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BUSINESS 1/2 year > operations > Flashcards

operations Flashcards

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
Q

what is product layout??

A

where the equipment arrangement relates to the sequence of tasks performed in manufacturing a product

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26
Q

eg. of product layout

A

assembly of motor vehicles or the production of television sets

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27
Q

what is project production ?

A

deals with layout requirement for large scale activities such as the construction of bridges, ships or buildings

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28
Q

what is a fixed position layout

A

operational arrangement in which employees and equipment come to the product

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29
Q

what is monitoring

A

the process of measuring actual performance against planned performance

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30
Q

what’s a KPI

A

predetermined variables that are measured till so that appropriate controls to operation processes can be made

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31
Q

3 eg. of KPI

A

lead times
inventory turnover
process flow rates

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32
Q

what’s the point of a KPI

A

operations managers have a chance to measure how the business is going and to assess performance against targeted levels of performance

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33
Q

what’s control?

A

occurs when KPIs are assessed against predetermined targets and corrective action is taken if required

34
Q

what’s improvement ?

A

lead to reduction in inefficiencies such as bottlenecks

35
Q

what’s is a bottleneck

A

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
Q

improvement is sought whereee?

A 
time
process flows
quality
cost
efficiency
37
Q

name one approach to systematic reduction of inefficiencies

A

six sigma -

define, measure, analyse, improve, control

38
Q

kaizen?

A

the process of continuos improvement,, aka “zero defects”

39
Q

what layout is a modern office

A

workstation arrangement

40
Q

how can technology help the transformation process

A

optimises the process in large scale businesses by incorporating CAD + CAM + robotics to ensure efficiency

41
Q

what layout would be found in a hospital

A

process layout

42
Q

what is corrective action

A

corrective action a manager may take included changing to the transformation process eg , redesigning the layout

43
Q

what are the most important KPIs

A

wait time + defect rates because it is what the customers are faced with

44
Q

why are controls important

A

control are important in the operations process because at this point there is a high risk level for physical and monetary

45
Q

what’s an output

A

refers to the end result o the business efforts - the good or service that is provided or delivered to the customer

46
Q

what’s customer service

A

how well a business meets and exceeds the expectations of customers in all aspects of its operations

47
Q

what’s a warranty

A

a promise made that a business will correct any defects in the goods that they provide or in services they deliver

48
Q

what’s the point of customer service

A

to meet and exceed customer expectations and therefor create s good reputation and increase customer base

49
Q

what’s the use of analysing warranty claims

A

shows the business where issues are arising

50
Q

name three operations strategies

A

technology

performance objectives

new product or service design and dekevlopment

51
Q

what are performance objectives

A

goals that relate to a particular aspect or the transformation orocess

52
Q

what’s quality of conformance

A

focus on how well the product meets the standard of a prescribed design with certain specifications

53
Q

what is speed

A

time it takes for the production and the operations process to respond to changes in market demand

54
Q

what is dependability

A

as a performance objective, it refers to how consistent and reliable a business products are

55
Q

what is flexibility

A

how quickly operations processes can adjust to chances in the market

56
Q

what is customisation

A

creation of individualised products to meet the specific needs of the customers

57
Q

list three operation strategies to reduce cost

A
  • acquisition of new technologies
  • reduction of supplier costs
  • management of inventory
58
Q

inventory system that has small, frequent deliveries

A

JIT

59
Q

term for distribution, transport, storage and material handling

A

logistics

60
Q

intangible part of the service being provided

A

implicit

61
Q

making the products the same to appeal to the mass market

A

standardisation

62
Q

making products to suit the individual needs of a niche market

A

customisation

63
Q

performance objective that focuses on reducing expenses

A

cost

64
Q

mercedes benz point of difference from hyundai

A

quality

65
Q

the performance objective that reduces lead times

A

speed

66
Q

performance objective that focuses on consistency and reliability

A

dependability

67
Q

inventory system that sells oldest stock first

A

FIFO

68
Q

type of sourcing that looks internationally for advantages

A

global

69
Q

tangible part of service being provided

A

explicit

70
Q

terms for the methods for getting goods to their customers

A

distribution

71
Q

using external providers to perform activities

A

outsourcing

72
Q

technology that is reliable and has existed for several years

A

established

73
Q

identify two strategic roles of business

A

cost leadership

good/service differentiation

74
Q

two methods for achieving cost leadership

A

outsourcing - using third party specialist businesses (off shore)

technology - leading edge eg. robotics to save money on labour

75
Q

two strategies for achieving differentiation

A

technology - consistent and advanced production

customisation - allows products to be made specially for the customer

76
Q

define interdependence

A

the need to co-exist, key functions in a business that work to reach a common goal

77
Q

4 influenced on operations

A

globalisation
technology
environmental sustainability
cost-based comp

78
Q

two adv of becoming environmentally sustainable

A

good will

improve sales

79
Q

disadv if becoming environmentally sustainability

A

may have to change operations

costs more

80
Q

what is globalisation

A

the removal of barriers of trade between nations —

81
Q

define capitalising expenses

A

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
Q

what is an audit

A

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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