(AHL) Unit 5: Operations Management Flashcards
Supply Chain (HL)
The system of connected organisations, information, resources and activities that a business needs to produce goods or provide services to its consumers
Buffer Stock (HL)
The minimum amount of stock that should be held
Ensures that production is still possible and customers’ orders can still be fulfilled
Reorder Level (HL)
The level at which stock has to be reordered
A form of trigger or signal
Reorder Quantity (HL)
The amount of stock that is reordered
Capacity Utilisation Rate (HL)
Ratio of actual output and productive capacity
Expressed as a percentage
Lead Time (HL)
The amount of time it takes between ordering new stock and receiving it
Operating Leverage (HL)
Product of quantity and contribution, divided by the product of quantity and contribution minus fixed costs
Defect Rate (HL)
Ratio of number of defective units and total output
Expressed as a percentage
Productivity Rate (HL)
Ratio of total output and total input
Expressed as a percentage
Labour Productivity (HL)
Ratio of total output and total hours worked
Capital Productivity (HL)
Ratio of sales revenue and working capital
Working Capital (HL)
Difference between current assets and current liabilities
Cost-to-Buy (HL)
How much it costs to outsource a product rather than making it directly
Cost-to-Make (HL)
How much it costs to insource a product rather than subcontracting a third party
Crisis Management (HL)
The systematic steps and efforts by an organisation to limit the damage from a sudden crisis, achieved though considering:
Transparency
Communication
Speed
Control
Contingency Planning (HL)
An organisation’s attempts to put in place procedures to deal with a crisis, achieved through considering:
Cost
Time
Risks
Safety
Involves anticipating crises through scenario planning, modelling and simulation
Research and Development (HL)
A form of innovation directly associated with the technical development of existing products or processes, or the creation of new ones
Product Innovation (HL)
A type of innovation where new products are created or improvements to existing products are made
Process Innovation (HL)
A type of innovation where some parts of the manufacturing or service delivery are improved
Adaptive Innovation (HL)
An innovation in existing organisational elements
Disruptive Innovation (HL)
An innovation so important that it may change the industry itself
Database (HL)
A collection of data that is organised to be easily accessed, managed, explored and updated
Information System (HL)
A system composed of databases in the form of electronic files used to record information
Usually about customers and sales transactions in a business context
Data Mining (HL)
The process of finding trends, patterns and correlations within large databases
Data Analytics (HL)
The process of inspecting and modelling data
Done in order to discover useful information
Digital Taylorism (HL)
The use of digital technology to monitor workers
Cybersecurity (HL)
The practice of defending computers and IT systems against malicious attacks
Artificial Neural Network (HL)
An element of a computing system
Designed to simulate how the human brain analyses and processes information
Cloud Computing (HL)
The delivery of services via the internet
Especially through data storage, databases, networking and software
Data Centre (HL)
A building or a room designed to house computer systems and their components
Big Data (HL)
Extremely large databases that can be analysed to show trends and patterns
Virtual Reality (HL)
The creation of a simulated three-dimensional environment that can be explored by a person who has entered that computer-generated world
The Internet of Things (HL)
The network of connected devices that transmit data to one another
Does not require human involvement
Artificial Intelligence (HL)
The ability of computers or computerised robots to mimic humans, especially in terms of how they think and process information
