Q
7 Forms of Wate
A
- Overproduction
- Inventory
- Motion
- Defects
- Over-processing
- Waiting
- Transporting
3
Q
Market Positioning
A
- Cost Leadership
- Differentiation
- Focus
4
Q
Triple bottom line framework
A
- Profit
- People
- Planet
5
Q
Cost leadership
A
Outperform competitors by producing products or services at the lowest sustainable cost.
6
Q
Rationale behind ISO 9001 certification
A
- Considered by some buyers
- “plan-do-check-act” methodology.
7
Q
Value Chain Analysis
A
- Inbound logistics
- Operations
- Outbound logitistics
- Processes should not be designed and analysed in isolation
8
Q
Quality vs grade
A
- Quality - conformance to the requirements.
- Grade - describes the intended features or technical specification of a product.
9
Q
Kaizen costing
A
Method of budgeting based on continual improvement
10
Q
Kanban
A
System that manages internal stock
11
Q
Catchball
A
Shared ownership and leadership throughout a team
12
Q
Differentiation strategy
A
Outperform competitors by providing a different product
13
Q
Focus strategy
A
Outperform competitors by targeting one segment of the markets
14
Q
Perfect competition (6)
A
- Large number of small buyers and small suppliers
- Perfect information
- Homogenous products
- No barriers to entry
- No transaction costs
- No switching costs
15
Q
Monopoly
A
- Market with one supplier
- Need to be regulated
