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HSC Business Studies my > Operations > Flashcards

Operations Flashcards

1
Q

Cost leadership occurs when…

A

Businesses have the lost cost of operation compared with competitors.

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2
Q

G and S differentitaiton can be achieved through…3

A
  1. Physical appearance
  2. Quality of product or service
  3. Price
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3
Q

Production of goods is less ___ intensive

A

labour

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4
Q

Managers in service bus need more ____ skills

A

HR

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5
Q

Eg of HR with O

A

Hiring employees that use machinery.

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6
Q

Eg of Marketing and O

A

Production levels. etc

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7
Q

Eg of Finance and O

A

Purchasing new equ. Warehouse costs.

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8
Q

Global Web

A

Different parts of production located in different countries

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9
Q

Cost advantages of Global Web strategy…5

A
  1. Abundance raw materials
  2. Cheap labour
  3. FX rates
  4. Govt incentives
  5. Tech not in home country
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10
Q

Influence (use) of tech…5

A
  1. CAD and CAM
  2. Communciation
  3. R and D
  4. info storage
  5. Inv. mngmt
  6. Requires higher skilled workforce
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11
Q

Quality expectations.. good then

A

+ Customer satisfaction and loyalty

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12
Q

Cost based competition is…

A

When a business competes with rivals by establishing prices for output based on cost of production

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13
Q

Govt policy levels…3

A

Local
State/territory
Federal

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14
Q

Eg of Local Govt influence.. 2

A

Zoning and sound regulations. Waste disposal.

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15
Q

Eg of State Govt influence 2

A

WHS regulations. Pricing of energy inputs.

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16
Q

Eg Fed gov influence… 2

A

Tax. Insurance

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17
Q

Influences….8

A
  1. Gobalisaiton
  2. Tech
  3. Cost based comp
  4. Qual expec
  5. Govt policy
  6. Legal Reg
  7. Enviro sust
  8. CSR
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18
Q

Definition of Environmental Sustainability…

A

Meeting needs of the present generation without compromising the ability of future generations to meet their needs.

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19
Q

Eg of Environmental Sust 2

A
  1. using renewable resources (prioritising use)

2. Keeping impact below level req. for systems to recover.

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20
Q

CSR

A

commitment by a business to operate ethically and contribute to economic development while improving the quality of life of the workforce, their families and the community at large.

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21
Q

Diff between legal comp and ethical resp.

A

Making sure laws and regulations are met vs doing what is ‘right’ (morally) in production.

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22
Q

Ethical managers must pursure 2

A
  1. Legal Comp.

2. Ethical Resp.

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23
Q

Social responsibility…

A

a business’s management of the social, environmental, political and human consequences of its actions.

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24
Q

2 Types of inputs….

A

Transformed and transforming resources.

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25
Q

Transformed resources 3 + 1

A

Materials. Information. Customers. Things changed into finished products

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26
Q

Transforming resources 2 +1

A

HR, Facilities. Those that cause the change.

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27
Q

4 Vs

A
  1. Volume
  2. Variety
  3. Variation in demand
  4. (Customer) Visibility
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28
Q

high volume normally means

A

Standardisation

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29
Q

Variety meaning

A

How many different types of G or S are produced

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30
Q

high variety noramlly means

A

high flexibility needed.

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31
Q

Eg Volume high vs Low

A

Gormet restaurant vs Maccas

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32
Q

Eg Variety High vs low

A

Dress alter vs Garment Factory

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33
Q

Eg Variation in demand High vs low

A

Fireplace sales vs Furniture

34
Q

Eg Visibility high vs low

A

Hairdesser vs factory worker

35
Q

Visibility means

A

how much is seen by customer

36
Q

Sequencing

A

order of things to be done

37
Q

Scheduling

A

the timing of use of resources/ employee roster.

38
Q

Tech in processes

A

CAD and CAM

39
Q

Task Design

A

Is a part of series of steps that are designed to take inputs and transform them to produce a G or S

40
Q

Process Layout

A

s the arrangement of machines such that the machines and equipment are grouped together by the function (or process) they perform.

41
Q

Monitoring as a process

A

The process of measuring actual performance against planned performance. Arranged around KPIs

42
Q

Control as a process.

A

Occurs, when KPIs are assessed against predetermined targets and corrective action, is taken if required.

