UNIT 4 OPERATIONS - SETTING OP OBJECTIVES

Question 1

What are operations responsible for

Answer 1

actual production of a g/s

Question 2

operations invovles managing the process f transforming inputs into

Answer 2

outputs

Question 3

important concept in transformation is

Answer 3

added value

Question 4

whats added value

Answer 4

amount added to the value of a p/s

equal to teh difference between its cosst ad the amoiunt recieved wehn its sold

Question 5

its not only operations that can add value how can mkting add valu

Answer 5

create greater nramd awarenss and a usp which will add val it erms of highe rselling price

Question 6

what are teh 5 operatoinal objectives

Answer 6

reduced unit costs
environmental objectives
dependability
speed of repsonse and flexibility
quality targets

Question 7

operational objectives have to fit wih the overall

Answer 7

corporate objectives

Question 8

operational objectives must be

Answer 8

SMART

Question 9

by being SMART operational objectives can be used to

Answer 9

evaluate and judge the overall performance of operations managment

Question 10

reducing /costs refer to

3 thigns

Answer 10

unit costs
fixed cost
productvity and efficiency

Question 11

why do we want to reduce costs

3 reasons

Answer 11

keeping em down means bs pass savigs onto consumers

increase profit margins (assuming keep price same)

can allow for higher dividends

Question 12

increasing profits from reduced costs means we can do what 4 things

Answer 12

retain 4 emergency/sof

incentivise employees

increase output/capacity

invest into capital /labour for efficiceny

Question 13

how can we reduce unit costs

Answer 13

greatwer capapcity utilisarion

imporved prodcutivity

better supplier terms

Question 14

what does quality relate to

Answer 14

expectations of a p/s

Question 15

what are the quality targets we can aim for

5

Answer 15

better products
greater reliability
lower wastage
lower returns
lower complaints

Question 16

why do we want better quality

in terms of customer satisfactoin

Answer 16

higher customer satiscation

in teh long term leads to increased reputation for a product

which can increase brand loyalty
and you can reduce your PED which means can icnrease price and revenye

Question 17

higher quality products measn you attract a certain calibre of custoemr - wahts the benefit

Answer 17

higher quality customers

who prepared to pay more for the beenftits

Question 18

how can we improve quality

Answer 18

increasing quality control and assurance

Question 19

what is speed of repsonse

Answer 19

how quickly a busiess can fulfill orders and queries

Question 20

what is flexibility

Answer 20

speed you adapt to customers changing meeds

Question 21

give examples of speed of repsones

Answer 21

only a certain time you let customers be on hold

Question 22

what does flexiblity relate to - example wise

3 things

Answer 22

could be adpatation for existing products

how quick you can change output to deal with troughs and peaks ind demand

how quick you can change range/choice of products e.g if blue trends how quick can you make a product thats vogue for the time

Question 23

overall int erms of speed and flexiblity - businesses that act quick and efficient to customers needs beenfit from

Answer 23

increased sales and profit

Question 24

depenabiity means

Answer 24

do customers get what they want

Question 25

the more depednable you are as a busienss

Answer 25

the more popular if you are esp if better than comp

Question 26

what do environmental objectives mean

Answer 26

consideration for community they operate in

Question 27

nowadays cinsumrs are awa reof effect of enviro how does thi simpat bs

Answer 27

most follow CSR dicatcted by gov/consumers that deamdn it

Question 28

how does environmental obj save firms money

Answer 28

reduced waste and lowering of bills

Question 29

beng environmentally friendly creates and image for the bs as a

Answer 29

reputable brand consumers feel good aoubt getting behind/supporting

Question 30

in terms of quality how can it affect my rpoduct portfolio

Answer 30

if one product percieved as bad quality youre whole portfolio could be tainted meaning have to lwoer cost to stir up demand and greater marketing efforts - may put pressure on costs as if not getting sales how are you gona pay ? - may have to take SOF out

Question 31

what may our environemntla obj be

Answer 31

minimising packaging minimising waste sustainability pollution control

Question 32

what are the internal influences

Answer 32

marekting hr finance corp obj

Question 33

exlain how mkting affect op obj 2 points

Answer 33

nature of product or service : whats expected/main selling point this wukk affect what op obj is most importnt e.g rolls royce premium luxury - quality obj is most important if regualr changes to mkting mix esespech product - may put starin on operations if relativley inflexible

Question 34

explain how HR affect op onj

Answer 34

quality and capacity of workforce determine quality and ouptut of operaion goals relating to productivity affected by investment in trainng skills of workforce determine

Question 35

explain how finance affcets op obj

Answer 35

operational obj involves investmetn adn costs so finacial state of business directly affects choies available/op descison making e.g if wanna invest in new production tech to increase higher quality cant do that w/o finacne

Question 36

how does corp obj affect operations

Answer 36

op obj have to align e.g if corp obj is to icnrease quality cant fo lower unit costs means some obj cant be a thinf

Question 37

what are the external influences

Answer 37

competitiors economic enviro tech change legal/enviro change

Question 38

how does legal / enviro change afffect op

Answer 38

regulation and legislation of enviro place challenges on op obj may have to focus on higher quality goods or profucing in ways that minimise impact on enviro health and safety

Question 39

how does econmic enviro affect op obbj

Answer 39

op dpt needs ot be preapred for and repsond to changes in economy as demand wil fluctuagte according to stages of econ cycle

Question 40

explain how technological influences impact op obj 2 ways

Answer 40

impacted operation in production and way consumers purchase g/s

Question 41

explain how op obj have been influence dby tech influences

Answer 41

CAD and CAM has resulted in speedier innovation and better quality ( more capacity utilissation and efficiency)

Question 42

explain how op obj have been influencd in terms of way customers purchase good and serices

Answer 42

use of comparison and review sites means consumers more aware and demanding in terms of price quality and customer service (increase quality and dependability)

Question 43

explain how competitive influence sinfleunce operational descision making

Answer 43

mkts become more comp at home and overseas so more pressure on bs in terms of costs , quality and price theres greater wawreness among vonsumers so increasing presure on op to take its part in maintianign consuemr loylaty