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Revised - BS > Operations Content > Flashcards

Operations Content Flashcards

1
Q

Define operations

A

Operations is the business processes that involve transformation or, more generally, ‘production’

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2
Q

Define value adding

A

Value Adding is the creation of extra or added value as inputs are transformed into outputs

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3
Q

Define Lean Production

A

Lean Production is the elimination of waste at every stage of production, involving analysing each stage of the production process, detecting where inefficiencies are, and correcting them; minimising waste

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4
Q

Identify the features of lean production

A

Features:
- Reflect fair value for any labour used in processes
- Operate at low cost so as to maximise affordability
- Operations processes adjust to shifting needs

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5
Q

Define profit centres

A

Profit Centres are those aspects of a business that directly derive revenue and profits

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6
Q

Define cost centres

A

Cost Centres are particular areas, departments or sections of a business to which costs can be directly attributed

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7
Q

Define cost leadership

A

Cost Leadership involves aiming to have the lowest costs or to be the most price-competitive in the market

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8
Q

Define economies of scale

A

Economies of scale are cost advantages that can be created as a result of an increase in scale of business operations

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9
Q

Define good/service differentiation

A

Good/ Service Differentiation is when products (goods or services) are distinguished in some way from those of competitors

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10
Q

Recall the characteristics that distinguish goods and services

A

The characteristics are:
- Tangibility and Perishability
- Customisation
- Ownership
- Time between production and consumption
- Determination of Value

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11
Q

Recall how goods are differentiated

A

Variation in:
- Features
- Product Quality
- Augmented Features

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12
Q

Recall how services are differentiated

A

Variation in:
- Time spent on a service
- Level of expertise
- Providing self-service options
- Flexibility
- No ‘fuss’
- Qualifications and experience
- Quality of materials/ technology

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13
Q

Define globalisation

A

Globalisation refers to the removal of barriers of trade between nations. Globalisation is characterised by an increasing integration between national economies

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14
Q

Define fixed costs

A

Fixed Costs are ones that are not dependent on the level of operating activity in a business

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15
Q

Define variable costs

A

Variable Costs are ones that vary in direct relationship to the levels of operating activity or production in a business

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16
Q

Define compliance costs

A

Compliance Costs are the expenses associated with meeting the requirements of legal regulations, i.e. abiding by all laws

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17
Q

Define environmental sustainability

A

Environmental Sustainability (ecological sustainability) shapes business operations around practices that consume resources today without compromising access to those resources for future generations

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18
Q

Define precaution principle

A

Precautionary Principle requires that, where environmental impacts are uncertain, a business undertakes actions that are most likely to cause the least environmental impact

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19
Q

Define triple bottom line

A

Triple Bottom Line refers to the financial profitability, social impact and the environmental impact of a business

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20
Q

Define sustainability report

A

A sustainability report provides a comprehensive account of a business’ commitment to areas of ethical decision making, beyond legal requirements

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21
Q

Recall the types of outsourcing

A

The type of outsourcing includes:
- Onshore outsourcing
- Offshore outsourcing

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22
Q

Define capital-labour substitution

A

Capital-labour substitution is when machinery and technology displace people by doing the work they do, thus making labour redundant

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23
Q

Define intermediate goods

A

Intermediate Goods are manufactured and used in further manufacturing or processing

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24
Q

Define customer relationship management

A

Customer Relationship Management (CRM) are the systems that businesses use to maintain customer contact

