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HSC Business Studies my > Operations > Flashcards

Operations Flashcards

(80 cards)

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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
Transformed resources 3 + 1
Materials. Information. Customers. Things changed into finished products
26
Transforming resources 2 +1
HR, Facilities. Those that cause the change.
27
4 Vs
1. Volume 2. Variety 3. Variation in demand 4. (Customer) Visibility
28
high volume normally means
Standardisation
29
Variety meaning
How many different types of G or S are produced
30
high variety noramlly means
high flexibility needed.
31
Eg Volume high vs Low
Gormet restaurant vs Maccas
32
Eg Variety High vs low
Dress alter vs Garment Factory
33
Eg Variation in demand High vs low
Fireplace sales vs Furniture
34
Eg Visibility high vs low
Hairdesser vs factory worker
35
Visibility means
how much is seen by customer
36
Sequencing
order of things to be done
37
Scheduling
the timing of use of resources/ employee roster.
38
Tech in processes
CAD and CAM
39
Task Design
Is a part of series of steps that are designed to take inputs and transform them to produce a G or S
40
Process Layout
s the arrangement of machines such that the machines and equipment are grouped together by the function (or process) they perform.
41
Monitoring as a process
The process of measuring actual performance against planned performance. Arranged around KPIs
42
Control as a process.
Occurs, when KPIs are assessed against predetermined targets and corrective action, is taken if required.
43
Improvement as a process
Systematic reduction of inefficiencies and wastage. Reduced bottlenecks.
44
Monitoring, controlling improvement process....
Plan > Implement > Monitor > Control > Improvement.
45
Other outputs of bus... 2
Customer Service. Warranties.
46
Customer Service definiton
series of planned activities which are designed to increase the customer's satisfaction and add value to a product.
47
Warranties definition...
Written guarantees faulty products will be repaired or replaced under certain conditions of use.
48
Performance objective Quality...
– how well a good is made or service is delivered
49
P obejective speed...
time it takes to respond to customers orders
50
P objective dependability
refers to how consistent and reliable a business’s products are
51
P obj Cost
ability to produce at low cost
52
P obj Customisation
offer products exactly suited to customers needs
53
P obj Flexibility
ability to make changes to operations.
54
Supply chain Mnmgt def
efficient control of resources from supplier > manufacteror > wholesaler > retailer > customer
55
3 goals of SCM
1. reduce inventory 2. increase speed of transactions 3. satisfy customer demands quicker
56
Logistics
management of the the flow of resources between the point of supply and point of consumption. involves transport, inventory, warehousing, packaging
57
E commerce
business conducted on the internet
58
Aspects of SCM 3
Logistics. E comerce. Global Sourcing.
59
Advantages of outsourcing. 5
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
Disad of outsourcing 5
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
Leading edge tech...
positon of greatest advancement in tech.
62
Adv of leading edge tech adoption...1
Comp adv
63
Disad of leading edge
Investement wasted if wrong
64
Established tech
cost, performance etc known and readily avaliable.
65
Inventory management
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
Adv of holding stock 5
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
Dis ad of Holding stock. 4
1. Warehouse costs/ management costs 2. Capital loss if devaluates 3. Goods Perish. 4. Greater management requ.
68
Adv if LIFO
Show up-to-date stock to cust.
69
Adv of FIFO
Less stock perishes
70
Adv of JIT
elimates inventories and costs assoc.
71
Quality Control strat
Reduces problems and defects by using inspections at various points in the prod process. Often at end.
72
Quality assurance strat.
Use of a system to ensure set standards are achieved in production. Assesses against predetermined standards (eg AUS laws)
73
Quality Improvement strategy
Reduce the rate mistakes occur. TQM. Increases E and E over time. Staff involvement encouraged.
74
Reaons for resistance to change -
Financial. Inertial. Staffing.
75
Financial reasons for resistance to change 4
1. new equ 2. redundancy payouts 3. retraining costs 4. reorganising plant layout.
76
Staffing resistance to change...
1. inertia 2. deskilling 3. new skills 4. loss of promotional opportunities.
77
Global factors 4
1. Global sourcing 2. Economies of scale 3. Scanning and learning 4. R and D
78
Scanning and learning involve...
monitoring businesses internal and external environment so it can gather, analyse and use information for tactical and strategic purposes.
79
3 types of scanning and learning
Adhoc. Scheduled. Continuous. ( internal and external environment.)
80
Advantages of overseas R and D
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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