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kendall roying > operations mgt > Flashcards

operations mgt Flashcards

1
Q

job production

A

the output of a customised good or service that meets the specific needs of a particular customer

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2
Q

adv of job production

A
  • flexible
  • exceptionally high standard
  • premium price can be charged
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3
Q

dis of job production

A
  • high labour costs
  • long production times
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4
Q

batch production

A

producing a set of identical products with work on each batch being fully completed before production switches to another batcg

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5
Q

adv of batch production

A
  • enables greater economies of scale
  • enables firms to make a variety of different products thereby reducing spreading risks
  • greater choice for customers
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6
Q

disadv of batch production

A
  • less flexibility for customers
  • greater need for capital expenditure (machinery)
  • risk of technical problems or breakdowns
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7
Q

mass (flow) production

A

different operations are carried out continuously with large output of STANDARDISED products, uses automated production process

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8
Q

adv of mass (flow) production

A
  • economies of scale
  • lower labour costs (due to automation)
  • faster rate of production
  • easier to increase output in response to rising demand
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9
Q

disadv of mass (flow) production

A
  • lower profit margins (must sell a large volume of output to break even)
  • no flexibility
  • requires effective stock management
  • high startup costs
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10
Q

mass customization

A

large scale mass production of goods with the flexibility to adapt to the output to the varying needs of different customers

(np customizing mass produced cars)

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11
Q

adv of mass customization

A
  • offers greater choice for customers and high degree of customer satisfaction
  • enables far more customers to have individual needs and preferances
  • higher profit margins due to premium prices
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12
Q

disadv for mass customization

A
  • relies on creating more options to entice customers
  • requires a greater need for effective stock control (inventory management) whixh is time and money consuming
  • challenging ti forecast sales and trends
  • more exoensive than mass produxtion
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13
Q

lean production

A

making tbe production provess effocient and reducing waste

aims to minimise costs by eliminating waste, making the organisation more efficient

LESS WASTE

GREATER EFFICIENCY

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14
Q

JIT just in time

A

stock scheduled to arrive precisely when needed in production, scheduled,

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15
Q

JIC just in case

A

excess amount of stock in the vase kr an unexpectedly large order or a problem with the supply chain

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16
Q

reasons for a specific location of prosuction

A
  • cost and availability of land
  • cost and availability of labour
  • nearness to markets
  • local infrastructure
  • government incentives (dubai)
  • clustering (locate near other firms operating in related industries to benefit from passing trade)
  • strategic reasons
  • costs of living
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17
Q
A
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18
Q

bulk gaining industries

A

make products that weight more after the produxtion

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19
Q

bulk reducing industries

A

produxts that weight less afyer the production

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20
Q

outsourcing

A

use of third party subcontractors for carrying out non-core activities of an organisation to improve operational efficiency

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21
Q

offshoring

A

relocating part of or all of organisations functions or processes overseas to take advantage pr lower labour costs or such

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22
Q

insourcing // inhousinc

A

carrying out all the business observations by yourself the organisation uses their own resources not a third party to carry out specific jobs//projects

  • cheaper
  • better control
  • helps develop institutionalised knowledge
  • no expertise
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23
Q

reshoring // onshoring

A

bringing back the business functions to the domestic home country back from overseas

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24
Q

reshoring // onshoring

A

bringing back the business functions to the domestic home country back from overseas

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25
break even quantity
level of output where the business does not make either a profit or a loss
26
controbution per unit
amount earned from each unit of production sold
27
total contribution
unit contribution * quantuty dilf the amount to pay the fized costs + surplus if there is any becomes profit
28
local supply chain
short distances between producers, suppliers and consumers, all within a confined location
29
global supply chain
the network between a firm and its suppliers and consumers that incorporates all transactions on an international level long distance between producers, suppliers and consumers across different countries
30
multinational compant
any business operation that has operations in overseas markets, have business operations in 2 or more countries
31
buffer stock
minimum amount of stick that the company wishes to hold at any point in time
32
reorder level
level of inventory when a company ought to reorder its stock
33
reorder quantity
amount of new stock ordered for production calculated using the formula reorder quantity maximum stock level - buffer stock
34
usage rate
shows the rate at which stocks are being used in the production process usage rate oer time period stocks used —————— time period
35
lead time
timeframe from when a firm places an order for stock and the delivery
36
finished goods
category of stock referring to completed products ready to be sold to customers
37
inventory
all the items, goods, merchandise and materials held by a business to sell in the market to earn a profit
38
capacity utilization
the extent to which an organisation operates at its maxium level measures the output as a percentage of the capacity in a particular moment in tome
39
defect
output (goods // services) are substandard (do not meet quality standards)
40
to not meet quality standards
substandard
41
defect rate
the proportion of the firms output that is substandard (does not meet the quality standard)
42
subcontractors
an individual or an organisation that contracts ro perform a part or a part of another companys organisations
43
quality assurence
a part of quality management that involves workers taking responsibility for maintaining quality standards THROUGHOUT the production process aiming at 0 defects
44
quality control
traditional form of quality management in which a supervisor or a quality inspector periodically investigates the output for possible defects (usually at the end of the production process)
45
capital productivity
measure of the efficiency of capital employed in production output generated per machine hour
46
calculating capital productivity
capital productivity = total output —————— machine hours
47
contribution prr unit
amount of money remaining from each sale after covering variable costs
48
labour productivity
measure of the output produced per worker per hour worked how much output is produced by 1 worker or per 1 hour of work total output —————— total labour hours
49
operating expanses
costs required to run a businesses core activities
50
operating lvverage // degree of operating leverage
ratio measuring how sensitive operating profit is to a change in sales due to fixed and variable costs total contribution ———————— operating profit
51
operating profit
a firms earnings from sales revenues before interest and taxes and deducted gross profit - operating expenses
52
total contribution
overall contribution from all units sold used to cover fixed costs & generate profit for a business
53
costs to make // total costs of production
total fixed costs + total variable costs
54
costs to buy
total costs of subcontracting production to a third party supplier
55
costs to make
total costs of producing a good or service in house (insourcing)
56
footloose organizations
do not have to locate in any particular area, they can locate anywhere w sumie
57
industrial inertia
when a business chooses to remain in the same location even though there are no cost advantages in doing so
58
crisis management
the response and strategy a business adapts in the circumstance of an actual threat reaction in a REAL crisis
59
contingency planning
developing a plan to deal with a potential crisis that could arise one day
60
positive inoact of contingency planning COSTS
- far less expensive than dealing with an actual major crisis - include plans for contingency funds to help deal with the costs od a crisis should it occur - minimises the risk of an organisation making expensive mistakes under pressure ehixh van minimise financial loss
61
positive inoact of contingency planning TIME
- should help making well adjusted decisions in times of crisis whixh can help yhe business come back to normality asap - reassure all stakeholders that all will be well
62
positive inoact of contingency planning RISKS
- reduces risks associates with crisis - can help an organisation minimise the risk or a crisis ofcuring in the first plqce
63
positive inoact of contingency planning SAFETY
- helps protect the safety of employees and customers - they dont hqve to make hard decisions under pressure if they planned ahwad - if a crisis occurs the chances of the threat or damage is limited
64
negative inoact of contingency planning COSTS
- costly (mamagement costs + training) - insurence is costly and doesn’t cover everything - time consuming and expensive to plan all the limitless what if scenarios
65
negative inoact of contingency planning TIME
- uses up valuable mamagement time + resporces - may be seen as futile
66
negative inoact of contingency planning RISKS
- may nit account for unquantifiable risks pikr procedures - cannot fully preparw a business for alll - less effective if they are static so require regular review amd updating
67
negative inoact of contingency planning SAFETY
- high costs to ensure safwty - opprostunity costs
68
factors that affwct crosis mamagement
transparency communication speed control

kendall roying (22 decks)

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