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BUSINESS 1/2 year > operations > Flashcards

operations Flashcards

(82 cards)

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1
Q

what is sequencing?

A

sequencing refers to the order in which activities in the operations process occur.

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2
Q

what is scheduling?

A

scheduling refers to the length of time activities take within the operations process.

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3
Q

what is the point of a gantt chart?

A

it shows both the scheduled and completed work over a period of time. it’s used in planning and tracking a project

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4
Q

name 2 advantages of using a gantt chart

A

1- they force a manager to plan the steps needed to complete a task and to specify the time required for each task
2- they make it easy to monitor actual progress against planner activities

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5
Q

what is critical path analysis (CPA)

A

it is a scheduling method that shows what tasks need to be done, how long they take and what order is necessary to complete those tasks.

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6
Q

why are CPA used?

A

gives direction and organisation to operations processes, providing overall coordination and enables a mean of control.

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7
Q

profit equation

A

profit = revenue - expenses

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8
Q

COGS formula

A

COGS = opening stock + purchases — closing stock

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9
Q

GROSS PROFIT equation

A

GP = revenue — COGS

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10
Q

net profit equation

A

NP = GP — expenses

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11
Q

accounting equation

A

ASSETS = liabilities + owners equity

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12
Q

cash flow statement !.??? formula

A

opening balance + cash in — cash out = closing balance

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13
Q

why do businesses use technology ?

A

enables businesses to undertake the transformation process more effectively and efficiently

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14
Q

handling cost of technology ???

A

the capital cost of technology is relatively high so businesses need to decide whether to purchase technology or lease it.. leasing is more common because it is cheaper which allows them to spend money elsewhere

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15
Q

what does TELECOMMUTE mean ?

A

to travel (or commute) to work electronically. this means that home or another location becomes the worksite and work is delivered via email or internet

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16
Q

3 eg. of manufacturing technology

A
  1. robotics
  2. computer-aided design (CAD)
  3. computer aided manufacturing (CAM)
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17
Q

what is CAD

A

computer aided design is a tool that allows businesses to create product possibilities from a series of input parameters

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18
Q

what is CAM

A

computer aided manufacturing is software that controls manufacturing process

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19
Q

advantages of CAD

A

given the speed of CAD software. it is easy to customise a series of options that meet clients needs

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20
Q

what is task design ?

A

classifying job activities in ways that make it easy for an employee to successfully perform and complete the task— job analysis, description and specification

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21
Q

eh. why is task design important ?

A

an intelligent and skilled barista who has no experience in electrical installations is unlikely to be a proficient electrician

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22
Q

what is skills audit

A

a formal process used to determine the present level of skilling and any skill shortfalls that need to be made up either through recruitment or through training

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23
Q

what is the process layout ?

A

arrangement of machines such that the machines equipment are grouped together by function (aka functional layout) —eg, hospitals

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24
Q

what is product production?

A

manufacturing of a high volume of constant quality goods

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25
what is product layout??
where the equipment arrangement relates to the sequence of tasks performed in manufacturing a product
26
eg. of product layout
assembly of motor vehicles or the production of television sets
27
what is project production ?
deals with layout requirement for large scale activities such as the construction of bridges, ships or buildings
28
what is a fixed position layout
operational arrangement in which employees and equipment come to the product
29
what is monitoring
the process of measuring actual performance against planned performance
30
what’s a KPI
predetermined variables that are measured till so that appropriate controls to operation processes can be made
31
3 eg. of KPI
lead times inventory turnover process flow rates
32
what’s the point of a KPI
operations managers have a chance to measure how the business is going and to assess performance against targeted levels of performance
33
what’s control?
occurs when KPIs are assessed against predetermined targets and corrective action is taken if required
34
what’s improvement ?
lead to reduction in inefficiencies such as bottlenecks
35
what’s is a bottleneck
an aspect of the transformation process that slows down the overall processing speed or creates a impediment leading to a back of of incompletely processes products
36
improvement is sought whereee?
``` time process flows quality cost efficiency ```
37
name one approach to systematic reduction of inefficiencies
six sigma - | define, measure, analyse, improve, control
38
kaizen?
the process of continuos improvement,, aka “zero defects”
39
what layout is a modern office
workstation arrangement
40
how can technology help the transformation process
optimises the process in large scale businesses by incorporating CAD + CAM + robotics to ensure efficiency
41
what layout would be found in a hospital
process layout
42
what is corrective action
corrective action a manager may take included changing to the transformation process eg , redesigning the layout
43
what are the most important KPIs
wait time + defect rates because it is what the customers are faced with
44
why are controls important
control are important in the operations process because at this point there is a high risk level for physical and monetary
45
what’s an output
refers to the end result o the business efforts - the good or service that is provided or delivered to the customer
46
what’s customer service
how well a business meets and exceeds the expectations of customers in all aspects of its operations
47
what’s a warranty
a promise made that a business will correct any defects in the goods that they provide or in services they deliver
48
what’s the point of customer service
to meet and exceed customer expectations and therefor create s good reputation and increase customer base
49
what’s the use of analysing warranty claims
shows the business where issues are arising
50
name three operations strategies
technology performance objectives new product or service design and dekevlopment
51
what are performance objectives
goals that relate to a particular aspect or the transformation orocess
52
what’s quality of conformance
focus on how well the product meets the standard of a prescribed design with certain specifications
53
what is speed
time it takes for the production and the operations process to respond to changes in market demand
54
what is dependability
as a performance objective, it refers to how consistent and reliable a business products are
55
what is flexibility
how quickly operations processes can adjust to chances in the market
56
what is customisation
creation of individualised products to meet the specific needs of the customers
57
list three operation strategies to reduce cost
- acquisition of new technologies - reduction of supplier costs - management of inventory
58
inventory system that has small, frequent deliveries
JIT
59
term for distribution, transport, storage and material handling
logistics
60
intangible part of the service being provided
implicit
61
making the products the same to appeal to the mass market
standardisation
62
making products to suit the individual needs of a niche market
customisation
63
performance objective that focuses on reducing expenses
cost
64
mercedes benz point of difference from hyundai
quality
65
the performance objective that reduces lead times
speed
66
performance objective that focuses on consistency and reliability
dependability
67
inventory system that sells oldest stock first
FIFO
68
type of sourcing that looks internationally for advantages
global
69
tangible part of service being provided
explicit
70
terms for the methods for getting goods to their customers
distribution
71
using external providers to perform activities
outsourcing
72
technology that is reliable and has existed for several years
established
73
identify two strategic roles of business
cost leadership good/service differentiation
74
two methods for achieving cost leadership
outsourcing - using third party specialist businesses (off shore) technology - leading edge eg. robotics to save money on labour
75
two strategies for achieving differentiation
technology - consistent and advanced production customisation - allows products to be made specially for the customer
76
define interdependence
the need to co-exist, key functions in a business that work to reach a common goal
77
4 influenced on operations
globalisation technology environmental sustainability cost-based comp
78
two adv of becoming environmentally sustainable
good will | improve sales
79
disadv if becoming environmentally sustainability
may have to change operations | costs more
80
what is globalisation
the removal of barriers of trade between nations —
81
define capitalising expenses
accounting method where a business records an expense as an asset on the balance sheet rather than as an expense of the income sheet
82
what is an audit
an independent check of the accuracy of financial and accounting procedures and is an important part of the control function of the business

BUSINESS 1/2 year (1 decks)

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