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Business > Operations > Flashcards

Operations Flashcards

1
Q

Supply chain

A

All groups involved in manufacturing the finished product

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2
Q

Factors affecting choice of suppliers

A

Price
Reliability
Quality

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3
Q

Procurement

A

Finding and buying things that a business needs from suppliers outside of the business

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4
Q

Logistics

A

Means getting goods or services from one part of the supply chain to another

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5
Q

Benefits of managing a supply chain

A

Good relationship with suppliers
Finding best price and value
Reducing waste and unescery cost

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6
Q

Methods of production

A

Flow production
Job production
Lean production
Just in time
Just in case

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7
Q

Job production

A

When an individual within a business manufactures products exactly to the customers needs

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8
Q

Drawbacks of job production

A

Expensive
Long time to make
High skilled labour

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9
Q

Flow production

A

All products are identical and the aim is to produce as many as possible across the assembly line

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10
Q

Lean production

A

Uses a few resources as possible and to have little waste

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11
Q

Just in time

A

Keeps stock levels to a minimum and products are made in just in time

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12
Q

Just in case

A

Business holds buffer stocks to attend to sudden increases in demand

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13
Q

Quality benefits

A

Better reputation and brand image
Can charge higher price
Increased sales

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14
Q

Quality drawbacks

A

Staff training cost
Inspection cost

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15
Q

Measuring quality

A

Customer surveys
Amount of products returned
Complaiments

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16
Q

TQM

A

Focuses on quality and making sure there is no issues with the product

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17
Q

QA(quality assurance)

A

Checking quality throughout production process

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18
Q

Kaizen

A

Continuous improvement

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19
Q

Customer service need to know

A

Having excellent product knowledge
Engaging with customer
Offering post sales service

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20
Q

Benefits of good customer service

A

Better customer satisfaction
Better customer loyalty

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21
Q

Drawbacks of bad customer service

A

Dissatisfied customers
Bad reputation/word of mouth

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22
Q

What is production

A

The process of changing inputs, such as labour services and natural man-made resources, into goods and services that can be sold

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23
Q

What inputs does production use

A

Labour services
Man made resources for example, buildings, vehicles and machinery
Natural resources, including land and minerals such as coal and oil

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24
Q

What are two types of production

A

Job production
Flow production

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25
Q

What is job production

A

A method of production in which a product is supplied to meet the exact requirements of a customer

26
Q

Job production benefits

A

Can be attractive to customers as it is likely to meet their needs ore fully than standard products, resulting in higher sales
Businesses can charger higher prices as customers will value goods and services that are produced specifically for them
Smaller businesses can compete more with larger businesses as they produce specific goods compared to bigger businesses who produce loads of products for a cheaper price and can advertise there products as specific to individual wants.

27
Q

Job production drawbacks

A

It’s expensive as each job is different and may need more resources to complete it. In particular, more employee time may be required to understand and respond to precise customer needs
Employees may need more training to design and produce different goods and services increasing the costs of production

28
Q

What is flow production

A

Occurs when an item moves continuously from one stage of the production process to another

29
Q

Flow production advantages

A

Businesses produce a lower unit cost due to economies of scale. Fewer resources are used in production as larger numbers of standardised products are made. This helps the business sell at lower prices.
Employees can become specialised in certain aspects of production. This can result in them becoming very efficient, which means they can produce each good relatively cheap.
Businesses can produce goods and services in huge quantities, which can assist them in entering new markets and increasing market share

30
Q

Flow production disadvantages

A

It can be very costly, and only large businesses may be able to afford the necessary equipment and staff training.
It may be left efficient than expected. If a business sells fewer products than expected, the expensive production line may not be fully used, but it’s costs will still have to be paid
Many consumers expect to have a choice when buying products and this can be difficult to supply with a flow production system. Sales may be lower than expected

31
Q

How can a business increase the efficiency of their production

A

Training and managing employees effectively . Employees with the right skills and high levels of motivation will help the whole business to be efficient
Using technology to support production. Amazon, the online retailer, uses robots in it’s warehouses to select and transport products quickly and efficiently
Reduce the number of faulty products produced. Faulty goods or services may incur costs without generating revenue.

