Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CIMA E1 > The Finance Functions Relationship With Operations > Flashcards

The Finance Functions Relationship With Operations Flashcards

1
Q

What is operations management?

A

The planning, directing and controlling of the transformation of inputs into outputs that meets the needs of the organisations customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is process design?

A

The method by which individual specialists seek to understand business activities and ensure that they are as efficient and effective as possible.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the 4 Vs of process?

A

Volume - number of inputs and outputs
Variety - the number of different inputs and outputs
Variation - when outputs are required
Visibility - whether customers view it or not

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the primary activities of Michael Porters value chain?

A

Inbound logistics
Operations
Outbound logistics
Marketing and sales
Service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the support activities of Michael Porters value chain?

A

Procurement
Human resources management
Technology development
Firm infrastructure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is a level capacity strategy?

A

Maintain activity at a constant level over the planning period, ignoring fluctuations in forecast demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is a chase demand strategy?

A

Attempting to match production capability as closely as possible to the forecast demand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a demand management strategy?

A

Attempting to manipulate demand levels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is MRP II?

A

Manufacturing resource planning - a method for the effective planning of all resources of a manufacturing company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is OPT?

A

Optimised production technology - one of several computer based methods for scheduling production requirements, it uses known capacity constraints to identify and eliminate bottlenecks.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is ERP?

A

Enterprise resource planning - software that integrates all departments and functions of an organisation in a computer system able to meet the needs of all organisational users.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a periodic inventory system?

A

Checking stock on a regular basis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is an ABC system?

A

A - high value and require close monitoring
B - less important and require less control
C - require little management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is JIT?

A

Just in time - an approach to inventory management based on the idea that goods should be produced or services delivered only when they are needed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is supply chain management?

A

The flow of goods and services through the organisation with the aim of making the firm more competitive.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is procurement?

A

The sourcing and purchasing of goods and services for business use.

17
Q

What is the model of Reck & Long?

A

Passive - a clerical function, focuses on efficient transaction processing
Independent - awareness of the financial importance of purchasing, attempts to find the best prices
Supportive - a centralised purchasing department, careful supplier selection is recognised
Integrative - part of the firms strategic planning process

18
Q

What is Cousins supply wheel?

A

Organisation structure - how supply interacts with other functions
Portfolio of relationships - how much collaboration there is with suppliers
Cost/benefit analysis - how much time/effort is spent on purchasing
Skills and competencies - whether staff need training on how to build long term relationships with suppliers
Performance measures - not just cost

19
Q

What are the 3 supply chain performance objectives?

A
  1. Speed
  2. Dependability
  3. Cost
20
Q

What are the 4 different sourcing strategies?

A
  1. Single sourcing - purchased from one supplier
  2. Multiple sourcing - purchase from several suppliers
  3. Delegated sourcing - delegated to an external organisation
  4. Parallel sourcing - sourced from separate supply systems
21
Q

What are the 4 types of quality costs?

A
  1. Prevention costs - activities undertaken to prevent defects occurring in the design and operation of the product
  2. Appraisal cost - costs of quality inspection and testing
  3. Internal failure cost - cost of detection and rectification of defective items arising before transfer to the customer
  4. External failure cost - arising after transfer to customer
22
Q

What is TQM?

A

Total quality management- continue improvement in quality, productivity and effectiveness through a management approach focusing on both process and product

23
Q

What is kaizen?

A

Continuous improvement

24
Q

What is six sigma?

A

A statistical approach to quality management

25
Q

What is lean production/lean thinking?

A

Elimination of waste in all areas of the organisation

26
Q

What is lean synchronisation?

A

Customer focus, aim is to produce products and services that meets customer needs and wants

27
Q

What is benchmarking?

A

The comparison of a company’s service, practice or process with another party

CIMA E1 (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions