Business Functions: Operations Flashcards
What is operations?
The business function involved in producing goods and services in the most efficient, effective and sustainable way possible
What is the transformation model?
The process of using inputs to produce outputs
What sre the possible production systems?
Batch production
Job processing
Continuous production
What are the 5 types of manufacturing layouts?
Fixed position
Product
Process
Retail
Office
What are the 3 forecasting techniques?
Judgmental forecasts
Time-series forecasts
Associative models
What is capacity planning?
The efficient use of resources by projecting production needs
What is the biggest problem with aligning capacity and demand?
Demand can be unpredictable
What is materials management?
Managing materials so that they arrive in the right places, in the right quantities and at the right time
What are carrying costs?
The costs involved in keeping stocks of raw materials and other inputs
What are ordering costs?
Costs involved in purchasing stocks
What are two processes in process improvement?
Total quality management
Benchmarking
What is total quality management?
Total involvement of policy and operational practice in continuous quality improvement
What is benchmarking?
The comparison of an organisation’s quality measurements with other quality standards or the quality measurements of peers
What are the 3 objectives of benchmarking?
To determine what and where improvements are called for.
To analyse how other organisations achieve high-performance levels.
To use thid information to improve performance.
What are the 7 types of benchmarking?
Strategic benchmarking
Performance benchmarking
Process benchmarking
Functional benchmarking
Internal benchmarking
External benchmarking
International benchmarking