32
Q

What is lean production

A

An approach to production that aims to minimise waste

33
Q

What is just in time production

A

Involves s business as little stock as possible. Items are ordered just in time to be used

34
Q

What are two lean production techniques

A

Just in time
Kaizen

35
Q

Advantages of just in time production

A

Holds minimal stocks of raw materials and components. This avoids storage costs
Business has less money tied up in stock - money can be used for other purposes
The business does not risk stock becoming out of date or being stolen

36
Q

Explain kaizen

A

Means continuous improvement
Lots of small changes made at each stage in production

37
Q

What is stock

A

Refers to raw materials, components and finished products held by a business. Stock is sometimes called inventory

38
Q

What does just in time stock control require

A

Excellent communications with suppliers as stocks must be delivered frequently to ensure production is not interrupted.
Businesses to trust their suppliers to deliver the correct materials, at the correct time

39
Q

What is just in case stock control

A

Involves holding stocks just in case there is a delay from suppliers or a sudden unexpected increase in demand

40
Q

What are drawbacks to just in case stock production

A

Storage costs
Risk of theft

41
Q

What is a benefit to just in case stock control

A

Businesses may receive fewer deliveries of stock, thereby reducing costs
They may also receive purchasing economies of scale

42
Q

What is buffer stock

A

The minimum amount of stick held by a business to ensure production can continue normally

43
Q

What are the factors affecting choice of suppliers

A

The prices charged by suppliers. A supplier that offers low prices may compromise on quality. However if supplies can be bought cheaply, unit costs can be reduced and profits may be higher. This can prove vital for businesses selling in a highly price competitive market Such as air travel.
The quality of the suppliers products. A business may not be able to meet its customers needs if the quality of the inputs are inadequate. Quality can be particularly important factor for businesses selling luxury products.
Reliability. Using suppliers that deliver the right inputs, in the right quantities at the right time is important for all businesses. Reliable suppliers are essential for businesses using just in time methods of production.

44
Q

What is procurement

A

Also called purchasing, this involves selecting a supplier establishing terms of payment and negotiating a contract

45
Q

What is supply chain

A

Refers to all the businesses, people and activities that take part in production process from the start until the product gets to the consumer

46
Q

What is logistics

A

The movement of goods, services and information throughout the production process

47
Q

What is a benefit to managing your supply chain effectively

A

Costs kept to a minimum. Finding the most efficient supplier can likely result in supplies being delivered at the lowest possible cost to a business. A business may also work with an existing supplier to improve the suppliers efficiency and so help reduce costs for both businesses
Unnecessary waster can be eliminated. The disposal of waste can increase the time and money it takes to produce a product and may also result in bad publicity. Streamlining a supply chain by reducing the amount of time or material that is wasted will result in faster production times and a lower unit cost per product

48
Q

What is disposal of waste

A

The removal or dumping of unwanted raw materials, the by-products of manufacturing or finished goods

49
Q

What is total quality management (TQM)

A

An approach to quality in which everyone is focused on preventing errors occurring and on ensuring quality at each stage of the production process

50
Q

What are the benefits of maintaining quality

A

Additional sales/customers. A business is much more likely to keep its existing customers, and to attract new ones, if it maintains high quality standards.
Good brand image/reputation. A business is likely to benefit from an enhanced reputation if it maintains quality. This should increase sales

51
Q

What are the drawbacks to maintaining quality

A

Inspection costs. When employees are inspecting the work of others, they are not engaged in producing goods or services.
Staff training. Employees may need training to engage in quality inspections. Training can be expensive and takes employees away from producing goods and services

52
Q

What is customer service

A

The part of a business’s activities that is concerned with meeting customers needs as fully as possible

53
Q

What is customer engagement

A

Occurs when the business puts the customers requirements at the heart of its operations ; can result in customers having good experiences with the business.

54
Q

What is a post sales service

A

Meeting customers needs after they have purchased a product, for example by repairing or servicing the product

55
Q

What is customer loyalty

A

When a business’s customers make repeat purchases because they prefer the business’s products to those of it’s rivals

56
Q

What are methods of good customer service

A

Ensuring product meets customer needs
Excellent product knowledge
Improved customer engagement
Good service during sale e.g. varied payment methods
Excellent after sales service

57
Q

What are benefits of good customer service

A

Greater profits
Increased spending by customers
Greater customer loyalty
Increased customer satisfaction

58
Q

What are the dangers of poor customer service

A

A bad reputation for poor customers via word of mouth or social media. So it will make it difficult for business to attract new customers
Customers may be dissatisfied and so buy from competitors in the future

59
Q

How can websites increase customer service

A

Businesses can provide larger amounts of information about themselves and their products to help meet customers needs. Websites often post customers review of products.
A website can provide a means of contacting a business to ask questions or make complaints. Businesses can respond quickly and easily, and can post responses or videos explaining how to deal with common problems

60
Q

What benefits do m-commerce and e-commerce provide customers

A

Allows customers to buy products online at any time and from many locations. This increases customer satisfaction and sales
Products sold online are often cheaper as businesses do not have to pay costs relayed to buying and maintaining shops

Business (7 decks)

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