Operational Management 2 Flashcards
Optimum location
The best location for a firm , often seen as one that produced the lowest long term costs. Decision based on the best avaloable compromise between different objectives or factors
Offshoring
The relocation of one or more business processes , either in production or services from one country to another
Qualitative factors
Favours such as a good living environment which plays a role in decisions such as location
Quantitative factors
Number based factors such as rent and rates costs that influence decisions such as location
Benchmarking
Learning from the enemy. It involves schemes to share info with industry leaders and copy/adapt their best practices. It means a standard to measure against
Critical path analysis
A planning technique which enables the organisation and monitoring of complex projects such as the construction of Wembley stadium. It identifies the fastest time to complete the project and the key tasks that need to be completed
Critical path network
A diagrammatic illustration of the network of tasks that need to be completed
Critical activities
Activities on the critical path which is delayed will delay the whole projects completion
Earliest start times
Shows the earliest time at which an activity can be started , recorded in the top right hand section of the node and are calculated from left to right across the network diagram. Sows in the final node the duration of the project
Float time
Spare time on an activity which allows for delay that will not delay the completion of the entire project
Kaizen
Japanese term meaning continuous improvementit is a cultural approach to lean production and quality assurance involves encouraging employees to constantly seek and implement small incremental changes to production in order to improve quality and efficiency
JLT
Just in time , Can be applied to stock control where is the system of timing deliveries to a production all retail facilities which allows no buffer stocks and brings in the stock just in time. Can be taking a stage further to manufacturing which takes place very quickly only after an order has been received.made to order rather than made to stock. both are essential elements of lean manufacture
Latest finish times
Shows the time by which an activity must be completed to prevent delay of the entire project. recorded in the bottom right-hand section of the node and calculated from right-to-left
Lead time
The period of time between an order being placed and being received
Lean production
An approach to management that focuses on cutting out waste whilst still ensuring quality
