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Business > Operations > Flashcards

Operations Flashcards

1
Q

Purchasing economies

A

Being able to purchase in larger quantities at lower average cost

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2
Q

Financial economies

A

Negotiate cheaper loans, and the time to pay it back

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3
Q

Managerial economies

A

Employment of more specialist managers

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4
Q

Technical economies

A

Purchase more effective capital equipment

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5
Q

Marketing economies

A

More effective methods of marketing

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6
Q

Risk bearing economies

A

Spread risk by diversifying into different products

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7
Q

Concentrated economies (E)

A

Skilled labour in a specific region or suppliers located nearby

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8
Q

Information economies (E)

A

Easier access of data or market research

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9
Q

Infrastructural economies (E)

A

Building facilities and improving facilities

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10
Q

Diseconomies of scale

A
  • communication problems from increased staff
  • storage costs will rise
  • morale reductions
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11
Q

Capacity utilisation

A

Extent to which a firm or nation employs its installed productive capacity

= (actual output / maximum possible output) x 100

+ less wastage
+ EOS
+ improves pay
+ better reputation

  • maintenance and breakdowns
  • additional orders
  • over capacity
  • quality impacts
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12
Q

Stock control

A

Processes and controls used by a business to secure that it has sufficient stock for its purpose

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13
Q

Types of stock

A

Raw materials
Finished products
Work-in-progress

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14
Q

EOQ (Economic order quantity)

A

Order quantity that minimises total inventory holding costs and ordering costs

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15
Q

+ - of holding stock

A

+ meet demand and fluctuations in demand
+ EOS
+ buffer stock

  • storage costs
  • depreciation of stock
  • opportunity cost of paying for stock
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16
Q

Calculate average stock levels

A

(Max stock level + Min stock level) / 2

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17
Q

JIT (just in time)

A

Minimises inventory and increases efficiency - orders only arrive when production is scheduled.

+ reduce storage
+ less working capital in stock
+ avoids wastage and build up

  • complex
  • no EOS
  • reliant on suppliers
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18
Q

Electronic methods of stock control

A

LIFO - last in first out
FIFO - first in first out
EPOS - electronic point of sale - automatic reorder of stock via barcodes

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19
Q

Kanban

A

Track production and order when needed

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20
Q

Kitemark BS 5750 (E)

A

Owned by British Standards Institution, Identify products where safety is most important

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21
Q

ISO-9000 (E)

A

Set of international standards on quality management and quality assurance

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22
Q

Zero defects (E)

A

Minimise number of defects in manufactured products and services as much as possible

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23
Q

ABTA (I)

A

Support and promote a thriving and sustainable travel and tourism industry

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24
Q

Investors in people (I)

A

Designed to improve performance through employee training

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25
Q

Wool mark (I)

A

Certification for pure wool products that meet quality standards

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26
Q

Logistics

A

Making sure correct products are procured and will arrive when needed

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27
Q

Key factors in logistics

A
  • warehousing
  • customer requirements
  • information systems
  • transportation
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28
Q

Reshoring

A

Returning production and manufacturing back to original country

+ certainty around delivery time
+ minimise supply risk
+ reduce supply chain complexity

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29
Q

Offshoring

A

Relocation of business process (manufacturing) to a different country

+ lower costs
+ better skilled
+ free trade areas

  • longer lead time
  • communication
  • poorer quality
  • exchange rates
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30
Q

Outsourcing

A

Hiring party outside company to perform service or create goods

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31
Q

Subcontracting

A

Production of particular part of product is undertaken by another firm

+ keep labour costs low
+ specialisation
+ increased productivity

  • no direct control
  • lack of staff development
  • time consuming
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32
Q

Critical path analysis CPA

A

Helps businesses operate efficiently by identifying quickest way a project can be completed

+
Reduce risk
Careful assessment
Better allocation of resources
Useful overview

-
Based on estimates
Doesn’t guarantee success
Complicated

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33
Q

Total float

A

Amount of time activity delayed without delaying finish time of project

LFT this activity - Duration - EST this activity

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34
Q

Free float

A

Amount of time activity is delayed without delaying next activity

EST next activity - duration - EST this activity

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35
Q

PERT

A

Estimated duration of project

(Optimistic time + (4 x likely time) + pessimistic time) / 6

+ more realistic
+ simple

-difficult to judge

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36
Q

Gantt charts

A

Graphical representation of order and duration of tasks within a project

+ visual representation
+ easy to monitor

  • doesn’t show criticality
  • cant see est or lft
  • cant calculate floats
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37
Q

TQM total quality management

A

Efficient usage of all resources

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38
Q

Quality control

A

Checking products to see if they meet required quality standards

39
Q

Quality assurance

A

Focus on ensuring quality whilst producing products

40
Q

Location demand factors

A

Customer convenience
Labour skills
Site suitability
Expansion potential

41
Q

Supply factors

A

Labour costs
Land costs
Energy costs
Transport costs
Community factors

42
Q

Reasons for growth of service industry

A

Decline in manufacturing
Competition from abroad
Lack of resources
Cheaper from abroad
Specialisation
Globalisation
Comparative advantage
Skilled labour

