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Bussones > 2.3 definitions > Flashcards

2.3 definitions Flashcards

1
Q

automation

A

using machinery to do a job instead of using people to do them

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2
Q

bar gate stock graph

A

a diagram to show changes in level of stock

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3
Q

batch production

A

producing a limited number of identical products

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4
Q

bespoke

A

designed and made for a specific customer

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5
Q

buffer stock

A

the minimum stock level

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6
Q

capital

A

is the money needed to run a business

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7
Q

competitive advantage

A

an advantage a business has over its rivals

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8
Q

CAM

A

tech used when planning a production process

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9
Q

cost per unit

A

how much it costs to make each product or service

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10
Q

culture

A

the way we do things round here

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11
Q

customer engagement

A

the attempt to make a customer feel part of something

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12
Q

differentiate

A

show that something is different from similar things

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13
Q

downtime

A

time when a person or machine is not producing

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14
Q

hard approach

A

approach, engage and target

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15
Q

soft approach

A

allow customers to approach

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16
Q

economies of scale

A

cost of producing a unit goes down as production increases

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17
Q

efficiency

A

how well a business limits its waste

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18
Q

e tailing

A

retailing to customers through the internet

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19
Q

flexibility

A

ability to switch quickly and easily from one task to another

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20
Q

flow production

A

continuous production of an identical product

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21
Q

fluctate

A

the rise and fall of an amount

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22
Q

job production

A

the production of one product at a time made specifically for a customers needs

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23
Q

JIT

A

method of stock control where a bisiness procures stock only when they need it rather than holding stock

24
Q

inputs

A

resources that a business uses in its operations

25
Q

labour

A

workforce

26
Q

lead time

A

length of time between new stock being ordered and delivery

27
Q

logistics

A

organisation and management within a business of the transport of raw materials

28
Q

materials

A

the raw mateials used in operations

29
Q

maximum stock level

A

maximum a business can hold

30
Q

metric

A

a standard of measurement

31
Q

minimum stock level

A

smallest amount of stock a business can hold

32
Q

operations

A

are the activities that allow a business to produce and deliver products

33
Q

outputs

A

end products or services of a transformation process

34
Q

payment terms

A

terms agreed with a supplier

35
Q

perishable

A

likely to go out of date

36
Q

post sales service

A

service relieved after purchased

37
Q

procurement

A

process of managing a businesses major purchases

38
Q

productivity

A

effectiveness with which a business produces its output

39
Q

product knowledge

A

how well staff know all the features of the product

40
Q

qualitative

A

quality of somthing in words

41
Q

quality

A

how well a product/service does its job

42
Q

quality assurance

A

checking the standard of quality throughout the process

43
Q

quality control

A

checking the standard of a products quality at the end of production

44
Q

quality mark

A

a standard of quality given to a business that is accredited by a professional body

45
Q

quantitative

A

measured in numbers

46
Q

re order level

A

the point at which the business orders more

47
Q

retailing

A

selling products to customers

48
Q

robots

A

machines that can be programmed to do a task

49
Q

stock

A

items held by a firm

50
Q

suppliers

A

a company that supplies other businesses its raw materials

51
Q

supply chain management

A

managament of the flow of goods through the production process

52
Q

transaction

A

the act of buying or selling

53
Q

transformation process

A

inputs, operations, output

54
Q

variable cost

A

costs paid by a business that change depending on how many products sell

55
Q

warranty

A

guarantee by the producer that it will repair any faults for a specific time

Bussones (20 decks)

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