Paper 2 - Making Operational Decisions Flashcards
BATCH OF PRODUCTION
Producing a limited number of identical products.
FLOW PRODUCTION
Continuous production of identical products which gives scope of high levels of automation.
JOB PRODCUTION
One off prodcution of a one off item for a single customer.
PRODUCTIVITY
A measure of efficiency usually output per person per time period. E.g. Nissans UKs 98 cars per worker per year.
AUTOMATION
Using machines that can operate without people.
BAR GATE STOCK GRAPH
A diagram to show changes in the level of stock over time.
BUFFER STOCK
The minimum stock level held at times to avoid running out.
JUST IN TIME
Running the business with so little stock that new supplies have to arrive just in time before they run out.
STOCK
Items held by a firm for use or sale.
LOGISTICS
Ensuring that the right supplies will be ordered and delivered on time.
PROCUREMENT
Obtaining the right supplies from the right supplier.
CULTURE
The way we do things round here - accepted attitudes and practises.
Quality control
Putting measures in place to check that the customer receives an acceptable level of quality.
WARRANTY
The guarantee by the producer that it will repair faults In a product over a specified period of time.
CUSTOMER ENGAGEMENT
The attempt to make a customer feel part of something rather than an outsider.
