Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > 2.4 > Flashcards

2.4 Flashcards

1
Q

Definition of Production

A

The transformation of resources into finished goods

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

Definition of Job Production

A

Products are made one at a time

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

Definition of Flow Production

A

Continuous manufacturing of standardised products

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

Definition of Batch Production

A

Groups of products are produced as a batch

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

Definition of Cell Production

A

Where teams are formed to be responsible for a particular part of the production process

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

3 Advantages of Job Production

A

-High Quality
-Motivated workers
-Customisation

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

2 Disadvantages of Job Production

A

-Production is slow
-High labour costs

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

3 Advantages of Flow Production

A

-Low unit cost = economies of scale
-Rapid production
-Usually automated

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

2 Disadvantages of Flow Production

A

-Hard to customise
-Expensive for capital equipment

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

2 Advantages of Batch Production

A

-Reduced unit costs
-Can be more efficient time wise

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

2 Disadvantages of Batch Production

A

-Needs coordination
-High stock of raw materials

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

3 Advantages of Cell Production

A

-Greater motivation
-Workers become multi skilled
-More efficient

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

2 Disadvantages of Cell Production

A

-High recruitment and training
-Team efficiency needed

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

Definition of Productivity

A

The output per input

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

Definition of Labour Productivity

A

The measure of output per worker in a specified time

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

Formula of Labour Productivity

A

Output / Number of workers

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

Definition of Capital Productivity

A

The measure of output of capital employed in a specified time

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

Formula of Capital Productivity

A

Output / Number of Machines

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

4 Factors affecting Productivity

A

-Employee Motivation
-Skills, Education and Training Staff
-Business Organisation and Practises
-Investment in capital equipment

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

Definition of Competitiveness

A

The ability of a business to maintain or grow its sales and market share given the presence and actions of rivals

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

Definition of Efficiency

A

The ability of a business to use its production resources as cost-effectively as possible

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

Formula for Average Cost Per Unit

A

Total Costs / No. Units

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

6 Factors Influencing Efficiency

A

-Standardisation of production
-Relocation or downsizing
-Investment in capital equipment
-Organisational restructuring
-Outsourcing
-Lean production techniques

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

Definition of Labour-Intensive Production

A

Predominantly uses physical labour in the production of goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Definition of Capital-Intensive Production

A

Predominantly uses machinery in the production of goods

26
Q

3 Advantages of Capital Intensive

A

-Low cost production
-Machinery are consistent
-Machinery are precise

27
Q

3 Disadvantages of Capital Intensive

A

-High set up and maintenance costs
-Breakdowns cause severe delay
-May not provide flexibility

28
Q

3 Advantages of Labour Intensive

A

-Low cost production
-Provides opportunities to be creative
-Workers can be flexible

29
Q

3 Disadvantages of Labour Intensive

A

-Workers may be unreliable
-Incentives may need to be given
-Training costs are significant

30
Q

Definition of Capacity Utilisation

A

The measure of the level that a businesses assets are being used to produce output

31
Q

Formula of Capacity Utilisation

A

(Current Output / Maximum Output) * 100

32
Q

Definition of Under-utilisation

A

A business will not be making the most of its resources and have increased unit costs

33
Q

2 Benefits of Under-utilisation

A

-Respond to sudden increase in demand
-Engage in maintenance tasks

34
Q

2 Disadvantages of Under-utilisation

A

-High unit costs
-Possible fears of job security

35
Q

Definition of Over-utilisation

A

A business its operating at a high level of output with the resources it has

36
Q

2 Disadvantages of Over-utilisation

A

-No backup if machinery breaks
-Lead to high labour turnover

37
Q

2 Advantages of Over-utilisation

A

-Increase competitiveness
-Minimise average total costs

38
Q

5 Ways of Improving Capacity Utilisation

A

-Increase sales
-Increase usage
-Outsourcing
-Reduce capacity
-Redeployment

39
Q

Definition of Buffer Stocks

A

The quantity of goods kept in case of stock shortages

40
Q

3 Advantages of Buffer Stocks

A

-Stability in supply
-Price stability
-Competitive advantage

41
Q

3 Disadvantages of Buffer Stocks

A

-Cost
-Risk of obsolescence
-Opportunity cost

42
Q

2 Problems with holding too much stock

A

-Opportunity Cost
-Storage Cost

43
Q

2 Problems with holding too little stock

A

-Risk of stockout
-Unexpected demand cannot be met

44
Q

Definition of JIT stock management

A

The process in which raw materials are not held onsite but ordered as required and delivered just in time

45
Q

3 Advantages of JIT

A

-Improved cash flow
-Low stockholding costs
-Teamwork encouraged

46
Q

3 Disadvantages of JIT

A

-Unreliable supplies
-Admin costs
-Can’t respond to unexpected demand

47
Q

3 Ways to Minimise Waste

A

-Storage (protected and safe)
-Planning (stock control, training)
-Sales Tactics (pricing, obsolete stock)

48
Q

5 reasons why Lean Production is important

A

-Less time
-Fewer materials
-Less labour
-Space required reduced
-Small number of trusted suppliers

49
Q

2 ways Lean Production impacts a competitive advantage

A

-Lower unit costs
-Better quality

50
Q

Definition of Quality Control

A

Inspecting the quality of output at the end of production

51
Q

Definition of Quality Assurance

A

Inspecting the quality of production throughout the process

52
Q

Definition of Quality Circles

A

Groups of workers meet regularly to solve quality problems identified in the production process

53
Q

Definition of Total Quality Management

A

Organisation of the business with quality at its core and with every worker responsible for quality

54
Q

2 Advantages and Disadvantages of QCo

A

+Specialists are hired
+Inexpensive
-Significant wastage
-No look for cause

55
Q

2 Advantages and Disadvantages of QA

A

+Identified early
+Cause is identified
-Training and skilled workforce
-Time

56
Q

2 Advantages and Disadvantages of QCi

A

+Motivation
+Relevant and focused solutions
-Must be trusted
-Meetings need to be organised regularly

57
Q

2 Advantages and Disadvantages of TQM

A

+Improves Efficiency
+Culture of constant improvement
-Workers must be committed
-Careful control and monitoring

58
Q

Definition of Kaizen

A

The continuous steps to improve productivity through eliminating waste

59
Q

6 Possible elements of Kaizen

A

-TQM
-JIT
-Team working and Quality Circles
-Zero Defects
-Automation
-Cooperation between workers and management

60
Q

3 Ways Quality Management can gain a Competitive Advantage

A

-Unit costs lower
-Create USP
-Build Reputation

Business (42 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions