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Business Flashcards

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1
Q

Define buffer inventory

A

the buffer inventory level is the inventory held to deal with uncertainty in customer demand and deliveries of supplies

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2
Q

Kaizen advantages

A
  • increased productivity
  • reduced amount of space needed for the production process
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3
Q

JIT advantages

A
  • Reduced Inventory Costs - By receiving goods only as they are needed in the production process, businesses can significantly lower inventory holding costs.
  • Minimised Waste - by producing only what is required, reducing excess production and minimising waste.
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4
Q

JIT disadvantages

A
  • unreliable suppliers - e.g late or poor quality deliveries can quickly halt production
  • Increased Transportation Costs - Frequent, smaller deliveries can be more expensive.
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5
Q

Job production advatages

A
  • customised products can be produced
  • more varied work increases employee motivation = giving them greater job satisfaction
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6
Q

Job production disadvantages

A
  • High Setup Costs - Labor-intensive and requires skilled workers, leading to increased production expenses
  • Longer Production Time - Custom-made items take more time to produce, resulting in longer lead times.
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7
Q

Batch production advantages

A
  • Efficiency - Producing in batches can lead to economies of scale, reducing the cost per unit.
  • Flexibility - Allows for the production of different products in succession, catering to varying customer demands.
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8
Q

Batch production disadvantages

A
  • Idle Time - Equipment and workers may be idle between batches, leading to inefficiencies and wasted resources.
  • Inconsistent Quality -Variability between batches can lead to inconsistencies in product quality, which can affect customer satisfaction.
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9
Q

Flow production advantages

A
  • High Efficiency - Continuous production process minimises downtime, maximising output and reducing unit costs.
  • Consistent Quality - Standardised processes ensure uniform product quality, enhancing customer satisfaction.
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10
Q

Flow production disadvantages

A
  • High Initial Costs - Significant investment in machinery and equipment is required.
  • Lack of Flexibility - Difficult to change production processes or adapt to new products, limiting the ability to respond to market changes.
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11
Q

New technology advantages

A
  • Increased Efficiency - Automation and advanced technology streamline processes, reducing production time and operational costs.
  • Enhanced Data Analysis - New technologies enable better data collection and analysis, leading to more informed decisions
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12
Q

New technology disadvantages

A
  • High Costs - Initial investment and ongoing maintenance for new technology can be expensive.
  • Training Requirements - Employees need to be trained to use new technology effectively, which can be time-consuming and costly.
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13
Q

Average costs of production formula

A

Total cost of production (in a time period) / total output (in a time period)

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14
Q

Define economies of scale

A

Are factors that lead to a reduction in average costs as a business increases in size

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15
Q

Define diseconomies of scale

A

Are the factors that lead to increase in average cost as a business grows beyond a certain size

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16
Q

Margin of safety

A

Is the amount of which sales exceeded the break even point

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17
Q

break even point of production formula

A

Total fixed costs / contribution per unit

18
Q

Quality control advantages

A
  • Consistent Product Quality - Ensures products meet specified standards, leading to higher customer satisfaction and fewer returns.
  • Reduced Costs - Identifies and addresses defects early, minimising waste and avoiding costly rework or recalls.
19
Q

Quality control disadvantages

A
  • Increased Costs - Implementing quality control measures requires resources for inspections, testing, and staff training.

Potential Delays: Quality checks can slow down production processes, potentially leading to delays in delivery and impacting overall efficiency.

20
Q

Quality assurance advantages

A
  • Enhanced Customer Confidence - Demonstrates a commitment to quality, which can boost customer trust and loyalty.
  • Improved Efficiency - reduces errors by implementing standards and best practices, leading to more consistent and efficient operations.
21
Q

Quality assurance disadvantages

A
  • high costs - expensive to train employees to check the quality of the work at each stage of production

-Time-Consuming - Developing and maintaining quality assurance processes can be time-intensive, potentially slowing down production and affecting overall efficiency.

22
Q

Total quality management advantages

A
  • Improved Quality - continuous improvement across all areas, leading to higher product and service quality.
  • Enhanced Customer Satisfaction - Focuses on meeting or exceeding customer expectations, which can boost loyalty and competitive advantage.
23
Q

Total quality management disadvantages

A
  • high costs - expensive to train all employees to check the product or service
  • employee responsibility - relies on all employees following TQM ideology and accepting responsibility for quality
24
Q

Advantages of internal recruitment

A
  • the person is already known to the business and the reliability, ability and potential are known
  • quicker and cheaper than external, which may involve expensive advertising
25
Q

Disadvantages of internal recruitment

A
  • jealousy
  • quality of internal candidates might be low
26
Q

Advantage to a business employing part time employees

A
  • easier to extend operating hours by working evenings or weekends
  • reduce costs compared to paying a full time worker
27
Q

Advantages to induction training

A
  • may be legal requirements to give health and safety training at start if their job
  • means workers are less likely to make mistakes
28
Q

Disadvantages of induction training

A
  • wages are paid but no work is being done by the workers
  • delay start of employee commencing their job
29
Q

Advantages to on the job training

A
  • it ensures there is some production from worker while they are training
  • training tailored to the specific needs of the business
30
Q

disadvantages of on the job training

A
  • trainer will not be as productive as usual because they are showing the trainee instead of working on their job
  • many no lead to training qualifications recognised outside the business
31
Q

Advantages of off the job training

A
  • employees may be taught a variety of skills - multi skilled
  • business will only pay for the course but no output is lost
32
Q

Disadvantages of off the job training

A
  • wages paid but no work for the trainee
  • additional qualifications mean is easier for employee to leave and find another job
33
Q

Advantages of verbal communication

A

-info can be quickly given out - efficient way of communicating with large number of people

34
Q

disadvantage of verbal communication

A
  • no telling whether the employees was listening and understood the message
  • longer to receive feedback occurs than written form like email
35
Q

Advantages of written communication

A
  • elec communications is quicker and cheaper ways to reach a large number of people
  • hard evidence of the message which can be referred in the future
36
Q

Disadvantages of written communication

A
  • not easy to check of message has been received
  • if message written to long it may be confusing and lose interest of the reader
37
Q

Visual communication advantegs

A
  • written message clearer by adding a chart of diagrams to illustrate the point
38
Q

Visual communication disadvantages

A
  • no feedback and sender of message may need to use other forms of communication to check the message has been understood
39
Q

Advantages of primary research

A
  • up to date and relevant to the business
    -most effective when used to gather info which will help the business with a specific problem
40
Q

Disadvantages of primary research

A
  • not available immediately time consuming
  • expensive- individual interviewing people
41
Q

Advantages of questionnaires

A
  • can be online
  • customers opinion about the product or service can be obtained
42
Q
A

Chem (33 decks)

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