43
Q

Improvement as a process

A

Systematic reduction of inefficiencies and wastage. Reduced bottlenecks.

44
Q

Monitoring, controlling improvement process….

A

Plan > Implement > Monitor > Control > Improvement.

45
Q

Other outputs of bus… 2

A

Customer Service. Warranties.

46
Q

Customer Service definiton

A

series of planned activities which are designed to increase the customer’s satisfaction and add value to a product.

47
Q

Warranties definition…

A

Written guarantees faulty products will be repaired or replaced under certain conditions of use.

48
Q

Performance objective Quality…

A

– how well a good is made or service is delivered

49
Q

P obejective speed…

A

time it takes to respond to customers orders

50
Q

P objective dependability

A

refers to how consistent and reliable a business’s products are

51
Q

P obj Cost

A

ability to produce at low cost

52
Q

P obj Customisation

A

offer products exactly suited to customers needs

53
Q

P obj Flexibility

A

ability to make changes to operations.

54
Q

Supply chain Mnmgt def

A

efficient control of resources from supplier > manufacteror > wholesaler > retailer > customer

55
Q

3 goals of SCM

A
  1. reduce inventory
  2. increase speed of transactions
  3. satisfy customer demands quicker
56
Q

Logistics

A

management of the the flow of resources between the point of supply and point of consumption. involves transport, inventory, warehousing, packaging

57
Q

E commerce

A

business conducted on the internet

58
Q

Aspects of SCM 3

A

Logistics. E comerce. Global Sourcing.

59
Q

Advantages of outsourcing. 5

A
  1. Less investement.
  2. no employee on costs
  3. Faster, better quality.
  4. Flexability to choose supplier.
  5. Less mnmgmt required - bus can focus on core fnc
60
Q

Disad of outsourcing 5

A
  1. Now dependant on other bus - disruption.
  2. Less control over quality.
  3. more expensive.
  4. Loss of jobs in bus
  5. Confientially - conflicts of interest.
61
Q

Leading edge tech…

A

positon of greatest advancement in tech.

62
Q

Adv of leading edge tech adoption…1

A

Comp adv

63
Q

Disad of leading edge

A

Investement wasted if wrong

64
Q

Established tech

A

cost, performance etc known and readily avaliable.

65
Q

Inventory management

A

process that identify stock levels and time the order and delivery of them. Includes making the prod process go smoothly to keep demand satisfied.

66
Q

Adv of holding stock 5

A
  1. Buffer for increased demand.
  2. Shorter lead time.
  3. Bulk buying - cheaper
  4. Capital gain if stock increases in value (or shortage elsewhere).
  5. Smooth production process.
67
Q

Dis ad of Holding stock. 4

A
  1. Warehouse costs/ management costs
  2. Capital loss if devaluates
  3. Goods Perish.
  4. Greater management requ.
68
Q

Adv if LIFO

A

Show up-to-date stock to cust.

69
Q

Adv of FIFO

A

Less stock perishes

70
Q

Adv of JIT

A

elimates inventories and costs assoc.

71
Q

Quality Control strat

A

Reduces problems and defects by using inspections at various points in the prod process. Often at end.

72
Q

Quality assurance strat.

A

Use of a system to ensure set standards are achieved in production. Assesses against predetermined standards (eg AUS laws)

73
Q

Quality Improvement strategy

A

Reduce the rate mistakes occur. TQM. Increases E and E over time. Staff involvement encouraged.

74
Q

Reaons for resistance to change -

A

Financial. Inertial. Staffing.

75
Q

Financial reasons for resistance to change 4

A
  1. new equ
  2. redundancy payouts
  3. retraining costs
  4. reorganising plant layout.
76
Q

Staffing resistance to change…

A
  1. inertia
  2. deskilling
  3. new skills
  4. loss of promotional opportunities.
77
Q

Global factors 4

A
  1. Global sourcing
  2. Economies of scale
  3. Scanning and learning
  4. R and D
78
Q

Scanning and learning involve…

A

monitoring businesses internal and external environment so it can gather, analyse and use information for tactical and strategic purposes.

79
Q

3 types of scanning and learning

A

Adhoc. Scheduled. Continuous. ( internal and external environment.)

80
Q

Advantages of overseas R and D

A
  1. Where there are good education facilities.

2. Subsidiary pays little tax - only sends info home.

HSC Business Studies my (5 decks)

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