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25
Define lead time
Lead Time is the time it takes for an order to be filled from the moment it is made
26
Define volume flexibility
Volume Flexibility refers to how quickly the transformation process can adjust to increases or decreases in demand
27
Define mix flexibility
Mix Flexibility is the costs a business incurs when implementing changes within its product range
28
Define Gantt Charts
Gantt Chart is a type of bar chart that shows both the scheduled and completed work over a period of time. It is often used in planning and tracking a project
29
Define critical path analysis
Critical Path Analysis (CPA) is a scheduling method or technique that shows what tasks need to be done, how long they take and what order is necessary to complete those tasks
30
Define monitoring
Monitoring is the process of measuring actual performance against planned performance
31
Define control
Control occurs when KPIs are assessed against predetermined targets and corrective action is taken if required
32
Define warranty
Warranty is a promise made by a business that they will correct any defect in the goods that they produce or in the services that they deliver
33
Define performance objectives
Performance Objectives are goals related to particular aspects of the transformation process
34
Recall the types of performance objectives in regard to quality
- Quality of design - Quality of conformance - Quality of service
35
Define quality of design
Quality of Design is the effectiveness of the business in designing a product that meets the preferences of consumers
36
Define quality of conformance
Quality of Conformance is the focus on how well the product meets the standard of a prescribed design with certain specifications
37
Define mass customisation
Mass Customisation is a process that allows a standard, mass-produced item to be personally modified to specific customer requirements
38
Outline the 2 approaches towards product development and design
There are 2 approaches towards the design and development of new products: 1. The preferences and desires of consumers, as identified by market research 2. Changes and innovations in technology that enable new, appealing products to be made, because they use advanced technologies
39
Define supply chain management
Supply Chain Management (SCM) involves integrating and managing the flow of supplies throughout the inputs, transformation processes (throughput and value adding) and outputs in order to best meet the needs of customers
40
Define capacity management
Capacity management – any new product will have an impact on capacity and may increase the use of range of present resources, or require an investment in new capital equipment
41
Define explicit service
Explicit Service is the tangible aspect of the service being provided, such as the application of time, expertise, skill and effort
42
Define implicit service
Implicit Service is based on a feeling and is therefore intangible. The implicit aspects of a service are the psychological wellbeing — the feeling of being looked after — that comes with the provision of the service
43
Define implicit satisfaction
Implicit Satisfaction can be provided through the embedding of level of skill, time, and expertise so the consumer knows they have been specifically catered for
44
Define top-down approach (supply chain)
Top-down Approach is an approach to supply chain management that traces the processes of the supply chain from the final product to the inputs
45
Define bottom-up approach (supply chain)
Bottom-up Approach is an approach to supply chain management that traces the processes of the supply chain from the inputs to the final product
46
Define logistics
Logistics broadly refers to distribution but encompasses transportation (including transportation modes), the use of storage, warehousing and distribution centres, materials handling and packaging
47
Recall how warehouses and distribution centres differ
Distribution centres differ in that they were not designed to store items for the long-term
48
Define e-commerce
E-commerce is the buying and selling of goods and services via the internet
49
Define e-procurement
E-procurement is the use of online systems to manage supply, which allows suppliers direct access to the business’s level of supplies
50
Define global sourcing
Global Sourcing refers to businesses purchasing supplies or services without being constrained by location. In the supply chain management activity, global sourcing means buying or sourcing from wherever the suppliers are that best meet the sourcing requirements
51
Outline the advantages and disadvantages of globalisation
Advantages - Larger market - Outsourcing can be cheaper - Provides greater access to materials Disadvantages - Creates disparity of wealth between nations - Minimally benefits developed countries - Exploition of physical & intellectual resources
52
Define cost-based competition
Cost-based Competition is derived from determining the breakeven point (the level at which the firm’s total revenue is exactly equal to its total costs) and applying strategies to create cost advantages over competitors
53
Recall statistics in relation to environmental sustainability
- 80% of consumers indicate sustainability is important to them - 71% of employees and employment seekers say that environmentally sustainable companies are more attractive employers - Investment in environmental, social and governance ESG (environmental, social, and governance) assets may reach $53 trillion by 2025, representing over a third of global assets
54
Recall the types of quality management
The 3 types of quality management are - Quality control - Quality assurance - Quality Improvement
55
Recall the statistics related to customer service
Businesses that provide superior customer service: - Charge an average of 10% more for the same products - Grow twice as fast as their competitors
56
Define leading edge technology
Leading-edge Technology is the technology that is the most advanced or innovative at any point in time
57
Define established technology
Established Technology is technology that has been developed and is widely used and simply accepted without question
