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EY Accounting - Business Acumen > Module 4 - Operations And Distribution > Flashcards

Module 4 - Operations And Distribution Flashcards

1
Q

What is a prototype?

A

A machine or device which is not yet ready to be made in large numbers and sold

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2
Q

What are the prototyping stages

A
  1. Determining prototype objectives and plan to meet those objectives
  2. Clarity on product features and functionality it wishes to offer
  3. Build a test design
  4. Assess the design
  5. Conclude whether it worked or didn’t
  6. Launch
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3
Q

Possible criteria for evaluation of prototype

A

Functional suitability

Commercial suitability

Process efficiency

Sustainability

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4
Q

Manufacturing, what is it?

A

Process of converting raw materials, components or parts into finished goods that meet customers expectations or specifications

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5
Q

Automation vs Human Labour

Cost

A

Automation cheaper more reliable for consistency (maintenance costs)

Human - high variable costs, better with flexibility

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6
Q

Automation vs human labour

Quality

A

Good where consistency is key

Less cable of consistency - human error / fatigue BUT uniqueness

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7
Q

Automation vs human labour

Flexibility

A

Less flexibility

More flexibility

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8
Q

Do most production processes have a mixture of automated and human inputs?

A

Yes

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9
Q

What is outsourcing

A

Paying a specialist business to manufacture to a specification, under contract

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10
Q

What is offshoring

A

Moving a business activity to another country

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11
Q

Three factors (that we have to know) for Value Chain Analysis (Process Flow) and what are they?

A

Inbound logistics - raw materials, components etc. The form in which they are received, their storage and transit to the production area

Operations - the value adding activity, manufacturing process

Outbound logistics - movement out of production area

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12
Q

What is JIT?

A

JIT

Focuses on responsive, streamlined, small-batch production - ordering parts so they are available just in time for production

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13
Q

Quality Control (QC) definition

A

Checking goods for faults

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14
Q

What is continual improvement

A

Always looking for ways to improve

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15
Q

What is quality when talking about products

A

Fitness for use or conformance to requirements

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16
Q

Grade when talking about products

A

The intended features or technical specification of a product

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17
Q

What are the methods to promote continual improvement (CIP) and quality control (QC)?

A

ISO 9000 series

Lean production

Kaizen costing

Kanban

Catchball

Six Sigma (6)

The Five Whys

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18
Q

What is ISO 9000 series?

A

Leading quality standard in business

A set of quality control standard that help effectively document the elements of their own quality system

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19
Q

What is Lean Manufacturing?

A

A ways businesses identify areas of waste within the business and aims to steadily reduce this waste

It considers Value / Value Stream / Flow / Pull / Perfection

20
Q

Seven forms of waste identified in Lean Production

A

Overproduction

Inventory

Motion

Defects

Over-processing

Waiting

Transporting

21
Q

What is Kaizen costing?

A

Setting targets and budgets

Method of budgeting based on continual improvement in cost performance through small, incremental changes

22
Q

What is Kanban?

A

Manager internal stock production

Notes that signal internally that new stock is required and should be produced (supporting idea stock should be “pulled” downstream)

Stock level triggers stock inflow

23
Q

What is catchball?

A

Promotes shared ownership

Like the conch - thrown to one person at a time

24
Q

What is six Sigma?

A

Aims to improve all processes within a business by identifying and removing the causes of defects

A sigma process is one where 99.99966% of goods are defect free

Requires experts to implement

25
Q

What is the Five Whys?

A

If there is a problem - ask why it exists five times

26
Q

What is Direct Distribution

A

Business -> customer

27
Q

Has internet retailing made it easier to perform direct distribution

A

Yes

28
Q

What is indirect distribution?

A

Business -> intermediary -> customer

29
Q

Is franchising / licensing a form of intermediary?

A

Yes

30
Q

What is Perfect Competition in Markets?

A

No barriers to entry

A large number of small buyers and small suppliers

Perfect info with buyers knowing how good every alternative is and how much it will cost

Homogenous? Switching costs?

31
Q

What is a Monopoly?

A

A market with one supplier

Governments act to prevent monopolies due to the negative effect in competition and consumers

32
Q

What is an Oligopoly?

A

A market dominated by a small number of suppliers

33
Q

What is Monopolistic Competition?

A

There are a large number of producers but, unlike perfect competition - products are not seen as homogenous (different Grades)

Companies differentiate through branding

34
Q

What is a Monopsony?

What does this tend to lead to?

A

A market where there is only one buyer

Concentration of buying power tends to lead to reduced prices

35
Q

What is Market Analysis?

A

Researching and monitoring of both quantitative and qualitative factors to identify things like market size / competitors / trends

36
Q

Possible strategies for market positioning

A

Cost leadership

Differentiation

Focus (think this is types of cost leadership and differentiation)

37
Q

Cost leadership - Market Positioning

A

The cheapest - appeal to cost-conscious

38
Q

Differentiation - market positioning

A

To be viewed as the best - differentiate from the rest

39
Q

Focus - market positioning

A

Niche

May be easier to corner market

Once niche achieved - could take a differentiation or cost leadership within that niche

40
Q

Market positioning - name of possible strategies to choose from

A

Porters generic strategies

Cost leadership
Differentiation
Focus

41
Q

How can businesses target different strategic groups?

A

Market segmentation

42
Q

What is market segmentation?

A

A way of analysing customer groups based on similarities and differences between them

43
Q

What can market disrupters have?

A

A transformative effect on markets, the way they operate, the viability of previous business models and thus the profitability of the businesses that applied those old business models

44
Q

How can existing market participants respond to disruptive market entrants?

A

Commercial retaliation

Lobbying government

Differentiation

Competing directly with disruptors

Withdrawing from market - focussing elsewhere

45
Q

Are some large businesses required to report on their CSR policies and related activities and outcomes?

Are all large businesses required to?

A

Yes

No

46
Q

What is the ‘Triple Bottom Line’ framework?

A

Profit

People

Plant

EY Accounting - Business Acumen (16 decks)

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