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Business > (2.4) Resource Management > Flashcards

(2.4) Resource Management Flashcards

1
Q

What is production?

A

When resources are changed into products

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2
Q

What is job production with an example?

A

When a business produces a one off bespoke item for a customer

E.g. weddings

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3
Q

What are the advantages and disadvantages of job production?

A

+High level of quality
+Meets customers requirements
+Can charge higher prices

  • Higher costs
  • Lower levels of output
  • Skilled labour is expensive
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4
Q

What is flow production with examples?

A

Producing identical products on a mass scale

E.g. tooth brushes, toothpaste

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5
Q

What are the advantages and disadvantages of flow production?

A

+Very low unit cost
+Out put can be produced quickly

  • Huge start up costs
  • low motivation for workers
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6
Q

What is cell production with an example?

A

Multiple groups of people work on a single project

E.g.

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7
Q

What are the advantages and disadvantages of cell production?

A

+Workers become multi-skilled

-Potential rivalry between different cells. Conflict may arise if one cell is left to wait

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8
Q

What is batch production with examples?

A

Producing a group of identical products

E.g. bread, furniture

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9
Q

What are the advantages and disadvantages of batch production?

A

+can be changed to meet of the demand
+can be mechanised for certain objects
+Employees can become really good at their jobs

  • Higher unit costs
  • Mistakes can be catastrophic
  • Workers may be demotivated with repetitive tasks
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10
Q

What is productivity?

A

The relationship between input and outputs in the economy.

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11
Q

What factors affect productivity?

A 
Education and training 
Motivation of workers
Labour flexibility
Capital productivity
Investments in new technology
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12
Q

What is the link between productivity and competitiveness?

A

If your firm is more productive it can help reduce unit costs. This could lead to competitive pricing

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13
Q

What is the formula for labour productivity?

A

Output/ No. of employees

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14
Q

What is the formula for capital productivity?

A

Output/ capital Employed

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15
Q

What is efficiency?

A

Making the best use of all a business’s recourses

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16
Q

What are some factors that may increase efficiency within a business?

A 
Outsourcing
Relocating
Downsizing 
Delayering 
Investing in new technology 
Lean production 
Kaizen 
JIT Production
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17
Q

What is the difference between labour and capital intensive production?

A

Labour Intensive - Intensive production relies mainly on labour
Eg ready meals, hairdressing

Capital intensive - Intensive production relies mainly on capital
Eg airports, car manufacturing

18
Q

What is labour intensive?

A

A process that requires a large amount of labour to produce its goods or services.

19
Q

What is capital intensive production?

A

A process that require large amounts of investment to produce a good or service, therefore, having a high percentage of fixed assets, such as property, plant, and equipment (PP&E).

20
Q

What is capital utilisation?

A

The use that a business makes of its resources

21
Q

What is the formula for capacity utilisation?

A

(Current output / maximum Possible Output) * 100

22
Q

What are the advantages and disadvantages of under-utilisation?

A

+Allows the business to cope with sudden increase in demand
+Workers won’t be over worked

  • Fixed costs can be high
  • Business won’t be making the most of its resources
  • Workers may feel insecure in their jobs
23
Q

What are the advantages and disadvantages of over-utilisation?

A

+Lower average costs
+Staff may feel they have a secure job
+Potential opportunities for overtime

  • Over worked workforce
  • Unable to respond to increased demand
  • May not have free time (FST)
24
Q

What are the ways of improving capacity utilisation?

A

Increased sales - Promote to encourage sales
Increased usage - Eg train companies are busy during peak hours and less busy during off peak hours
Outsourcing -
Redeployment- employees getting new job roles in the same company

25
Q

What is mothballing?

A

Leaving machines, equipment or building space unused but maintained which can be brought back into use if necessary

26
Q

What is excess or surplus capacity?

A

When a business has too many resources like labour and capital

27
Q

What is rationalisation?

A

Reducing the number of resources (like labour and capital) put into the production process. Usually done because the business has excess capacity.

28
Q

What is stock?

A

The materials required to produce the goods or service for a customer

29
Q

What is buffer stock?

A

The minimum amount of stock you need so that you have enough if needed to produce the goods or service

30
Q

What are the implications of having have too much stock?

A
  • Opportunity cost
  • Cash flow
  • Increased storage costs
  • Increased wastage
31
Q

What are the implications of having have too little stock?

A
  • Lost customers

- Employees may feel unsecure within their jobs

32
Q

What is just in time (JIT)?

A

A system where no buffer stock is hold as raw materials are delivered when they are required

33
Q

What is waste?

A

The loss of resources within the production or service process

34
Q

What are the competitive advantages from lean production?

A
  • Raises in productivity
  • Reduces costs and cuts lead times
  • Reduced defective products
  • Improves reliability and speeds up design time
35
Q

What is quality?

A

Meeting or exceeding the requirements of customers

36
Q

What is quality control?

A

The process of trying to catch defective goods from being sent to customers

37
Q

What is quality assurance?

A

Measures the business introduces to try prevent defects from occurring

38
Q

What is total quality management (TQM)?

A

A process that aims to eliminate all errors in the production process

39
Q

What does the kaizen approach involve and the advantages and disadvantages?

A

Continuous small improvements to the business

+Easier to implement
+People are less likely to resist the changes

40
Q

What does the Traditional approach (change) involve and the advantages and disadvantages?

A

Infrequent change that is usually significant change

+
+

41
Q

What are the advantages and disadvantages of total quality management?

A

+Improves efficiency
+May improve overall quality
+May enhance the brand as they’ll be more reliable

  • High upfront cost (new machinery)
  • Training staff can be costly
  • Managers may lack confidence
42
Q

What are the competitive advantages from quality management?

A

-Having high quality goods or service can allows the business to charge premium prices (however quality is subjective)

Business (30 decks)

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