Dp 7 - Strategies (Waste Minimisation) Flashcards
Waste Minimisation
the process of reducing the amount of unused material, time or labour within a business
Ways to minimise waste in a business’s operations system
*Time can be wasted when transporting resources or products
*Inputs can be wasted or easily damaged, especially if they are lower-quality inputs
*Labour can be wasted when employees have little or no work to complete during production
*Time can be wasted from delays between production stages
*Productions can be wasted when a business produces too much and is unable to sell them
*The labour of high-experienced employees can be wasted when they are assigned tasks that can be completed by less-experienced employees
*Products are wasted when they are defective and cannot be sold
WM: Efficency
by minimising the amount of time wasted in operations a business produces goods and services at a quicker rate, increasing efficiency
WM: Effectiveness
reducing waste lowers operational costs which can allow for a business to offer lower prices to customers, which can increase number of sales meeting the objectives of market share and profit
Reduce
a waste minimisation strategy that aims to decrease the number of resources, labour or time discarded during production
Reuse
waste minimisation strategy that aims to make use of items which would have otherwise been discarded
Recycle
a waste minimisation strategy that aims to transform items which would have otherwise been discarded
Reduce: Example