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business a level > operations > Flashcards

operations Flashcards

1
Q

production

A

when resources are made into products

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2
Q

adding value

A

adding value in order to make a profit
+ customers - don’t produce yourself, time saved
+ business - selling price - cost of raw materials = adding value

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3
Q

how can you add value

A

brand/ logo, design, quality, right sizing, sponsors, good stores

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4
Q

wholesaler channel of distribution

A

producer, wholesaler, retailer, customers
wholesaler buys in bulk and sells in smaller quantities
+ less spent on marketing
- expensive for customers as cost plus

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5
Q

retailer channel of distribution

A

producer, reatailer, customer
eg tesco, large business can buy in bulk
+ cheap, convenient, better experience for customers
- relationships needed with brands

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6
Q

direct channel of distribution

A

producer, customer
online, producers having own stores
+ cheap for customers, can be done from home
- lots of advertising needed

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7
Q

flow production

A

passes down an assembly line, no workers, continuous output
+ efficient
- initial cost of machinery, demotivated employees

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8
Q

cell production

A

workplaces split into cells/ areas each deals with one stage of the product
+ motivated employees, teamwork, specialised

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9
Q

job production

A

unique, only one is made and specific to customers. highly skilled workers
+ high quality, personalised, charge more
- expensive to make, only one product at a time, labour

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10
Q

batch production

A

more then one unit at a time, machinery reset between batches, batches vary
+ output increased, less waste, made to order
- reset machines, contamination, storage

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11
Q

specialisation

A

specialised workers in each departments, improve efficiency, less waste, higher quality product

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12
Q

division of labour

A

breaking down a job into specific tasks for specialised workers who are more efficient z

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13
Q

productivity

A

relationship between input and output, greater output in relation to input = high productivity
output/ input

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14
Q

product vs services

A

product > tangible, storable, measurable, repeatable
services > intangible, experience, difficult to repeat

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15
Q

capacity utilisation

A

total level of output in a given time period
current capacity/ max capacity x100

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16
Q

stock - raw materials

A

hasn’t been used in manufacturing yet. too much = large storage needed, too little = can’t keep up w demand

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17
Q

stock - work in progress

A

raw materials undergoing development to become the final product. too much = high workload/ extra employees/ machinery needed. too little = employees have no work so become demotivated

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18
Q

completed stock

A

the final product. too much = held for too long becomes obsolete. too little = can’t keep up w demand.

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19
Q

just-in-time orders

A

this is when you make orders w suppliers for orders you already have. comes exactly when u need it. only making what we need to make

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20
Q

just-in-case orders

A

bulk buying a suppliers in advance when yo don’t have they amount of orders

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21
Q

stock control charts - maximum stock levels

A

max levels of stock a business can/wants to hold

22
Q

stock control charts - minimum stock level required

A

minimum amount business wants to hold. assuming minimum stock level is 0 = buffer stock

23
Q

stock control charts - re-order level

A

trigger point for when stock falls to this level the next order should be made

24
Q

stock control charts - lead times

A

amount of time between placing the order and receiving it

25
Q

what does a stock control chart include

A

max stock levels, min stock levels, re-order level, lead time

26
Q

economies of scale

A

the benefit of being big because the average cost per unit is reduced because it is spread over a large amount of units

27
Q

technical economies

A

cheaper to do things on a large scale. eg. cost spread of bills is cheaper in large hotels. internally having more money to spend on technology/ premises etc

28
Q

managerial economies

A

can pay more/ better wages as cost is spread. less workload per person. specialisation

29
Q

financial economies

A

easier to negotiate loan with lower interest rates. share issue

30
Q

purchasing economies / economies of scale

A

the more you buy the cheaper it is per unit. bulk buying

31
Q

marketing economies

A

ability to advertise and create more awareness. tv/ sponsorships

32
Q

risk bearing economies

A

can afford to take more risks as can afford financial risk of failure. chance of success w bigger risks.

33
Q

external economies of scale

A

benefits for f the business being large to the wider area. large demand for specific skills of labour, allows local area to develop skills for specialisation.

34
Q

lead times

A

the time ordering and receiving stock

35
Q

jidoka

A

detect and reject faulty goods at the earliest possible moments

36
Q

kaizan

A

regards improvements in quality and ongoing and continuous

37
Q

lean production

A

trying to have the least amount of waste to be more efficient. stripping anything wasted in the production process. e.g time, materials, labour/ effort, finances

38
Q

quality circles

A

employees meet together and discuss problems related to their working environment

39
Q

total quality management

A

the use of all resources in the production process. preventing mistakes rather then finding them in the production process. everyone works together

40
Q

kanban

A

organises the flow of components. automated system to see what quantity of components is needed to make the product. shows what needs to be ordered and what’s been used. e.g. 2 cakes out 2 cakes in

41
Q

quality assurance

A

continued checking of quality throughout production

42
Q

quality control

A

checking for quality at the end of the production line to check for defects and faults

43
Q

benchmarking

A

measuring your companies quality against others.

44
Q

quality standards

A

a set level of quality that the product must reach

45
Q

zero defects

A

everyone works together towards the ideal goal of there being zero defects

46
Q

research and development

A

when business gather knowledge to create new products or improve existing products and services

47
Q

critical path analysis

A

project planning - all activities needed to complete a task.
the critical path is the one you must not change and follow to ensure the task is completed on time

48
Q

gantt chart

A

a type of bar chart that illustrates project schedule and shows dependency relationship between activities

49
Q

est

A

earliest start time of activity

50
Q

lft

A

latest finishing time of activity

51
Q

total float

A

lft of activity - ( duration of activity + est)

52
Q

free float

A

est of next activity - ( duration of current activity + est current activity)

business a level (7 decks)

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