Section E Simple Flashcards Preview

CIMA E1 > Section E Simple > Flashcards

Flashcards in Section E Simple Deck (20)
Loading flashcards...
1
Q

What does SPC stand for and what is it?

A

Statistical Process Control

Method for measuring and controlling quality during a process

2
Q

What does TQM stand for and what does it do?

A

Total Quality Management
Continuous improvement in quality, productivity and effectiveness obtained by establishing management responsibility for processes as well as output

3
Q

What is Kaizen?

A

Japanese term for the philosophy of continuous improvement in performance via small, incremental steps.

4
Q

What is Six sigma?

A

Quality management programme that was pioneered in the 1980 by Motorola.
Aim is to achieve a reduction in the number of faults that go beyond an acceptable tolerance limit through the use of statistical techniques

5
Q

What is lean thinking?

A

Lean is a philosophy that aims to systematically eliminate waste through identification and elimination of all non value adding activities

6
Q

What is lean synchronisation?

A

Aims to meet demand instantaneously with perfect quality and no waste

7
Q

What is JIT and what does it do?

A

Just in time
Objective is to produce or procure products or components as they are required by the customer or for use, rather than for inventory.

8
Q

What does BPR stand for and what does it do?

A

Business process re-engineering

fundamental rethinking and radical redesignof existing business processes

9
Q

What does MRP stand for and what does it do?

A

Material Requirment Planning

It is a computerised system for planning the requirements for raw materials, work-in-progress and finished items.

10
Q

What is MRPII?

A

Manufacturing resource planning (MRP II)
It goes further than MRP and also considers the requirements of the entire manufacturing process through production planning, quality checks, forecasting demand etc

11
Q

What is ERP?

A

Enterprise resource planning (ERP)
ERP is the next evolution of a MRP system.

ERP combines information from different parts of operations and support functions into one single system.

12
Q

What is going rate pricing?

A

Price set to match competitors

13
Q

What is dynamic pricing?

A

Price altered in line with demand

14
Q

What is price skimming?

A

High price set at product launch.

15
Q

What is price discrimination?

A

Different prices are set for the same products in different markets

16
Q

What is penetraticion pricing?

A

Low price set to gain market share

17
Q

What does AIDA stand for?

A

Awareness
Interest
Desire
Action

18
Q

What is concentrated marketing?

A

Specialises in one of the identified markets

19
Q

What is differentiated marketing?

A

Company makes several products each aimed at seperate target segments

20
Q

What is undifferentiated marketing?

A

Delivery of single product to entire market