58
Identify the advantages of leading edge technology
Leading edge technology: - Create more products quickly and to higher standards - Reduce waste - Operate more effectively
59
Recall the types of inventory valuation techniques
The types of inventory evaluation techniques are: - LIFO - FIFO
60
Define LIFO
LIFO (last-in-first-out) is a method of pricing inventory that assumes that the last goods purchased are also the first goods sold and therefore the cost of each unit sold is the last cost recorded
61
Define FIFO
FIFO (first-in-first-out) is a method of pricing inventory that assumes that the first goods purchased are also the first goods sold and therefore the cost of each unit sold is the first cost recorded
62
Assuming for inflation and other rising costs, describe the effect of the inventory valuation techniques on the books
LIFO: (assuming for inflation and other rising costs) - Overstate stock cost and understate gross profit - Undervalue stocks on hand at the end of the period FIFO: (assuming for inflation and other rising costs) - Understate stock costs and overstate profits - Overvalue stocks on hand at the end of the period
63
Define JIT
Just-in-time (JIT) is an inventory management approach which ensures that the exact amount of material inputs will arrive only as they are needed in the operation process
64
Define JIC
JIC (Just-in-Case) is a stock control method that involves producing or purchasing stock with excess, or buffer stock in place. This means that there is always stock available for the business if required
65
Define quality management
Quality Management are those processes that a business undertakes to ensure consistency, reliability, safety and fitness of purpose of product
66
Define quality control
Quality Control (QC) involves the use of inspections at various points in the production process to check for problems and defects
67
Recall whether quality control is reactive or proactive
Quality control is reactive
68
Define quality assurance
Quality Assurance is a system to ensure a set of international quality standards are achieved in production
69
Recall whether quality assurance is reactive or proactive
Quality assurance is proactive
70
Define attribute inspection
Attribute Inspection is when the goods or services are inspected and can be designated as ‘okay’ or ‘defective’
71
Define quality improvement
Quality Improvement (QI) emphasises continuous improvement and total quality management
72
Define continuous improvement
Continuous Improvement is an ongoing commitment to improving a business’s goods or services
73
Define total quality management
Total Quality Management focuses on managing the business to deliver quality to customers in all aspects
74
Recall the benefits of robotics
Benefits of Robots: - Efficent - Minimise waste - Degree of precision and accuracy unattainable by human labour
75
Define task design
Task Design involves classifying job activities in ways that make it easy for an employee to successfully perform and complete the task
76
Define skills audit
Skills Audit is a formal process used to determine the present level of skilling and any skill shortfalls that need to be made up either through recruitment or training
77
Define process layout
Process Layout is the arrangement of machines so that the machines and equipment are grouped together by the function (or process) they perform
78
Define transformed resource
Transformed Resources are ones that are changed or converted in the operations process; they are transformed by the operations processes
79
Define transforming resource
Transforming Resources are ones that carry out the transformation process and enables the change and value adding to occur
80
Define specialisation
Specialisation is a method of production where a business focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system
81
Define Six Sigma
Six Sigma is a quality management approach that seeks to identify and remove the causes of problems in the operations processes, achieving virtually defect-free production
82
Recall features of environmental sustainability
Aspects of Environmental Sustainability: - Sustainable use of renewable resources - A reduction in the use of non-renewable assets - Application of the precautionary principle
83
Recall factors for Variety
Factors to account for in regard to variety: - Specialised machinery - Differently trained employees - Altered contracts with suppliers
84
Define volume
Volume is how much of a product is made
85
Recall what visibility encompasses
Visibility encompasses customer feedback
86
Recall the benefits of Gantt charts
Benefits of Gantt charts: - Forces the planning of the steps needed to complete a task and to specify the time required for each task - Can easily monitor progress against the planned activities
87
Differ between critical tasks and non-critical tasks
Critical tasks are on the critical path, non-critical tasks are not
88
Recall the benefits of critical path analysis
Benefits of Critical Path Analysis - Identifies what needs to be done and duration of the task - Provides a direction and organisation - Better coordination of the operations - Visually display bottlenecks
89
Recall the advantages and disadvantages of global sourcing
Advantages: - Cost - Expertise - Access to new technology and resources Disadvantages: - Possible relocation of aspects of the operations process - Increased cost of logistics, storage and distribution - Complexity of overall operations when sourcing from diverse locations
90
Recall factors that impact the choice of supplier
Factors: - Quality of inputs required - Flexibility and timeliness of supply - Cost of supply
91
Recall how a business can reduce costs
- Economies of Scale - Bulk buy inputs - Eliminate waste - Standardise products - Automated production systems
92
Define quality expectations
Quality Expectations are the expectation and standard of quality of a business’ products from consumers, and other personnel
93
Define obsolescence
Obsolescence is when the stock has lost all value as it is obsolete

Revised - BS (12 decks)

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