T3:Business Operations

Question 1

term

Answer 1

definition

Question 2

Production processes

Answer 2

Job production is the production of a one-off product made to order, used where variety in output needs to be high, but the volume of the product is low. Often, this leads to high costs of production.

Question 3

Lean production

Answer 3

Lean production is an approach that aims to minimise waste in order to increase efficiency, involving techniques such as just-in-time and continuous improvements.

Question 4

Just-in-time management

Answer 4

Just-in-time stock management ensures products are delivered only as needed for production to avoid waste.

Question 5

Role of procurement

Answer 5

Procurement involves establishing a relationship with suppliers to buy materials, products, and services for a business.

Question 6

Total Quality Management (TQM)

Answer 6

TQM is a philosophy where all employees are involved in continually improving processes, products, services, and the culture they work in.

Question 7

Quality Control

Answer 7

Quality control involves checking to ensure that completed products meet required quality standards.

Question 8

Customer service

Answer 8

Customer service involves ensuring that customers’ needs and expectations are met, increasing satisfaction and loyalty.

Question 9

Economies of scale

Answer 9

Economies of scale refer to the cost advantages that come with producing in large volumes, where costs per unit decrease as the scale of production increases.

Question 10

Buffer stock

Answer 10

Buffer stock is the stock of materials held to protect against production delays or shortages.

Question 11

Outsourcing

Answer 11

Outsourcing is when a business contracts another business to handle part of its operations, such as manufacturing or customer service, to reduce costs.

Question 12

Procurement process

Answer 12

Procurement involves managing the purchase of goods and services by dealing with suppliers, negotiating prices, and managing contracts.

Question 13

Productivity

Answer 13

Productivity is the ability to produce more output with fewer resources.

Question 14

Job production

Answer 14

Job production is the process of creating a single product to meet an individual order.

Question 15

Just in case (JIC)

Answer 15

Just in case (JIC) stock management involves holding stock in anticipation of future demand.

Question 16

E-commerce

Answer 16

E-commerce involves business transactions carried out electronically, typically over the internet.

Question 17

M-Commerce

Answer 17

M-Commerce refers to business transactions that are conducted via mobile devices, such as smartphones and tablets.

Question 18

TQM Benefits

Answer 18

The benefits of Total Quality Management include lower costs, increased customer satisfaction, and improved product quality.

Question 19

Supply Chain

Answer 19

The supply chain includes the processes involved in the production and distribution of goods, from raw materials to finished products.

Question 20

Fixed Costs

Answer 20

Fixed costs are those that do not change with the level of output, such as rent and salaries.

Question 21

Export

Answer 21

Export involves selling goods and services to another country.

Question 22

Import

Answer 22

Import involves buying goods and services from another country.

Question 23

Brand Image

Answer 23

Brand image refers to the consumer’s perception of a brand, shaped by advertising campaigns and overall reputation.

Question 24

Supplier

Answer 24

A supplier is a business that provides goods and services to other businesses.

Question 25

Inspection

Answer 25

Inspection involves testing and examining materials or processes to ensure they meet the required standards.

Question 26

Product Recall

Answer 26

A product recall is the withdrawal of a product from the market due to safety or quality concerns.

Question 27

Cost

Answer 27

The money spent by a business on goods and services.

Question 28

Customer Engagement

Answer 28

The relationship between the business and the customer that puts the customer’s requirements at the center of the operation to build long-term loyalty.

Question 29

Disposal of waste

Answer 29

The removal, storage, or destruction of unwanted material, using methods such as recycling, burning, and landfill sites.

Question 30

E-commerce

Answer 30

Business transactions carried out electronically over the internet, such as online shopping.

Question 31

Primary Industry

Answer 31

A business that extracts the earth's natural resources, such as mining, fishing, and agriculture.

Question 32

Post Sales Servicing

Answer 32

Maintenance or repair of equipment by the manufacturer or supplier after the sale.

Question 33

Motivation

Answer 33

The reasons people are interested in and committed to their job.

Question 34

Outsourcing

Answer 34

Contracting another business to carry out some of the business' activities, often to reduce costs.

Question 35

Inspection

Answer 35

Testing and examining materials to ensure they meet the required standards.

Question 36

Product Recall

Answer 36

Withdrawal of a product from the market if it is found to be defective or harmful.

Question 37

Wholesaler

Answer 37

A business that sells goods in large quantities to retailers or other businesses.

Question 38

Productivity

Answer 38

The amount of output produced from a set amount of inputs.

Question 39

Product Management

Answer 39

Managing the development and sale of a product, including pricing, marketing, and support.

Question 40

Supply Chain

Answer 40

The network of organizations, people, activities, information, and resources that take goods from raw material to the finished product.

Question 41

Buffer Stock

Answer 41

A stock of materials kept to prevent production delays due to shortages.

Question 42

Job Analysis

Answer 42

The process of determining the tasks and responsibilities of a job.

Question 43

Fixed Costs

Answer 43

Costs that remain constant regardless of the level of production, such as rent and salaries.

Question 44

Lean Production

Answer 44

A production method aimed at reducing waste and increasing efficiency by producing only what is needed, when it is needed.

Question 45

Quality Control

Answer 45

The process of ensuring products meet required quality standards, typically through testing or inspection.

Question 46

Outsourcing

Answer 46

The process of hiring an external business to carry out some business functions.

Question 47

Total Quality Management (TQM)

Answer 47

A management approach that seeks to improve quality continuously through the involvement of all employees.

Question 48

Brand Image

Answer 48

The consumer's perception of a brand, shaped by its character, qualities, and advertising.

Question 49

Supplier

Answer 49

A business that provides goods or services to another business.

Question 50

Economies of Scale

Answer 50

The reduction in cost per unit as the scale of production increases.

Question 51

Just-In-Time (JIT)

Answer 51

A stock control method where inventory is delivered just when needed, reducing waste.

Question 52

Outsourcing

Answer 52

Hiring external firms to handle parts of a business's operation, often to reduce costs.

Question 53

Wholesaler

Answer 53

An intermediary that buys in bulk from suppliers and sells goods in smaller quantities to retailers.

Question 54

Induction

Answer 54

Training for new employees to ensure they understand their role and the company's policies.