Operations Flashcards
What does a strategic role of operations provide?
It provides a long term competitive advantage and product differentiation
What is Economies of scale?
Refers to cost advantages that can be created because of an increase in scale of business
What is cost leadership?
Strategy aiming to gain advantage over competitors by setting price low
Transformed resource?
These are the inputs that are changed and converted into something else such as a component to be used as an input by another business or a finished good or service
Transforming resource?
The resources that remain in the business and are applied to the inputs to change them to add value
Transformation?
Physical altering, Manipulating and changing information to produce a service
Technology?
This involves the use of machinery and systems to undertake operations more efficiently and effectively
Plant layout?
This is the arrangement of equipment, machinery and staff within the factory
Task Design?
Completed after the task analysis the operations manager determines and communicates to the employees how it will be completed
Monitoring Operations Processes?
Measuring actual performance against planned performance
Controlling Operations Processes?
Comparing observed performances against what was planned
Improving Operations Processes?
Analysing the operations process and determining what can be changed to improve
Globalisation?
The connection between countries through trade and technology
CAD?
A computerised design tool that allows businesses to create product possibilities from a series of input parameters
CAM?
Software that controls manufacturing processes
Triple Bottom Line?
The triple bottom line (TBL) measures an organization’s economic, environmental, and social performance, promoting transparency and accountability for sustainable growth.
