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BS > HSC Topic 1 > Flashcards

HSC Topic 1 Flashcards

1
Q

operations

A

the business processes that involve transformation or, more generally, ‘production’

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2
Q

strategic

A

refers to long-term, broad aims affecting all key business areas; that is, the strategic role of each key business function involves the managers of each function contributing to the strategic direction or strategic plan of the business

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3
Q

cost leadership

A

involves aiming to have the lowest costs or to be the most price-competitive in the market

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4
Q

product differentiation

A

distinguishing products (goods or services) in some way from those of competitors

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5
Q

cost centres

A

particular areas, departments or sections of a business to which costs can be directly attributed

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6
Q

cost leadership

A

involves aiming to have the lowest costs or to be the most price-competitive in the market

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7
Q

economies of scale

A

Cost advantages that can be created as a result of an increase in the scale of business operations

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8
Q

standardisation

A

refers to the making of products that are homogenous or identical

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9
Q

product differentiation

A

distinguishing products (goods or services) in some way from those of competitors

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10
Q

performance objectives

A

goals that relate to particular aspects of the transformation processes

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11
Q

quality (performance objective)

A

determined by consumer expectations and informs the product standards applied by the business

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12
Q

speed

A

refers to the time it takes for the production and the operations process to respond to changes in market demand

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13
Q

dependability

A

refers to how consistent and reliable a business’s products are

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14
Q

flexibility

A

how quickly operations processes can adjust to changes in the market

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15
Q

customisation

A

refers to creation of individualised products to meet the specific needs of the customers

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16
Q

mass customisation

A

a process that allows a standard, mass-produced item to be personally modified to specific customer requirements

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17
Q

cost

A

as a performance objective, refers to the minimisation of expenses so that operations processes are conducted as cheaply as possible

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18
Q

standardised goods

A

those that are mass produced, usually on an assembly line. Standardised goods are uniform in quality and meet a predetermined level of quality. They are generally produced with a production focus

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19
Q

customised goods

A

those that are varied according to the needs of customers. These goods are produced with a market focus rather than a production focus

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20
Q

interdependence

A

the mutual dependence that the key business functions have on one another

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21
Q

globalisation

A

refers to the removal of barriers of trade between nations. Globalisation is characterised by an increasing integration between national economies and a high degree of transfer of capital (facilities and/or machinery), labour, intellectual capital and ideas, financial resources and technology

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22
Q

offshore outsourcing

A

involves taking the activities to a provider in another country

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23
Q

technology

A

the design, constructure and/or application of innovative devices, methods and machinery in operations processes

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24
Q

quality (expectations)

A

a specific reference to how well designed, well made and functional goods are, and the degree of competence with which services are organised and delivered

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25
Q

cost-based competition

A

derived from determining breakeven point (the level at which the firm’s total revenue is exactly equal to its total costs) and applying strategies to create cost advantages over competitors

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26
Q

government policies

A

are announced intentions by government as to future laws

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27
Q

legal regulation

A

laws which been passed by government

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28
Q

compliance costs

A

the expenses associated with meeting the requirements of legal regulations, i.e., abiding by all laws

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29
Q

Work Health and Safety Act 2011 (Cwlth)

A

Requires businesses to create safe + healthy working conditions

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30
Q

Fair Work Act 2009 (Cwlth)

A

Laws about staff employment terms + conditions (e.g., overtime, rest breaks) must be followed

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31
Q

Environmental Protection and Biodiversity Conservation Act 1999 (Cwlth)

A

Sets standards for waste management and specifies protected areas free from exploitation

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32
Q

Workers Compensation Act 1987 (NSW)

A

Forces compulsory payments of insurance premiums to ensure payment of any injuries acquired by employees while working at the firm

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33
Q

Food Act 2003 (NSW)

A

Councils and NSW Food Authority conduct regular inspections to ensure good food safety practices are in place (temperature control, cleanliness, hand washing, labelling)

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34
Q

Environmental sustainability

A

to shape business operations around practices that consume resources today without compromising access to those resources for future generations

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35
Q

Carbon footprint

A

the amount of carbon produced and entering the environment from operations processes

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36
Q

Precautionary principle

A

requires that, where environmental impacts are uncertain, a business undertakes actions that are most likely to cause the least environmental impact

37
Q

corporate social responsibility

A

open and accountable business actions based on respect for people, community/society and the broader environment. It involves businesses doing more than just complying with the laws and regulations

38
Q

legal compliance

A

businesses abiding by word of the law

39
Q

ethical responsibility

A

encompasses a much broader integration of social, community and environmental concerns

40
Q

environmental sustainability

A

refers to the economic, social and environmental performance of a business

41
Q

social responsibility

A

refers to a business’s management of the social, environmental, political and human consequences of its actions

