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Business Management > Operations Management > Flashcards

Operations Management Flashcards

1
Q

Operations Management

A

management of resources and functions within a business to achieve efficient outputs of finished goods and services.

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2
Q

Inputs

A

goods and services produced for consumption by consumers

resources such as raw materials, labour, plant, equipment, capital, information and time used in any organisational production system.

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3
Q

Processes

A

processes involved in turning inputs into outputs

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4
Q

Outputs

A

transformed inputs that are made into finished goods and services

divided into tangible and intangible products

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5
Q

Technological Development (TD)

A

equipment and knowledge available to assist a business to function and create products.

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6
Q

Automation

A

replacement of human activity with technology

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7
Q

Automation ADVANTAGES

A
  • increased production speed
  • more efficient use of time
  • reduction in material waste
  • reduction in human labour costs
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8
Q

Automation DISADVANTAGES

A
  • development costs can be excessive
  • high set-up costs
  • redundancy
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9
Q

Automated Production Line (APL)

A

process where raw materials enter and finished products leave with little human involvement

replacing human efforts with machinery

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10
Q

APL ADVANTAGES

A
  • 24/7 production
  • accuracy/precision increase
  • reduced wastage
  • productivity rates increase
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11
Q

APL DISADVANTAGES

A
  • initially very expensive
  • if system breaks down, major delays in production
  • can lead to large scale redundancy
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12
Q

Computer-aided Design (CAD)

A

computer program that facilitates creation and modification of design. - allows for 3D designs

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13
Q

Computer-aided Manufacturing (CAM)

A

computer-controlled manufacturing

control of machinery and equipment through a computer

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14
Q

CAD/CAM ADVANTAGES

A
  • increase quality
  • customer involvement
  • allows employees to have more creativity
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15
Q

CAD/CAM DISADVANTAGES

A
  • very expensive
  • requires technical training
  • may replace labour
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16
Q

e-commerce

A

buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet

17
Q

m-commerce

A

using hand held devices to conduct commercial transactions online

18
Q

Website Development (WD)

A

connecting point between customers and businesses

19
Q

WD ADVANTAGES

A
  • 24/7 availability
  • labour costs reduced
  • easily accessible
20
Q

WD DISADVANTAGES

A
  • very expensive
  • large scale redundancy
  • requires technical training
21
Q

Forecasting

A

predicting what materials will be required and in what quantities

22
Q

Forecasting ADVANTAGES

A
  • can anticipate seasonal change and adjust orders to save costs
  • can help prevent over-ordering
  • save storage space
23
Q

Forecasting DISADVANTAGES

A
  • requires a lot of time to all potential impacts on supply chain
  • unexpected events
24
Q

Master Production Scheduling (MPS)

A

a statement of what a business intends to produce

how many quantities needed

25
Q

MPS ADVANTAGES

A
  • good for standardised production
  • easy for new staff to learn
  • reduced general wastage
26
Q

MPS DISADVANTAGES

A
  • not very flexible
  • hard to account for every situation
  • time consuming
  • expensive to track
27
Q

Materials Requirement Plan (MRP)

A

used in conjunction with the master production schedule to determine what needs to be ordered and when

28
Q

MRP ADVANTAGES

A
  • reduction in wastage

- reduction in storage space taken up

29
Q

MRP DISADVANTAGES

A
  • expensive to set up
30
Q

Just In Time (JIT)

A

an inventory system which aims to avoid holding any stock

supplies arrive just as needed for production, and finished products are immediately dispatched to customers

31
Q

JIT ADVANTAGES

A
  • no storage required

- no raw material wastage

32
Q

JIT DISADVANTAGES

A
  • reliant on suppliers to deliver on time, all the time

- failure on supplies to be delivered on time will result in a delay on the production line

33
Q

Quality Control

A

involves the use fo a series of checks at different stages of the production process to ensure that goods and services meet standards

34
Q

Quality Control ADVANTAGES

A
  • prevents poor quality goods/services reaching the consumer
35
Q

Quality Control DISADVANTAGES

A
  • doesn’t always isolate the cause of the problem

- some products may slip through the quality control process

36
Q

Quality Assurance

A

a system established to ensure that quality standards are achieved. Governed by an external body

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