Business operations

Question 1

What does a strategic role of operations provide?

Answer 1

It provides a long term competitive advantage and product differentiation

Question 2

What is Economies of scale?

Answer 2

Refers to cost advantages that can be created because of an increase in scale of business

Question 3

What is cost leadership?

Answer 3

Strategy aiming to gain advantage over competitors by setting price low

Question 4

Transformed resource?

Answer 4

These are the inputs that are changed and converted into something else such as a component to be used as an input by another business or a finished good or service

Question 5

Transforming resource?

Answer 5

The resources that remain in the business and are applied to the inputs to change them to add value

Question 6

Transformation?

Answer 6

Physical altering, Manipulating and changing information to produce a service

Question 7

Technology?

Answer 7

This involves the use of machinery and systems to undertake operations more efficiently and effectively

Question 8

Plant layout?

Answer 8

This is the arrangement of equipment, machinery and staff within the factory