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IB Business Management Definitions > (AHL) Unit 5: Operations Management > Flashcards

(AHL) Unit 5: Operations Management Flashcards

1
Q

Supply Chain (HL)

A

The system of connected organisations, information, resources and activities that a business needs to produce goods or provide services to its consumers

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2
Q

Buffer Stock (HL)

A

The minimum amount of stock that should be held
Ensures that production is still possible and customers’ orders can still be fulfilled

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3
Q

Reorder Level (HL)

A

The level at which stock has to be reordered
A form of trigger or signal

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4
Q

Reorder Quantity (HL)

A

The amount of stock that is reordered

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5
Q

Capacity Utilisation Rate (HL)

A

Ratio of actual output and productive capacity
Expressed as a percentage

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5
Q

Lead Time (HL)

A

The amount of time it takes between ordering new stock and receiving it

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6
Q

Operating Leverage (HL)

A

Product of quantity and contribution, divided by the product of quantity and contribution minus fixed costs

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7
Q

Defect Rate (HL)

A

Ratio of number of defective units and total output
Expressed as a percentage

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8
Q

Productivity Rate (HL)

A

Ratio of total output and total input
Expressed as a percentage

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9
Q

Labour Productivity (HL)

A

Ratio of total output and total hours worked

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10
Q

Capital Productivity (HL)

A

Ratio of sales revenue and working capital

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11
Q

Working Capital (HL)

A

Difference between current assets and current liabilities

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12
Q

Cost-to-Buy (HL)

A

How much it costs to outsource a product rather than making it directly

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13
Q

Cost-to-Make (HL)

A

How much it costs to insource a product rather than subcontracting a third party

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14
Q

Crisis Management (HL)

A

The systematic steps and efforts by an organisation to limit the damage from a sudden crisis, achieved though considering:
Transparency
Communication
Speed
Control

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14
Q

Contingency Planning (HL)

A

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

14
Q

Research and Development (HL)

A

A form of innovation directly associated with the technical development of existing products or processes, or the creation of new ones

15
Q

Product Innovation (HL)

A

A type of innovation where new products are created or improvements to existing products are made

16
Q

Process Innovation (HL)

A

A type of innovation where some parts of the manufacturing or service delivery are improved

17
Q

Adaptive Innovation (HL)

A

An innovation in existing organisational elements

18
Q

Disruptive Innovation (HL)

A

An innovation so important that it may change the industry itself

19
Q

Database (HL)

A

A collection of data that is organised to be easily accessed, managed, explored and updated

19
Q

Information System (HL)

A

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

20
Q

Data Mining (HL)

A

The process of finding trends, patterns and correlations within large databases

21
Q

Data Analytics (HL)

A

The process of inspecting and modelling data
Done in order to discover useful information

22
Q

Digital Taylorism (HL)

A

The use of digital technology to monitor workers

23
Q

Cybersecurity (HL)

A

The practice of defending computers and IT systems against malicious attacks

24
Q

Artificial Neural Network (HL)

A

An element of a computing system
Designed to simulate how the human brain analyses and processes information

25
Q

Cloud Computing (HL)

A

The delivery of services via the internet
Especially through data storage, databases, networking and software

25
Q

Data Centre (HL)

A

A building or a room designed to house computer systems and their components

26
Q

Big Data (HL)

A

Extremely large databases that can be analysed to show trends and patterns

27
Q

Virtual Reality (HL)

A

The creation of a simulated three-dimensional environment that can be explored by a person who has entered that computer-generated world

28
Q

The Internet of Things (HL)

A

The network of connected devices that transmit data to one another
Does not require human involvement

29
Q

Artificial Intelligence (HL)

A

The ability of computers or computerised robots to mimic humans, especially in terms of how they think and process information

IB Business Management Definitions (6 decks)

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