Chapter 1: Role of Operations Management Flashcards
________ refers to the business processes that involve transformation or, more generally, ‘production’.
What’s missing?
Operations
\_\_\_\_\_\_\_\_ processes are broad and include these aspects: • production of goods and services • quality controls on processes • inventory controls • supply chain management • logistics and distribution • management decision making What's missing?
Operations
_____ ______ is the creation of extra or added value as inputs are transformed into outputs
What’s missing?
Value adding
__________ is the conversion of inputs (resources) into outputs (goods and services)
What’s missing?
Transformation
____ ________ aims to eliminate waste at every stage of production. It involves analysing each stage of the production process, detecting where inefficiencies are and correcting them
What’s missing?
Lean production
________ should engage in the following for customer focus:
• waste minimal resources
• reflect fair value for any labour used
• operate at low cost to maximise affordability
• integrate environmental awareness
• reflect changes in the needs of consumers
What’s missing?
Operations
The main goal of a business is to _______ _____ by focusing on two very important aspects of profit:
• revenue or income
• costs or expenses
What’s missing?
Maximise profits
\_\_\_\_\_ costs include: • capital • land • resources • machinery What's missing?
Input
\_\_\_\_\_\_ costs include: • employees • training and development • subcontractors • rostering What's missing?
Labour
\_\_\_\_\_\_\_ costs include: • electricity • product design • template and tooling • machinery maintenance What's missing?
Processing
\_\_\_\_\_\_\_ costs include: • logistics and distribution • storage • insurance • damaged and stolen goods What's missing?
Inventory
\_\_\_\_\_\_ \_\_\_\_\_\_\_\_ costs include: • prevention of loss through planning • inspection • remediation through warranty • machinery errors What's missing?
Quality management
____ _______ involves aiming to have the lowest costs or to be the most price-competitive in the market
What’s missing?
Cost leadership
______ _________ means distinguishing products (goods or services) in some way from its competitors
What’s missing?
Product differentiation
_______ ___ _____ refers to cost advantages that can be created as a result of an increase in scale of business operations
What’s missing?
Economies of scale
\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_ overlaps with the other business functions that include: • marketing • finance • operations management What's missing?
Operations management
Sources of differentiation in \_\_\_\_\_ include: • varying the actual product features • varying product quality • varying any augmented features What's missing?
Goods
Sources of differentiation in _______ include:
• varying the amount of time spent on a service
• varying the level of expertise brought to a service
• varying the qualifications and experience
• varying the quality of materials/technology used in service delivery
What’s missing?
Services
For both goods and services, differentiation can be created from ______ _________ or strategic alliances
What’s missing?
Cross branding
___________ goods are those that are mass produced, generally produced with a production focus
What’s missing?
Standardised
___________ goods are those that are varied according to the needs of customers, generally produced with a market focus
What’s missing?
Customised
The grocery (food) sector is dominated by \_\_\_\_\_\_\_\_\_\_ goods What's missing?
Perishable
Household and business goods are generally ____-_________ goods
What’s missing?
Non-perishable
\_\_\_\_\_\_\_\_\_ goods have the following factors: • high standards of quality • very short lead times and distribution • appropriate and robust packaging What's missing?
Perishable
____-_________ goods have the following factors:
• manage all aspects of quality in the process
• implement effective inventory management strategies
What’s missing?
Non-perishable
_____-________ means encouraging the customers to take the initiative to help themselves
What’s missing?
Self-service
____________ goods have gone through one set of operational processes then become inputs into further processing
What’s missing?
Intermediate
_____________ refers to the mutual dependence that the key functions have on one another
What’s missing?
Interdependence
_________ is about meeting the needs and wants of consumers through provision of products at prices that the market is prepared to pay
What’s missing?
Marketing
________ is the function that is concerned with recording and summarising financial transactions into a series of reports that can easily be interpreted
What’s missing?
Finance
The function of ______ ________ is to deal with the people the business employs and the issues arising from their employment
What’s missing?
Human resources
