Mod 5 Flashcards by Muhammad Aayan

What is cost leadership?

Aiming to have the lowest cost in the market

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How to achieve cost leadership?(3)

-cheaper input
-use technology
-economics of scale

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What are economies of scale?

Cost Advantage from producing on larger scale, more production price of product reduces

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What is differentiation?

Distinguishing business product from its competitors

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What is cross branding?

-Differentiation can be created from strategic alliances between brands
- can add value by offering customers added benefits

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How to differentiate a good?

-vary quality
-vary feature

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How to differentiate a service?

-vary the time
-vary the expertise

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What Are The Influences on operation?(7)

Globalisation
Technology
Quality expectations
Cost based competition
Government policies and legal regulations
Environmental sustainability
Corporate social responsibility

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What is globalisation?

It is the removal of trade borders between countries, creating more interactions between business across the globe increasing export and imports

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What are opportunities from globalisation?(3)

-cheaper input(labour)
-Increased market→ potential customer
-economies of scales becomes easier

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What are threats from globalisation?

-Greater competition

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What are the advantages of using technology in operation?

It has a high initial cost, but business can reduce long term cost while increasing efficiency and quality control, speed

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What are quality expectations for goods?(3)

-quality
-purpose
-Duriability

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What are quality expectations for services?

-Reliability of provider
-Level of customisation

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What is environmental sustainability?

Awareness of the negative effects of business operation, on environment

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What is cost based competition?

When business lowers the price than competition, by reducing cost and they are able to achieve cost leadership, and gain more profits

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What are government policies and regulations?

tax
Laws→ environment, protect businesses

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How do businesses attain environmental sustainability?(2)

Renewable resources
Reducing non renewable assets

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What is corporate social responsibility?

Out doing the legal compliance by tapping into ethical responsibility

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Examples of CSR?(2)

Working women
workplace diversity

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What is the triple bottom line?

Soical, economic, enviornmental

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What Are transformed resources?

info , customer ,materials

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What Are Transforming resources?

Hr, time, energy

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What are raw materials?

Unprocessed good

What Are the 4 v's?

Volume: How many Variety: product range Variation:adaptability in change in demand Visibility: customers ability to interact with business

What is sequencing?

Refers to the order in which activities occur

What is scheduling?

Refer to the time activities occur

What are the 2 scheduling tools?

Gantt charts Critical path analysis

What is the advantage of gantt charts?

plan steps and specific timeframe for each task, making it easier to monitor progress

What are gantt charts?

Outlines what activities needs to be performed and in what order

What is critical path analysis?

Reveals what task need to be done

What is the advantage of critical path analysis/

What tasks need to be done and how long and can some tasks be done simultaneousl

What is monitoring?

Measure actual performance against planned performance.

What Are the 6 operation key performance objectives?

Quality Speed Dependability Flexibility Customisation Cost

What is task design?

How a task need to be performed by breaking down into steps

What is customer service?

How well the business exceeds the expectation of customer, helping to build long term relationships

What are warranties?

Business promise to fix or replace or refund the product

How can warranties be used to measure performance?

No. of claims made against the business will indicate a problem with the production process

What are the steps of developing a new product?

1)Market research 2)Product design 3)Prototype testing 4)Product refinement 5)Product, launch

What is supply change management

Manages the flow of supply through the input, transformation and output process

What are the different operation strategies?(5)

Supply chain management Outsourcing Technology Inventory management Quality managemen

What is ecommerce?

The buying and selling of good and services via the internet

What is outsourcing?

Is using an external provider to perform a business function

What is the advantage of outsourcing?(3)

Specialised skill Reduces labour cost Allows business to focus on core operations

What are the disadvantages of outsourcing?(3)

Communication barrier Cost Reputation may be hurt if outsourcer has unethical practices

What is the advantage of technology?

Make the transformation process more effective and efficient Improves employee productivity

What are the disadvantages of technology?

can be updated quickly, and business may need to keep up dating

What is inventory management?

Business maintain efficient and effective control of its stocks

What are the advantages of holding stock?(3)

Immediate revenue stream Ready to meet customer demands Economies of scale

What are the dis of holding stock?(2)

spoilage/ waste of labour

What are the 3 types of quality management?

Quality control Quality assurance TQM(total quality management

What Are The 3 types of inventory valuation?

LIFO(last in first out)--> used for products FIFO(fist in first out)--> perishable items JIT(just in time )--> minimum stock held

What is quality assurance?

Identifying defects after it has happens

What is quality control?

Attempts to prevent defect before manufacturing process

What is TQM?

Improving the quality of products through satisfying customer need, and continuous improvement

How does business manage resistance to change?

Be proactive by preparing employees for by support and widespread new

What are some things that cost resistance to change? (2)

Costs Psychological barrier (interia)

What is inertia in business?

The uncertainty of the unknown

What are 3 global factors?

Global outsourcing Economies of scale Scanning and learning