2.4 resource management Flashcards Preview

A LEVEL BUSINESS > 2.4 resource management > Flashcards

Flashcards in 2.4 resource management Deck (20)
Loading flashcards...
1
Q

what does resource management involve?

A

planning and control at every stage of the supply chain

2
Q

productivity formula

A

number of workers/input

3
Q

job production

A

products tailor-made to customer needs

4
Q

batch production

A

producing a set number of identical items (also involves division of labour)

5
Q

flow production

A

continuous flow of identical items

6
Q

cell production

A

small production line with workers that produce products flexibly

7
Q

factors influencing productivity

A
  • technology ownership
  • ability and skill of employees
  • employee motivation
8
Q

labour-intensive production

A
  • more flexible more workers

- higher unit costs due to wages

9
Q

capital-intensive production

A
  • inflexible

- economies of scale

10
Q

capacity utilisation

A

measures a firms current output level as a percentage of its maximum possible output

11
Q

implications of under-utilisation

A
  • higher fixed costs per unit = less profitable
12
Q

implications of over-utilisation

A
  • if demand rises the business will have to turn away customers
  • struggle to service machinery - vulnerable to breakdowns
13
Q

improving capacity utilisation

A
  • increase demand
  • cut capacity
  • rationalization
  • outsourcing
14
Q

three types of stock

A

raw materials
work in progress
finished goods

15
Q

what is buffer stock?

A

minimum stock level - firms keep this amount all the time just in case of supply delays/shortages

16
Q

implications of poor stock control

A
  • opportunity cost (tied up cash)
  • cash flow problems
  • increased costs
17
Q

competitive advantage from lean production

A
  • creates higher productivity
  • lower costs less waste
  • marketing advanatages + quality
18
Q

quality control

A

inspectors are hired to check the quality of products

19
Q

quality assurance

A

self-checking at every stage of the process to prevent the defects

20
Q

TQM

A

quality emphasis within the culture of the business