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A Level Business > Operations and project management > Flashcards

Operations and project management Flashcards

1
Q

Added value

A

The difference between the cost of purchasing raw materials and the price the finished goods are sold for – this is the same as creating value.

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2
Q

Intellectual capital

A

Intangible capital of a business that includes human capital (well trained and knowledgeable employees), structural capital (databases and information systems) and relational capital (good links with supplier and customers.

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3
Q

Production

A

Converting inputs into outputs.

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4
Q

Level of production

A

The number of units produced during a time period.

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5
Q

Productivity

A

The ratio of outputs to inputs during production, e.g. output per worker per time period.

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6
Q

Efficiency

A

Producing output at the highest ratio of output to input.

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7
Q

Effectiveness

A

Meeting the objectives of the enterprise by using inputs productively to meet customers’ needs.

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8
Q

Labor intensive

A

Involving a high level of labor input compared with capital equipment.

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9
Q

Capital intensive

A

Involving a high quantity of capital equipment compared with labor input.

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10
Q

Operations planning

A

Preparing input resources to supply products to meet expected demand.

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11
Q

CAD – computer aided design

A

The use of computer programs to create two- or three-dimensional (2D or 3D) graphical representations of physical objects.

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12
Q

CAM – computer aided manufacturing

A

The use of computer software to control machine tools and related machinery in the manufacturing of components or complete products.

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13
Q

Operational flexibility

A

The ability of a business to vary both the level of production and the range of products following changes in customer demand.

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14
Q

Process innovation

A

The use of a new or much improved production method or service delivery method.

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15
Q

Job production

A

Producing a one-off item specially designed for the customer.

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16
Q

Batch production

A

Producing a limited number of identical products – each item in the batch passes through one stage of production before passing on to the next stage.

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17
Q

Flow production

A

Producing items in a continually moving process.

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18
Q

Mass customization

A

The use of flexible computer-aided production systems to produce items to meet individual customers’ requirements at mass-production cost levels.

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19
Q

Optimal location

A

A business location that provides the best combination of quantitative and qualitative factors.

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20
Q

Quantitative factors

A

These are measurable in financial terms and will have a direct impact on either the costs of a site or the revenues from it and its profitability.

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21
Q

Qualitative factors

A

Non-measurable factors that may influence business decisions.

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22
Q

Multi-site location

A

A business that operates from more than one location

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23
Q

Offshoring

A

The relocation of a business process done in one country to the same or another company in another country.

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24
Q

Multinational

A

A business with operations or production bases in more than one country.

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25
Q

Trade barriers

A

Taxes (tariffs) or other limitations on the free international movement of goods and services.

26
Q

Scale of operation

A

The maximum output that can be achieved using the available inputs (resources) – this scale can only be increased in the long term by employing more of all inputs.

27
Q

Economies of scale

A

Reductions in a firm’s unit (average) casts of production that result from an increase in the scale of operations.

28
Q

Diseconomies of scale

A

Factors that cause average costs of production to rise when the scale of operation is increased.

29
Q

Enterprise resource planning

A

The use of a single computer application to plan the purchase and use of resources in an organisation to improve the efficiency of operations.

30
Q

Supply chain

A

All of the stages in the production process from obtaining raw materials to selling to the consumer - from point of origin to point of consumption.

31
Q

Sustainability

A

Production systems that prevent waste by using the minimum of non-renewable resources so that levels of production can be sustained in the future.

32
Q

Inventory (stock)

A

Materials and goods required to allow for the production and supply of products to the customer.

33
Q

Economic order quantity

A

Tthe optimum or least-cost quantity of stock to re-order taking into account delivery costs and stock-holding costs.

34
Q

Buffer inventories

A

The minimum inventory level that should be held to ensure that production could still take place should a delay in delivery occur or should production rates increase.

35
Q

Re-order quantity

A

The number of units ordered each time.

36
Q

Lead time

A

The normal time taken between ordering new stocks and their delivery.

37
Q

Just-in-time

A

This inventory-control method aims to avoid holding inventories by requiring supplies to arrive just as they are needed in production and completed products are produced to order.

38
Q

Capacity utilisation

A

The proportion of maximum output capacity currently being achieved.

39
Q

Excess capacity

A

Exists when current levels of demand are less than the full capacity output of the business - also known as spare capacity.

40
Q

Rationalisation

A

Reducing capacity by cutting overheads to increase efficiency of operations, such as closing a factory or office department, often involving redundancies.

41
Q

Full capacity

A

When a business produces at maximum output.

42
Q

Capacity shortage

A

When the demand for a business’s products exceeds production capacity.

43
Q

Outsourcing

A

Using another business (a ‘third party’) to undertake a apart of the production process rather than doing it within the business using the firm’s own employees.

44
Q

Business-process outsourcing (BPO)

A

A form of outsourcing that uses a third party to take responsibility for certain business functions, such as HR and finance.

45
Q

Lean production

A

Producing goods and services with the minimum of wasted resources while maintaining high quality.

46
Q

Simultaneous engineering

A

Product development is organised so that different stages are done at the same time instead of in sequence.

47
Q

Cell production

A

Splitting flow production into self-contained groups that are responsible for whole work units.

48
Q

Kaizen

A

Japanese term meaning continuous improvement.

49
Q

Quality product

A

A good or service that meets customers’ expectations and is therefore ‘fit for purpose’.

50
Q

Quality standards

A

This is based on inspection of the product or a sample of products.

51
Q

Quality assurance

A

A system of agreeing and meeting quality standards at each stage of production to ensure consumer satisfaction.

52
Q

ISO 9000

A

This is an internationally recognised certificate that acknowledges the existence of a quality procedure that meets certain conditions.

53
Q

Total quality management

A

An approach to quality that aims to involve all employees in quality-improvement.

54
Q

Internal customers

A

People within the organisation who depend upon the quality of work being done by others.

55
Q

Zero defects

A

Achieving perfect products every time.

56
Q

Benchmarking

A

Involves management identifying the best firms in the industry and then comparing the performance standards - including quality - of these businesses with those of their own business.

57
Q

Project

A

A specific and temporary activity with a start and end date, clear goals, defined responsibilities and a budget.

58
Q

Project management

A

Using modern management techniques to carry out and complete a project from start to finish in order to achieve pre-set targets of quality, time and cost.

59
Q

Critical path analysis

A

A planning technique that identifies all tasks in a project, puts them in the correct sequence and allows for the identification of the critical path.

60
Q

Critical path

A

The sequence of activities that must e completed on time for the whole project to be completed by the agreed date.

61
Q

Network diagram

A

The diagram used in critical path analysis that shows the logical sequence of activities and the logical dependencies between them - so the critical path can be identified.

A Level Business (6 decks)

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