43
Q

Important aspects of customer service

A

Empathy
Communication skills
Patience
Confidence

44
Q

Why is customer service important

A

Adds value
Retains customers
Improves reputation

45
Q

Impact of bad customer service

A

Damaged reputation
Increased costs
Loss of profits

46
Q

How to measure quality service quality

A

Speed
Price
Quality
Satisfaction

47
Q

Methods of measuring customer service

A

Customer satisfaction score
Surveys
Mystery shopper
Bench marking

48
Q

How to improve customer service

A

Ask
Bench marking
Training
Role play

49
Q

Operations management objective

A

Maximise amount produced

50
Q

Market orientated

A

Business designs products based on customer needs and wants

51
Q

Market orientated

A

Business responds to customer needs and wants and designs products accordingly

52
Q

Product orientated

A

Business develops products based on what it is good at doing

53
Q

Innovation

A

Developing and introducing new things to a product or taking an invention and making it sellable

54
Q

Job production

A

Meet specific requirement of customers - one off

55
Q

Job production +

A

Meet customer needs
Quality product
Motivational
Flexible
Add value

56
Q

Job production -

A

Time consuming
High costs
Labour intensive
Cash flow issues
High wages
No EOS

57
Q

Batch production

A

Many similar items going through different stages of production in batches

58
Q

Bath production +

A

Quicker than job
Lower average cost
Cheaper
Eos

59
Q

Batch -

A

Downtime
Cost of machinery
Could fail
Requires quality checks
Demotivated staff

60
Q

Flow production

A

Product moves continuously through production process

61
Q

Flow production +

A

Eos
Large quantities produced quickly
Automated
Less labour costs

62
Q

Flow production -

A

High set up costs
Less differentiation
Production stops if one machine doesn’t work

63
Q

Cell production

A

Mass production that divides work into teams known as cells, each responsible for particular part of production process

64
Q

Cell production +

A

Improve communication
Multiskilled workers
Motivation
Efficiency

65
Q

Cell production -

A

Less intensive use of machinery
Training and set up costs
Staff centred
Disagreements
Employees may want to specialise in one job

66
Q

Factors that influence selecting or changing production method

A

Nature of products
Cost of machinery
Workforce
Finance
Customers
Competition
Stakeholders
Size of business

67
Q

R&D

A

Process that enables creation of new and improved products to meet needs of customers

68
Q

Problems with R&D

A

Cost
Risk
Copying
Limited protection of ideas
Changes in tech
Customer wants

69
Q

Morphological studies

A

Grid system with range of possible alternatives that generates ideas cheaply and quickly

70
Q

The product launch stages

A
  • market research
  • product testing and development
  • distribution of product to outlets
  • promotional launch
71
Q

Division of labour

A

allocation of labour into specific tasks, intended to increase productivity

72
Q

Specialisation

A

Where workers perform specific tasks

73
Q

Division of labour / specialisation +

A

Tasks done quicker
Increase productivity
Increase output
Lower unit costs
Eos

74
Q

Div of labour / specialisation -

A

Tasks repetitive
High labour turnover
Automation may take over

75
Q

Productivity

A

Output / input

76
Q

How to increase productivity

A

Monitoring
Target setting
Investing in tech
Rewarding jobs
Team work
Factory layout
Training
Division of labour

77
Q

Improved productivity +

A

Shorten delivery time
Competitive
EOS
Less training costs
Pay off debts
Encourages investment
Monitor targets

78
Q

Lean production

A

Focus on cutting out waste, whist ensuring quality and improving efficiency

79
Q

Time based management

A

Reducing level of wasted time in production

80
Q

Kaizen

A

Constantly introducing small incremental changes and improvements into the business

81
Q

Ergonomics

A

Process of changing the work environment

82
Q

Jidoka

A

Machine automatically stops working upon detecting problem, then business fixes it
Adon lights - Different coloured lights show seriousness

83
Q

Benchmarking

A

Comparing business practices to other practices or other businesses in order to understand where business needs to be changed

84
Q

Statistical process control (SPC)

A

Continuous monitoring of a process while its operating

85
Q

Wastage rates calculation

A

(Number of rejects produced / total number produced) x 100

86
Q

Benchmarking -

A

Limited access to other businesses
Insufficient employees to improve
Lack of finance
Inflexible workforce

87
Q

Location supply factors

A

Labour costs
Land costs
Energy costs
Transport costs
Language
Political stability
Government assistance

88
Q

Quality circles (kaizen)

A

Groups specifically brought together to identify potential improvements

89
Q

Kaizen + -

A

+ small changes less likely require major investment
+ encourage employees to take ownership
+ help business remain competitive

-reluctant employees
-pressured employees

90
Q

Ergonomics + -

A

+Time saving in using machines
+More motivated employees - equipment
+Long term save costs

-cost of customisation
-potential breakdown of equipment

91
Q

TQM + -

A

+motivated employees
+improves quality
+increased customer loyalty

-resistant to change

92
Q

Time based management + -

A

+quicker response time
+faster product development
+Reduction in waste

-under pressure employees
-resistant to change

93
Q

Jidoka + -

A

+ saving money
+ production target more likely to be met
+ different coloured lights determine seriousness

-short term disruption and cost

94
Q

Kanban - JIT

A

+ lower stock hold
+ less working capital tied up in stock
+ stock less likely to perish
+ less time spent checking

-little room for mistakes
-high reliance on suppliers
-no spare product
-complex stock system

Business (8 decks)

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