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Higher Business > Operations > Flashcards

Operations Flashcards

1
Q

What does operations consist of?

A

Stock control
Purchasing of raw materials
Storage and final distribution
Methods of production
Quality control

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2
Q

Disadvantages of overstocking

A

Products can go out of date
Increased storage costs
Can go out of fashion whilst still being held
Run out of storage
Loss of profit
Tied up money in stock

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3
Q

Disadvantages of understocking

A

Can run out of materials
Production could be halted
Lose customers
Loss in reputation
Increase in delivery costs

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4
Q

What is inventory management

A

Sourcing and storing raw materials
Supplies of finished goods
Sourcing materials
Stocking materials

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5
Q

What is stock management

A

Ensuring stock is easily available
Ensuring production continues
Avoids delays to customers
Ensuring overstocking doesn’t occur
Avoiding food wastage

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6
Q

What factors affect choice of supplier

A

Quality of the products
Delivery time
Price of the products
Quantity of the products
Location of supplier
Credit terms

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7
Q

What do you find in an inventory management system

A

Maximum inventory level
Reorder level
Minimum stock level
Lead time
Buffer stock
Reorder time
Delivery time
Delivery quantity

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8
Q

What is computerised stock control

A

Managing stock through the use of machines with little to no human interference

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9
Q

Advantages to computerised stock control

A

Allows automatic reordering
Deter staff for stealing
Highlights when products are at peak selling time
Inventory levels recorded and accessed easily

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10
Q

What is Just in time

A

Having products delivered to go straight onto production lines without being stored

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11
Q

Advantages to just in time

A

No storage costs
No wastage
No money tied up in stock
Strong supplier relationship

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12
Q

Disadvantages to Just in time

A

Delays could halt production
Increased delivery costs
Can’t fulfill large customer orders
Time consuming checking for each delivery

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13
Q

What is centralised storage

A

Having 1 large warehouse to store goods which are distributed to individual stores when needed

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14
Q

Advantages to centralised

A

Security can be watched more easily
Closer to infrastructure so easier deliveries
Can store massive amounts of stock
Ecos gained due to large quantities

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15
Q

Disadvantages to centralised

A

Increased wastage
Increased costs due to specialist equipment
Delays can be caused delivering to stores

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16
Q

What is decentralised storage

A

Having smaller warehouses theatre responsible for their own stock

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17
Q

Advantages to decentralised

A

Less wastage
Inventory close at hand no delays
Responsive to local needs

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18
Q

Disadvantages to decentralised

A

Not as effective security
Increased delivery costs
Inconsistency across organisations

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19
Q

What is job production

A

Making a one off product for the customers needs

20
Q

Advantages to job production

A

Can charge more for the product
Customer satisfaction increased

21
Q

Disadvantages to job production

A

Takes more time
Higher skilled staff needed

22
Q

What is batch production

A

Making groups of identical products

23
Q

Advantages to batch production

A

Less skilled workers needed
Batches can be adapted

24
Q

Disadvantages to batch

A

Mistakes can ruin batches
Staff can be idling for long time

25
Q

What is flow

A

Making similar products along a production line

26
Q

Advantages to flow

A

Mass production
Ecos taken advantage of

27
Q

Disadvantages to flow

A

Demotivated workers
Breakdown halts production

28
Q

What is Capital intensive production

A

Usually used in flow production with products primarily being made by machinery and equipment

29
Q

Advantages of Capital Intensive

A

Less employee wage costs
Quality is standardised
Can be used 24/7
Carry out more dangerous tasks
Machines do anything without stopping

30
Q

Disadvantages of Capital Intensive

A

High start up fees
High electricity costs
Machines break - production halts
Specialists are needed to work on breakdowns
Difficult to customise the way products are made and different products can’t be changed
High maintenance costs

31
Q

What is Labour Intensive Production

A

This is products mainly made by people usually found in job production.

32
Q

Advantages of labour intensive

A

Fully customisable
Can charge higher prices
Considered more ethical
No/little machine costs
Solve problems before too late
Workers become more motivated

33
Q

Disadvantages of labour intensive

A

Quality may vary
Risk of human error
Takes time to train
Higher wage costs
Breaks/holiday required

34
Q

Factors affecting method of production

A

Finance available
What the customers want
Demand of products
Technology available
Skills of the workforce
Cost of labour

35
Q

Quality to organisations

A

Better reputation
Legal requirement
Retailers happy
Remain competitive
Higher prices charged
More durable - few returns
Few complaints
Help reduce waste

36
Q

Quality to customer

A

Physical Appearance
Durable/reliable
After sales service
Company’s reputation
Value for money

37
Q

Ways to ensure quality

A

Quality control
- checking before and end
Quality assurance
- checking every stage
Quality Circles
- focus groups
Quality standards
- quality raw materials
Benchmarking
- matching competition
Mystery shoppers
- people employed to feedback
Quality training
- making sure staff know what to do

38
Q

Ethics and Environmental issue is?

A
  • Moral values or beliefs that influence how and individual or society behaves.
  • Being fair and honest
  • Meeting CSR objectives
  • Doing the right thing
  • Moral consideration
39
Q

Advantages to being ethical

A

Awards granted for doing so
Can attract more customers
Higher quality staff
Can charge more

40
Q

Disadvantages to being ethical

A

Costs more to make
Standard must be met
Decision making more complicated

41
Q

What are the ways of being ethical?

A

Animal welfare
Fairtrade

42
Q

What is animal welfare

A

Moral concerns over how animals are treated, how they’re kept, the way they’re handled, animal testing and use of animal derived ingredients.

43
Q

Ways to prove animal welfare

A

‘Leaping bunny’ awarded to products entirely cruelty free
Free range classification of eggs
Use of synthetic materials

44
Q

Fairtrade is?

A

When suppliers of raw materials receive a guaranteed and fair price for their goods. Also ensuring employees in the supply chain are treated fairly.

45
Q

Advantages of fairtrade

A

Appealing to customers
Demonstrates commitment
Positive impact on primary industry

46
Q

Disadvantages of fairtrade

A

If lost, name can be tarnished
Often more expensive
Limited choice of suppliers

Higher Business (3 decks)

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