42
Q

inputs

A

the resources used in the transformation (production) process

43
Q

transformed resources

A

those inputs that are changed or converted in the operations process

44
Q

transforming resources

A

those inputs that carry out the transformation process

45
Q

materials

A

the basic elements used in the production process, consisting of two types: raw materials and intermediate goods

46
Q

raw materials

A

the essential substances in their unprocessed state

47
Q

intermediate goods

A

goods manufactured and used in further manufacturing or processing

48
Q

information

A

the knowledge gained from research, investigation and instruction, which results in an increase in understanding

49
Q

key performance indicators (KPIs)

A

specific criteria used to measure the efficiency and effectiveness of the business’s performance

50
Q

customer relationship management (CRM)

A

the systems that businesses use to maintain customer contact

51
Q

facilities

A

the plant (factory or office) and machinery used in the operations processes

52
Q

volume

A

how much of a product is made

53
Q

lead time

A

the time it takes for an order to be filled from the moment it is made

54
Q

mix flexibility

A

the mix of products made or services delivered, through the information process

55
Q

sequencing

A

the order in which activities in the operations process occur

56
Q

scheduling

A

the length of time activities take within the operations process

57
Q

Gantt charts

A

a type of bar chart that shows both the scheduled and completed work over a period of it time. It is often used in planning and tracking a project

58
Q

critical path analysis

A

a scheduling method or technique that shows what tasks need to be done, how long they take and what order is necessary to complete those tasks

59
Q

robotics

A

used in engineering and specialised areas of research, as well as on assembly lines where a programmable machine capable of doing several different tasks is required

60
Q

computer-aided design (CAD):

A

a computerised design tool that allows businesses to create product possibilities from a series of input parameters

61
Q

computer-aided manufacturing (CAM)

A

software that controls manufacturing processes

62
Q

skills audit

A

a formal process used to determine the present level of skilling and any skill shortfalls that need to be made up either through recruitment or training

63
Q

task design

A

involves classifying job activities in ways that make it easy for an employee to successfully perform and complete the task

64
Q

process production

A

deals with high-variety, low volume production

65
Q

process layout

A

the arrangement of machines so that the machines and equipment are grouped together by the function (or process) they perform

66
Q

product production

A

(mass production) production that is characterised by the manufacturing of a high volume of constant quality goods

67
Q

process layout

A

layout in which the equipment arrangement relates to the sequence of tasks performed in manufacturing a product

68
Q

project production

A

deals with layout requirements for large-scale, bulky activities such as the construction of bridges, ships, aircraft or buildings

69
Q

fixed position layout

A

an operational arrangement in which employees and equipment come to the product

70
Q

workstations

A

the desk areas required by office workers, usually fitted with access to a computer monitor, keyboard, telephone, mouse and mouse pad and storage, and close access to a printer and scanner

71
Q

monitoring

A

the process of measuring actual performance against planned performance

72
Q

control

A

occurs when KPIs are assessed against predetermined targets and correction action is taken if required

73
Q

improvement

A

refers to systematic reduction of inefficiencies and wastage, poor work processes and the elimination of any bottlenecks

74
Q

outputs

A

the end result of the business efforts- the good or service that is provided or delivered to the customer

75
Q

customer service

A

refers to how well a business meets and exceeds the expectations of customers in all aspects of its operations

76
Q

warranty

A

a promise made by a business that they will correct any defects in the goods they produce or services they deliver

77
Q

product utility

A

the usefulness and value that a product has from the consumer’s point of view

78
Q

explicit service

A

the tangible aspect of the service being provided, such as the application of time, expertise, skill effort

79
Q

implicit service

A

is based on a feeling and is therefore intangible. The implicit aspects of a service are the psychological wellbeing- the feeling of being looked after- that comes with the provision of the service

80
Q

supply chain management

A

involves integrating and managing the flow of supplies throughout the inputs, transformation processes (throughput and value adding) and outputs in order to best meet the needs of customers

81
Q

sourcing

A

the purchasing of inputs for the transformation process

82
Q

global sourcing

A

a broad term that refers to businesses purchasing supplies or services without being constrained by location. In the supply chain management activity, global sourcing means buying or sourcing from wherever the suppliers are that best meet the sourcing requirements

83
Q

vertical integration

A

when a business makes all the inputs in-house with no external contribution

84
Q

e-commerce

A

the buying and selling of goods and services via the internet

85
Q

e-procurement

A

the use of online systems to manage supply, which allows suppliers direct access to the business’s level of supplies

86
Q

B2B

A

direct access from one business (the supplier) to another

87
Q

B2C

A

the selling of goods and services to consumers over the internet, with payment usually by credit card

88
Q
A

BS (6 decks)

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