Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Bussiness 📖 > Resource Managment > Flashcards

Resource Managment Flashcards

(97 cards)

Start Studying
1
Q

Total quality manufacturing

A

Employees taking responsibility for quality

Errors or problems are detected at each stage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

System of TQM

A

Everyone involved

Teamwork build trust + skills

Consumer feedback

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Quality circle

A

Small groups of employees who meet to identitfy + solve work related problems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Job productions

A

Small number of teams produced to make a customer specific

Small specialist business

High quantity

Higher quality more flexible can be motivating

Disadvantages- can’t produce as many scales usually reliant on high skills production cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Batch production

A

Produced together , each batch goes through one stage before moving into the next batch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Flow productions

A

Product moves continuously through production

One task finish next starts

Adv : cost per unit of production reduced through improved work + material flow

Suitable for manufacturers

Capital intensive

Less need for training and skills

Dis: long set up time

High raw materials+ finished stocks unless lean production used

Production shut down if flow is stopped

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q
A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Cell production

A

Work assigned into teams

Cells contain people similar skills using similar equipment similar task

Adv - you can do different versions = variety makes employees motivated reducing costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Adv cell production

A

Quick feedback on quality issues - fix problem before they spread

Reduce amount of inventory needed to create product

Adapt and change to customer needs = flexible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Dis cell production

A

Machinery breaks down —> lead production to bottleneck

Move machinery + training can take time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Operating management

A

Ensure quality

Added value

Operate efficiency

Cocoordinating supply chain

Managing resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Resource management

A

Deciding where to locate business

Choose right resource use in production

Utilising all resources effectively (capacity utilisation)

Provide customer service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Operating management targets

A

Improving productivity level

Controlling unit costs of production

Measuring + controlling quality levels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Product efficiency

A

Business will produce lower costs goods than competitiors

Efficient business will produce lower costs goods than competitiors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Division of labour

A

Adv: leads higher skills + faster work

Dis: get bored + demotivated

Slower at work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Education + training

A

Adv: increase skills means work faster / quality = less errors

Dis: increase skills could increase pay and wages which can increase the money output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Motivation of workforce incentive

A

Less sick days happier = more productive

Dis: to fast could result in errors = too happy = distracted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Working practices

A

Adv: close proximity to resources + equipment = increased productivity

Dis: no break or change of equipment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Flexible workforce

A

Increase motivation = and lifestyle

Dis: distraction level up lack of control of staff

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

New technology

A

Increase efficiency + productivity

Dis: lack of employee skills

Demotivated / deskilled workers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Improve productivity

A

Training

Improve motivation

More capital / equipment / technology

Improved organisation of production e.g less wastage

Economies of scale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Efficiency

A

Making best use of resources to gain maximum output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Standardisation

A

Products are identical

Easier to produce no extra time needed to change production + no other equipment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Outsourcing some activities

