Influences Flashcards
List the Influences on Operations
Globalisation
Technology
Quality Expectations
Cost-Based Competition
Government Policies
Legal Regulations
Environmental Sustainability
Corporate Social Responsibility
Define Globalisation
different national economies integrated into one market for easy trade of goods & services
Impacts of Globalisation
Cheaper Inputs
Access to Global Markets & Consumers
Trade Agreements can both help and hinder businesses
Businesses must adapt to cultural differences
Define Technology
the equipment, materials and knowledge that are available to help businesses perform certain functions or make products
Factors to consider when implementing technology
The speed of change in that technological area
The technology that competitors are using
The finances available to purchase technology
How long it will take to introduce the technology
Whether staff will need to be retrained/made redundant
Components of Quality Expectations
Durability
Reliability
Fitness for Purpose
How can government policy support businesses?
Subsidies for struggling industries
Tariffs on imported goods
Objectives of Legal Regulations
Operations must be safe
Operations must minimise environmental impact
Operations must ensure all marketing claims are true
Define Environmental Sustainability
the development and use of methods of production that allow resources to be used by producers today without limiting the ability of future generations to satisfy their needs
Define Corporate Social Responsibility
the duty of care a business has towards its stakeholders other than shareholders
Components of the Triple Bottom Line
Financial
Environmental
Social
Role of a Code of Conduct (Operations)
Minimise Environmental Harm
Reducing Waste
Improving Customer Service
Examples of Socially Responsible Business Decisions
Promoting Equity, Justice & Human Rights
Not engaging in corruption
Being open and consultative
Improving community living standards
