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Business > Operation Strategies > Flashcards

Operation Strategies Flashcards

0
Q

What are the six main performance objective?

A 
Quality
Speed
Dependibility
Flexibility
Customisation
Cost
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1
Q

Name the different types of operation strategies

A
  • Performance objective
  • Outsourcing
  • New product service design and development
  • supply chain management
  • technology
  • inventory management
  • global factors
  • overcoming resistance to change
  • quality management

PONSTIGOQ

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2
Q

What are the performance objectives in quality?

A

Quality of design

  • high grade materials
  • care and presentation
  • aesthetically pleasing
  • long lasting and functional

Quality of conformance

  • how well does the product meet the standards to the prescribed design.
  • does not have to be high quality
  • cheap plastic toy may meet quality of conformance

Quality of service

  • how reliable the service is
  • how well the service meets the specific needs of the client
  • how timely or responsive the service is
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3
Q

What are the goals for speed?

A

Reduced wait times
Shorter lead times
Fast processing times

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4
Q

How is dependability a performance objective?

A

Dependibility refers to how consistent and reliable goods are. How long do products last?

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5
Q

What is flexibility in performance objective?

A

Refers to how quickly operation processes can adjust to changes in the market. This can be done through increasing service providers and technology

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6
Q

What are the two approaches to product design and development?

A

First arises from a consumer approach to product development. Preferences and desires of consumers from research determine which products are designed.

Second arises from innovation in technology that appeals to consumers as it provides greater functionability.

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7
Q

List the steps involved in product design and devlopment

A

Market research and specification development

Product design and prototype development

Prototype testing and assesment

Product refinement and production processes refined

Production and product launch

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8
Q

What are the four things whih must be taken into consideration during product design and development process?

A

Quality

Supply chain management

Capacity

Cost

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9
Q

In service delivery it must have positive explicit and implicit factors. Define these terms.

A

Explicit service refers to the tangible adpect of service such as expertise, time, skill and effort.

Implicit refers to the internal feeling. Which come froms the psychological wellbeing and being looked after.

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10
Q

What are the three key aspects in supply chain management?

A

Sourcing (global sourcing)

E-commerce

Logistics

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11
Q

Define sourcing and how would an effective manager source correctly?

A

Sourcing or procurement refers to purchasing of inputs for transformation process. Effective manager will:

  • asses consumer demand
  • determine quality of inputs
  • assess how responsive supplier is
  • evaluate cost of supplies
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12
Q

What are the four trends in scm?

A

Supplier rationalisation

Vertical integration

Cost minimization

Flexible/ responsive supply chain processes

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13
Q

Define super rationalisation

A

Business assess effectiveness of suppliers and only keep supplier which can be better utilized and reducing suppliers

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14
Q

Define backwards vertical inegration

A

Refers to when a business buys a supplier. Supplier should be treated as a profit centre and increases efficiency and processess

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15
Q

Define cost minimisation in SCM

A

Cost minimisaton in SCM refers to offshore outsourcing. Low cost resource and inputs

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16
Q

Explain the flexible or responsive supply chain processes

A

Notion of lean process is evident to minimize wastage. Business would not overstock but only order when necessary.

17
Q

How is global sourcing a factor in SCM?

A

Global sourcing refers to businesses purchasing supplies or services without being constrained by location.

Advantages include cost reduction and expertise

Some disadvantages include logistics, storage and distribution in products and managing different regulatory conditions between nations.

18
Q

Define e commerce

A

E commerce involves the buying and selling of goods and services via the internet.

19
Q

What is e procurement

A

Many businesses have online supply systems which allows business to buy stock when needed. This is called business to business arrangement (b2b).

20
Q

Define logistics

A

Logistics is a term broadly reffering to distribution but also includes:

  • transportation
  • use of storage, warehousing and distribution centres.
  • materials handling and packaging
21
Q

Define outsourcing

A

Outsourcing involves the use of external providers to perform business activities. When outsourcing is performed by external providers that specialize in a particular business function, it will do so at a lower cost and greater effectiveness

22
Q

Explain the four various options for outsourcing

A

Creation of shared services - in house outsourcinf that creates an in house centre that performs work for multiple subsidiaries

Use of fee for service arrangement - engaging a supplier with fixed services at a predetermined price

Joint ventures - business engages outsourcing service providers but provider can outsource to other businesses as well

Use of a build operate transfer approach - offshore outsourcing and involves contractinf with external organisations. Detailed agreed level of services with KPIS

23
Q

What are some advantages of outsourcing?

A

Efficiency and cost saving: access to cheaper labour, skilled labour in offahore locations lead to cheaper labour.

Improvements to in house performance - business which outsources can focus on core competencis

24
Q

What are some disadvantages of outsourcing?

A

Payback and costs: refers to time it takes to pay cost of oursourcing

Loss of control of standards and information security - loss of control due to service providers completing task and not business

Communication and language barriers

25
Q

Differentiate between leading edge technology and established technology

A

Leading edge technology is most advanced or innovative at any point of time.

Established technology has been developed and widely used.

26
Q

Define inventory

A

Refers to amount of raw materials, work in progress and finished goods that a business has on hand.

27
Q

What are some advantages of holding stock?

A

Consumer demand is met when stock is avaliable

Reduces lead times and order delivery

If business buys in bulk costs can reduce due to economies of scale

28
Q

What are some disadvantages involved in holding stock?

A

Costs associated with holding stock

Invested capital capital cannot be used elsewhere

29
Q

What are the three inventory evaluation methods?

A

FIFO (first in first out)
LIFO (last in first out)
WAC (weighted average cost)

30
Q

What are the three aspects in quality management?

A

Quality control - inspection, measurement and intervention

Quality assurance - application of international quality standarss

Quality improvement - total quality management and continuous improvement

31
Q

How is quality control used in quality management?

A

Quality control reduces problems and defects in the product by using inspections at various point

32
Q

Define quality assurance

A

Quality assurance involves the use of a system to ensure that set of standards are achieve in production. This is done through taking a series of measurements and assessing them again pre determined quality standards. Aspects of quality in qa include:

  • notion of fitness for purpose
  • desire to achieve right first time
33
Q

What are two aspects of quality improvement?

A

Continuous improvement - ongoing commitment to inprove ongoing goods or services

Total quality management - hollistic approach, focuses on managing the whole business to deliver quality to customers.

34
Q

What are the factors which cause resistance to change?

A

Financial factors can cause resistance to change this may be from a lack of capital to invest in change

Physchological/ emotion can resist change

35
Q

How is financial costs a resistance to change?

A

Cost of purchasing new equipment, cost of retraining staff, costs according to legal regulations

36
Q

Define inertia

A

Inertia is a term used to describe a psychological resostance to change

37
Q

How can a manager manage change effectively?

A

Managers must introduxe change at a constant pace which can be absorbed and integrated into business, evaluate impact of change, change must be supported by employee participation.

38
Q

What are some change management strategies?

A

Lower resistance to change through communication

Possible outsourcing to reduce pressure on business

39
Q

Global factors can be an opportunity. What are the 4 opportunities within global factors?

A

Global sourcing
Economies of scale
Scanning and learning
Research and development

40
Q

How is economies of scale a global factor?

A

When a business decides to expand globally it must increase its inputs. Economies of scale refers to purchasing and producing on a larger scale. Price will reduce per unit as production increases. This can lead to cost minimization and possibly increae profit

Business (14 decks)

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