A

Paying another business to do some activity for you

Improve quality
Improve flexibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Relocating
Moving site possibly larger or smaller Impact allows more machinery / equipment —> save time if everything at 1 place
26
Delayerijg
Remove a layer in hierarchy
27
Economies of scale
Arose when costs fall as output increases Buy in bulk it’s cheaper
28
Long run average costs
Firm expands its size starts new short run average cost Increase in production allows even lower costs to be achieved
29
Diseconomies of scale
When business grows to large that costs per unit increase Employ too many people leads to miscommunication or lack of control Management of too much plant + machinery can be difficult to plan + control
30
Internal economies of scale
Arise from increases output of business itself
31
External economies of scale
Occur within an industry - all competitiors benefit Associated with geographic areas - specialist suppliers close by - pool of skilled labour to choose from
32
33
Capital
Majority of the work is done by Using automation
34
Adv of labour
Customised products easier to make Less expensive machinery
35
Dis capital
Quality of product can vary due to expertise Hugh investment
36
Dis labour
Greater risks of problems / employee/ employer relationships Need for continuous investment + training
37
Adv capital
Lower labour costs Better productivity Better quality / speed
38
Types of inventory
Raw materials Work in progress Finished good
39
Affect wastage
Poor workmanship Damage to raw materials during storage - transport
40
Lead time
How long it takes for the supplier to deliver the order
41
Opportunity costs
Holding stock means trying up capital (cash) Business may have used for investment or cash flow
42
Spoilage
Longer stock are held , greater the risk that come damaged or out of date
43
Lean production
Systematic menthod for elimination of waste in manufacturing process
44
Types of waste
D - defective production O - over production
45
Principles of production
Just in time for Kaizen Total quality manufacturing p Quality circles Cell production
46
Push system
Produce as much as possible
47
Pull system
B let’s A know when stock is running low
48
Just in time
Excellent communication between stages of production + suppliers Flexible approach to management
49
Kanban
Instructions to produce / send an item or set of items to next link in chain
50
JIT ADV:
improve cash flow Reduce waste Reduce cost of holding stock
51
JIT dis
Too much reliability More frequent orders means more admin Increase cost due to more delivers
52
Kaizen
Small improvement
53
Quality
Product or service is of good quality if it meets the need + expectations of the customer
54
Characteristics of quality product
Tangible : Appearance Reliability Durability Non - tangible Imaiage / brand Reputation Exclusivity
55
Business benefit from good quality
Improve sales volume Cost reductions from waste / re-work Create USP
56
Costs of poor quality
Lose customers Rework or remake product Replacement / funds
57
Measure quality
Customer service ratings Product returns
58
Quality assurance
Focus on process Achieve by improving production process Targeted at the whole organisation
59
Quality control
Focus on outputs Achieve by sampling + checking Targeted at production activities
60
Quality control definitions
Infection go end product
61
Quality assurance definition
Design out failure by ensuring quality is maintained at all stages in production Timon process
62
Inflation
Increase in price level of economy
63
Dis of batch production
Switch production, size of batch production on capacity allocated
64
65
66
Deflation
Fall in general price level of goods + services
67
Disinflation
Decrease in rate of inflation
68
Customer price index
Main measure of inflation for uk Gov set Bank of England target of inflation of 2%
69
Low inflation
Price stability
70
Calculate inflation
Customer price index (CPI)
71
Internal cause of inflation
Large surge in property prices “wealth affect” Higher wages / labour costs increase in spending —> increase in price Boom in credit/ money supply Rise in business taxes e.g VAT
72
73
External cause of inflation
Increase in world oil/ gas prices Inflation in global commodity prices Depreciation of exchange rate High inflation
74
Demand pull inflation
When there’s excess aggregate demand in economy or market Business respond to high demand by raising prices to increase their profit margins Demand pull inflation is associated with boom phase of business cycle
75
Business cycle
Gross domestic product (GDP) EXPECTED TO GROW
76
Boom
Peak of cycle gdp growing fast bc economy performing well Existing firms will be expanding + new firms will enter market
77
Recession
Bottom of business cycle GDP maybe flat GDP starts to fall bottom of cycle referred to slump / depression Demand will start to fall
78
Exchange rate
Price of one currency expressed in terms of another currency How much one currency given up order to but specific amount of another currency
79
Change in currency
Fall in value of currency = depreciation Value of currency increases = appreciation Market orientates (supply+ demand)
80
Devaluation
Action taken by central bank to reduce value of a currency Some counties do this to boost exports
81
Stronger, pound , imports, cheaper, exports dearer
S P I C E D
82
Currency hedging
Take forward contracts to purchase currency at a specific exchange rate in future
83
Firms who can source suppliers in different countries maybe able to help buy cheaper materials if currency fluctuated go in their favour
Multiple suppliers
84
Internal trading partners
Having customers in different countries mitigates against the risk that currency fluctuations will affect revenues
85
Single currency
Firms in countries that trade with firms in same currency are nit affects by currency fluctuations
86
Price contract
Agree fixed price contracts in home currency so any change in value won’t impact revenue or demand
87
EDI/ offshoring
Setting up production abroad means trade can happen without impact of currency fluctuations
88
Exchange rate cycle
Price change according to demand + supply As price change demand for goods + services change which affects demand for currency Cycle process known as an automatic stabiliser
89
Firm as an importer
String £ makes firm who important raw materials more competitive their costs are reduced
90
Firm as an exporter
Strong £ will cause demand for exported goods to rise + hence firms become uncompetitive
91
Level foreign competition
Firms may not see a fall in demand if foreign competition not absorb change in demand , demand for uk exports stay the same
92
Interest rates
Reward for saving + cost of borrowing
93
Government spending
Fiscal policy involves use of government spending, taxation + bowwowing to affect the level and growth of aggregated demand
94
Transfer payments
Welfare payments made to benefit recipients such as state pension + jobseekers allowence
95
Capital spending
Infrastructural spending such as spending on new roads hospital motorways + prisions
96
Roles of business legislation
Regulate rights + duties of people in business ensure fairness Treat employers faire non-discriminatory Level of fair playing field for all competing busiensss Protect investors, creditors ,, consumers
97

Bussiness 📖 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions