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IGCSE Business > Chapter 18 > Flashcards

Chapter 18 Flashcards

1
Q

Where/what is the point of sale

A

Till

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2
Q

PIN

A

Personal identification number

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3
Q

What does the process of production do

A

Adds value to the raw materials and bought in components

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4
Q

another word for factors of production

A

Economic resources

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5
Q

What is cost-benefit analysis/what does it do

A

It is the analysis of what the average cost per unit is to see if it’s worth the profit. It keeps the company profitable in the long run

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6
Q

Kaizen

A

Japanese term meaning continuous improvement through elimination of waste

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7
Q

Types of waste (7)

A

Over-production
Defects
Transportation
Unneccesary inventory
Overprocessing
Motion
Waiting

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8
Q

Benefits of lean production (7)

A

Less storage of components + materials
Improved health + safety
Speeds up production
Better use of equipment
Quicker production
Less money held up in inventories
No need to repair or replace defects

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9
Q

Advantages of Kaizen (4)

A

Work in progress reduced
Improved layout allows combining of jobs and frees up employees
Increased productivity
Reduced amount of space for production process

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10
Q

JIT

A

Just-In-Time inventory control
Production method that involves reducing the need to hold inventories of raw materials/unfinished products
Needs reliable suppliers and an efficient ordering system

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11
Q

Advantages of JIT(3)

A

Reduces costs of holding inventory
Warehouse space is not needed further reducing costs
Improved cashflow as products are quicklu sold

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12
Q

Cell production

A

Where the production line is divided into
Separate self contained units each making an identifyable part of a product instead of a mass production loine

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13
Q

Advantages of cell production (3)

A

Improves morale
Improve efficiency
Employees feel more valued - less chance for strike

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14
Q

Production

A

Provision of a product or service to satisfy consumer wants and needs, the proceeds of production adds value to the raw materials and bought-in component. Combines the inputs of a business to produce more valuable outputs

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15
Q

Managers a typical manufacturing business will have (3)

A

Factory manager - quality and quantity of products coming off a production line
Purchasing manager- provides materials, components and equipment required for production
Research and development manager - designs and tests new production processes and products

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16
Q

Productivity

A

Output measured against the inputs used to create it, how a business can measure its efficiency
Output/quality of input

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17
Q

Labour productivity

A

Output(over a given period of time) / number of employees

18
Q

Ways to increase productivity and efficiency (6)

A

Use more automation
Improve quality
Automation
Improve training
Improve quality of product + inventory control to reduce waste
Introduce new technology

19
Q

Benefits of increasing efficiency/productivity (4)

A

Reduced input levels needed for same output levels
Lower costs per unit
Fewer workers needed (lower wage costs)
Higher wages paid to workers - increases motivation

20
Q

Buffer inventory level

A

Inventory held to deal with uncertainty in customer demand and delivery of supplies

21
Q

Lean production

A

Term used for techniques used by a business to cut down on waste and increase efficiency by, for example, reducing the time it takes for a product to be developed and become available for sale

22
Q

Lean production methods (3)

A

Kaizen
Just-in-time inventory control
Cell production

23
Q

Methods of production (3)

A

Job production
Batch production
Flow production

24
Q

Job production

A

Method of production where a single product is made at a time

25
Q

Batch production

A

Method of production where a quantity of one product is made, then a quantity of another item is produced

26
Q

Flow production (alt name)

A

Mass production
Method of production where large quantities of a product are produced in a continuous process

27
Q

Advantages of job production (5)

A

Most suitable for personal services/once-off products
Product meets exact requirements of customer
Workers have more varied jobs
Workers will have increased motivation and satisfaction from varied work
Flexible and a higher price can be charged (often used for high quality goods+services)

28
Q

Disadvantages of job production (5)

A

Skilled labour is used which raises costs
Labour intensive which also raises costs
Production often takes long
Products made to order, errors are expensive to fix
Higher costs as materials have to be specially purchased

29
Q

Advantages of batch production (4)

A

Flexible way of working and production can be easily changed from one product to another
Gives workers some variety to their jobs
Allows a variety of products to be produced, giving consumers more options
Production may not be heavily affected of machinery breaks down

30
Q

Disadvantages of batch production (3)

A

Expensive as semi-finished products will need moving about to the next stage
Machines have to be reset between production batches meaning there is a delay in production and output is lost
Warehouse space will be needed for inventories which is costly

31
Q

Advantages of flow production (8)

A

High output of standardised product
Cost of making each item is low, meaning price is low
Reduces labour costs and increases efficiency as it’s easy for capital intensive methods to be used
Workers can specialise in specific repeated tasks, so the business will only require relatively unskilled workers (cheaper)
Business may benefit from economies of scale in purchasing
High sales due to low average costs and prices
Automated production lines can operate 24 hours a day
Time saved as there’s no need to move around the factory

32
Q

Disadvantages of flow production (4)

A

Boring, little job satisfaction and motivation for employees
Significant storage requirements and costs
Capital costs of setting up production lines can be very high
If one machine breaks down the whole line is halted

33
Q

Factors affecting which method of production to use (4)

A

The nature of the product
Size of the market
Nature of demand
Size of business

34
Q

Advantages of new technology in production methods (7)

A

Productivity is greater as more efficient production methods are used, meaning lower average costs
Greater job satisfaction for workers as the machines do the boring and repetitive tasks
More skilled workers and thus training needed to operate the machinery which motivates workers+improves work quality
More accurate production methods, leading to better quality products
Increased profitability due to quicker communication and reduced paperwork
Better and quicker decision making due to the information available to managers
New high tech products are available due to new technology

35
Q

Disadvantages of new technology (4)

A

Machines replace humans leading to unemployment
Expensive to invest in new equipment + machinery
Employees may be unhappy with the changes when new technology is introduced
Technology is ever changing and a business needs to replace is to remain competitive

36
Q

Automation

A

Where equipment is used in the factory controlled by a computer to carry out mechanical processes, only a few people are needed to ensure everything runs smoothly

37
Q

Mechanisation

A

Where production is done by machines but operated by humans

38
Q

CAD

A

Computer Aided Design
Computer software that draws items being designed more quickly and allows them to be rotated to be seen from all sides

39
Q

CAM

A

Computer Aided Manufacturing
Where computers monitor the production process and control machines/robots on the factory floor

40
Q

CIM

A

Computer Integrated Manufacturing
Total integration of CAD and CAM, computers that design the products are directly linked to the computers that aid in the manufacturing

41
Q

How technology has improved productivity in shops (3)

A

Electronic payment methods and scanners at the tills
EPOS - electronic point of sale (scanned and the database changed, reordered if necessary)
EFTPOS - electronic funds transfer at point of sale (
Contactless payment - fast + easy

IGCSE Business (30 decks)

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