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AS Level Business Studies > Module 4 > Flashcards

Module 4 Flashcards

1
Q

What is Operational Managment

A

The process that uses the resources of an organization to provide the right goods or services for the customer

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2
Q

What is Operational objectives

A

Specific focused targets of the operations management function within an organization

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3
Q

What is Unit cost

A

The cost of producing one unit of output.

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4
Q

What is Quality

A

Those features of a product or service that allow it to satisfy customers

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5
Q

What is Speed of response

A

The time taken for a customer requirement to be fulfilled

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6
Q

What is Flexibility

A

The ability of an organization to change its operations in some way

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7
Q

What is Dependability

A

Measures whether a business is on time in providing for its customers’ needs

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8
Q

What is Environmental objectives

A

The aims set by a business that indicate its commitment to helping those aspects of the environment where it has an impact

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9
Q

What is Adding value

A

The process of increasing the worth of resources by modifying them

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10
Q

What is Labor productivity

A

A measure of the output per worker in a given time period

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11
Q

What is Capacity

A

The maximum total level of output or production that a business can produce in a given time period

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12
Q

What is Capacity utilization

A

The percentage of a firms total possible production level that is being reached

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13
Q

What is Efficiency

A

Output is maximized from a given level of inputs

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14
Q

What is Economies of scale

A

The advantages that an organization gains due to an increase in size. These cause an increase in efficiency and also tend to improve labor productivity

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15
Q

What is Diseconomies of scale

A

The disadvantage that an organization experiences due to an increase in size. These cause a decrease in efficiency and/or an increase in unit costs of production

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16
Q

What is Capital intensive production

A

Methods of production that use a high level of capital equipment in comparison to other inputs.

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17
Q

What is Labor intensive production

A

Methods of production that use high levels of labor in comparison to capital equipment

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18
Q

What is Under utilization of capacity

A

When a firms output is below the maximum possible

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19
Q

What is Capacity shortage

A

When a firms capacity is not large enough to deal with the level of demand for its products.

20
Q

What is Ratioalisation

A

A process by which a firm improves its efficiency by cutting the scale of its operations

21
Q

What is Lean production

A

Production based on the range of time-saving and waste-saving measures

22
Q

What is Time based management

A

An approach that recognizes the importance of time and seeks to reduce the level of unproductive time within an organization

23
Q

What is Just in time

A

organization operations so that items of stock arrive just at the time they are needed for production or sale

24
Q

5 features of lean production

A

Short lead times. Minimal stock levels, “Right first time quality”, multi-skilled workers needed, Frequent small deliveries from suppliers

25
Q

5 features of mass production

A

Longer lead time, High stock levels Quality inspection of finished product, Specialist or unskilled workers, Fewer large scale deliveries from supplies

26
Q

What is Technology

A

In the business world the application of practical, mechanical, electrical and related sciences to industry and commerce

27
Q

What is Teleworking

A

When people work from home and other locations and keep in contract with their colleagues through IT

28
Q

What is Quality system

A

The approach used by an organization to achieve quality

29
Q

What is Quality control

A

A system that uses inspection as a way of finding any faults in the completed good or service being provided

30
Q

What is Quality assurance

A

A system that aims to achieve or improve quality by organization every process to get the product “right first time” and prevent mistakes ever happening

31
Q

What is Kaizen

A

A policy of implementing small, incremental changes in order to achieve better quality and/or greater efficiency

32
Q

What is Mass customization

A

Offering individually tailored goods or services to customers on a larger scale

33
Q

What is Producing to order

A

A strategy in which a business only manufactures a product once an order for that products has been received from a customer

34
Q

What is Inventory control

A

Management of levels of raw materials, work-in-progress and finished goods in order to reduce storage costs while still meeting the customer’s demands

35
Q

What is Inventory control chart

A

A diagram that is used to register levels of stock/inventory over a period of time

36
Q

What is Buffer inventory level

A

The minimum level of inventory targeted by a business. The buffer level of inventory should be enough to cover sudden increase in demand

37
Q

3 Advantages of high inventory level

A
  • Customer’s demands are met promptly
  • There is no loss of goodwill caused by running out of inventory
  • Sudden increases in demand can be dealt with efficiently
38
Q

3 Advantages of low inventory level

A
  • Reduce warehousing costs are possible
  • Opportunity cost is low
  • Perishable products are less likely to deteriorate.
39
Q

What is Re-order level

A

The inventory level at which an order is placed for new inventory

40
Q

What is Re-order quantity

A

The actual number of products purchased from the supplier in a particular order

41
Q

What is Lead time

A

The time taken for a customer request to be fulfilled.

42
Q

What is Inventory wastage

A

A measure of the loss of inventory within a business

43
Q

What is Inventory roation

A

Using old inventory before new inventory to make sure that inventory wastage is kept to a minimum

44
Q

What is Supplier

A

An organization that provides a business with the materials is needs in order to carry out its business activities

45
Q

What is Supply chain

A

A network of sellers of raw materials manufactures that transform those materials into products

46
Q

What is Supply chain management

A

The organization of these activities to create value for the customer and profit for the businesses involved in supplying the products

AS Level Business Studies (7 decks)

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