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Business > Operations > Flashcards

Operations Flashcards

1
Q

What is operations management?

A

the planning, organising and coordination of activities involved in the production process

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2
Q

what decisions does operations management include?

A
  • where to produce
  • what scale facilities are needed
  • the production method
  • where to get supplies form
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3
Q

the difference in operations systems can be categorised using Slacks 4 v model. What is this?

A

volume
variety
variation in demand
visibility

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4
Q

what are the 7 operational objectives

A
  • volume targets
  • quality targets
  • environmental targets
  • efficiency targets
  • dependability targets
  • flexibility targets
  • ethical targets
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5
Q

what are 7 ways of measuring the effectiveness of operations management

A
  • productivity
  • unit costs
  • the number of defects
  • the speed of production
  • the flexibility of production
  • the amount of waste generated
  • the amount of energy used
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6
Q

how does the marketing and operations function work closely together?

A

marketing tells them what customers want, what they are willing to pay and what needs producing by when

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7
Q

How does the finance and marketing functions work closely together?

A

finance tells operations how much they can spend on machinery and supplies

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8
Q

how does operations help HR?

A

They tell them what employees are needed with what skills

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9
Q

What 2 things influence the operational objectives

A

the corporate objectives

the other functions of the business

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10
Q

what 4 things will a business consider to become more efficient in production

A
  • labour productivity
  • the nature of the production process
  • capacity utilisation
  • lean approaches to production
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11
Q

Describe the 3 types of economies of scale

A

purchasing - negotiating better deals with suppliers so they get cheaper resources
specialisation - as firms grow they can employ people to specialise in certain areas
technical - as firms expand they can get production techniques that reduces the cost

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12
Q

what is capacity?

A

the maximum a firm can produce at any given time

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13
Q

what is capacity utilisation?

A

the amount you are using compared to how much you can use

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14
Q

what are diseconomies of scale?

A

when a firm expands and the cost per unit increases

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15
Q

what are the 3 types of diseconomies of scale?

A

communication
coordination
motivation

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16
Q

how do you calculate capacity utilisation?

A

present out put/ maximum output x100

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17
Q

what does choosing the right resource mix depend on? (5 points)

A
  • the price of resources
  • the availability of resources
  • the nature of the product
  • the ethics
  • the technology you have
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18
Q

what is capital and labour intensive

A

having more machines/people on the production process

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19
Q

What is a knowledge economy?

A

people in skilled jobs who add value to the products e.g architects, authors

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20
Q

what is innovation?

A

turning an idea into a product or service

21
Q

what is the first stage of innovation?

A

research and development

22
Q

why is R&D risky

A

time consuming and expensive yet rare to be successful so a waste of money

23
Q

How can you protect innovative ideas?

A

patents - last 20 years
copyright
trademark

24
Q

what is an innovative business culture?

A

encourage workers to try new ideas and rewarding them even if they fail

25
Q

advantages of innovation

A
  • USPO
  • can charge a higher price
  • market leader
  • more demand
26
Q

disadvantages of innovation

A
  • expensive
  • long term
  • risky as low success rate
  • you need skilled workers
27
Q

what are the benefits of being in the best location?

A
  • lower costs
  • close to customers and suppliers
  • overcoming trade barriers
  • it may add to the brand image
28
Q

factors affecting location decisions

A
  • the cost
  • close to suppliers
  • close to customers
  • close to raw materials
  • good brand image
  • ethical issues
  • quality of life
  • political stability
  • infrastructure
  • exchange rates
  • location of the market (competitors)
  • availability of government grants
29
Q

what 2 categories can the location decisions be put into?

A

qualitative and quantitative factors

30
Q

what is offshoring?

A

moving production overseas

31
Q

what is a multi site location?

A

operating in different locations e. g manufacturing in different areas or having multiple shops

32
Q

what are the 2 advantages of having multi site locations?

A
  • closer to different customers

- spreading the risk

33
Q

what are the 2 disadvantages of having multi site locations?

A
  • harder controlling it

- diseconomies of scale

34
Q

what is a multinational?

A
  • locating in more than one country
35
Q

the 6 advantages of being a multinational?

A
  • lower costs overseas
  • less regulation
  • cheaper labour
  • more raw materials
  • closer to overseas customers
  • overcome exchange rate problems
36
Q

what is lean production?

A

it aims to reduce all waste from the production process e.g labour time and resources

37
Q

what country was lean production developed in

A

Japan

38
Q

what are the 6 techniques involved in lean production?

A
  • kaizen
  • benchmarking
  • cell production
  • critical path analysis
  • just in time
  • time based management
39
Q

what is time based management?

A

it is about producing more quickly so the product is the first on the market and beats the competition

40
Q

What is simultaneous engineering in time based management

A

all the engineers and designers work on a project at the same time, instead of it being passed down a production line

41
Q

what is kaizen?

A

employees constantly have to try and improve everything they do

42
Q

what is benchmarking?

A

when one business measures its performance against another so that you can learn from them

43
Q

what is cell production?

A

organising production around teams. Each team is given the responsibility for a stage in the process.

44
Q

what is just in time production?

A

firms produce products to order, they don’t hold lots of stock. Components are only bought when needed.

45
Q

What does JIT productin depend on?

A
  • the relationship with suppliers
  • reliable employees
  • a flexible workforce so production can respond to demand
46
Q

4 Benefits of JIT

A
  • reduces costs as you don’t have to store stock
  • you know you will sell all your stock
  • it doesn’t break or expire while in stock
  • more flexible so can change quickly
47
Q

4 Disadvantages of JIT

A
  • suppliers could let you down
  • natural disasters could affect suppliers getting to you on time
  • industrial action by employees stops all production and they have no products to sell
  • parts are ordered much more frequently so economies of scale are lost
48
Q

REMEMBER TO LOOK UP CRITICAL PATH ANALYSIS

A

NOW!

Business (5 decks)

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