AOS 3: Operations Management Flashcards
(36 cards)
Operations
the functions of the business that produces goods or services
Operations management
management of resources and functions within a business that converts inputs into outputs via a series of value adding processes
Efficiency
how productively a business uses its resources
Effectivness
how well a business achieves its stated objectives
Productivity
the number of goods or services compared to the number of resources used in the production process
Inputs
the resources used in a business to produce the final product
Processes
the action performed by a business to convert inputs into outputs
Outputs
the final good or service produced by a business that can be delivered/consumed by a customer
Tangible
the product can be touched, stored or handled
Intangible
the product cannot be touched, stored or handled
Technological development
New applications of scientific knowledge which aims to optimise the operations of a business
Automated Production Lines
machinery and equipment that has been arranged in a sequence so tasks can be performed automatically with little to no employee involvement
Computer Aided Design
digital design tool that allows for a business to generate and modify technical illustrations of a prototype before it is placed into production
Computer Aided Manufacturing
the use of software and computer controlled machinery to manufacture products
Artificial Intelligence
the use of computerised programs to mimic human behaviour and intelligence
Online Services
services that are provided via the internet
Material management
the planning, controlling and organising of a business’ supplies required for production
Forecasting
Planning and predicting upcoming customer demand from previous data and market trends
Market Production Schedule
A plan that outlines what a business intends to produce in its specific quantities within a set production time
Materials Requirement Planning
A process that itemises the types and qualities of materials required to meet production targets set out in the MPS
Just in Time
An inventory control approach that delivers the correct type and quantity for materials just as they are needed to production
Quality
a good or service’s ability to meet customer needs
Quality Control
reactive approach that inspects products at various stages of production to ensure products meet designated standards and unsatisfactory products are discarded
Quality Assurance
Proactive approach where a business achieves a certified standard of quality in its production after an independent body asses its operations system
