Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Revised - BS > Operations Content > Flashcards

Operations Content Flashcards

1
Q

Define operations

A

Operations is the business processes that involve transformation or, more generally, ‘production’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define value adding

A

Value Adding is the creation of extra or added value as inputs are transformed into outputs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Define Lean Production

A

Lean Production is the elimination of waste at every stage of production, involving analysing each stage of the production process, detecting where inefficiencies are, and correcting them; minimising waste

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Identify the features of lean production

A

Features:
- Reflect fair value for any labour used in processes
- Operate at low cost so as to maximise affordability
- Operations processes adjust to shifting needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define profit centres

A

Profit Centres are those aspects of a business that directly derive revenue and profits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define cost centres

A

Cost Centres are particular areas, departments or sections of a business to which costs can be directly attributed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define cost leadership

A

Cost Leadership involves aiming to have the lowest costs or to be the most price-competitive in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define economies of scale

A

Economies of scale are cost advantages that can be created as a result of an increase in scale of business operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define good/service differentiation

A

Good/ Service Differentiation is when products (goods or services) are distinguished in some way from those of competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Recall the characteristics that distinguish goods and services

A

The characteristics are:
- Tangibility and Perishability
- Customisation
- Ownership
- Time between production and consumption
- Determination of Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Recall how goods are differentiated

A

Variation in:
- Features
- Product Quality
- Augmented Features

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Recall how services are differentiated

A

Variation in:
- Time spent on a service
- Level of expertise
- Providing self-service options
- Flexibility
- No ‘fuss’
- Qualifications and experience
- Quality of materials/ technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define globalisation

A

Globalisation refers to the removal of barriers of trade between nations. Globalisation is characterised by an increasing integration between national economies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define fixed costs

A

Fixed Costs are ones that are not dependent on the level of operating activity in a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define variable costs

A

Variable Costs are ones that vary in direct relationship to the levels of operating activity or production in a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define compliance costs

A

Compliance Costs are the expenses associated with meeting the requirements of legal regulations, i.e. abiding by all laws

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Define environmental sustainability

A

Environmental Sustainability (ecological sustainability) shapes business operations around practices that consume resources today without compromising access to those resources for future generations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Define precaution principle

A

Precautionary Principle requires that, where environmental impacts are uncertain, a business undertakes actions that are most likely to cause the least environmental impact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define triple bottom line

A

Triple Bottom Line refers to the financial profitability, social impact and the environmental impact of a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Define sustainability report

A

A sustainability report provides a comprehensive account of a business’ commitment to areas of ethical decision making, beyond legal requirements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Recall the types of outsourcing

A

The type of outsourcing includes:
- Onshore outsourcing
- Offshore outsourcing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Define capital-labour substitution

A

Capital-labour substitution is when machinery and technology displace people by doing the work they do, thus making labour redundant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Define intermediate goods

A

Intermediate Goods are manufactured and used in further manufacturing or processing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Define customer relationship management

A

Customer Relationship Management (CRM) are the systems that businesses use to maintain customer contact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Define lead time

A

Lead Time is the time it takes for an order to be filled from the moment it is made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Define volume flexibility

A

Volume Flexibility refers to how quickly the transformation process can adjust to increases or decreases in demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Define mix flexibility

A

Mix Flexibility is the costs a business incurs when implementing changes within its product range

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Define Gantt Charts

A

Gantt Chart is a type of bar chart that shows both the scheduled and completed work over a period of time. It is often used in planning and tracking a project

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Define critical path analysis

A

Critical Path Analysis (CPA) is a scheduling method or technique that shows what tasks need to be done, how long they take and what order is necessary to complete those tasks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Define monitoring

A

Monitoring is the process of measuring actual performance against planned performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Define control

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Define warranty

A

Warranty is a promise made by a business that they will correct any defect in the goods that they produce or in the services that they deliver

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Define performance objectives

A

Performance Objectives are goals related to particular aspects of the transformation process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Recall the types of performance objectives in regard to quality

A
  • Quality of design
  • Quality of conformance
  • Quality of service
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Define quality of design

A

Quality of Design is the effectiveness of the business in designing a product that meets the preferences of consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Define quality of conformance

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Define mass customisation

A

Mass Customisation is a process that allows a standard, mass-produced item to be personally modified to specific customer requirements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Outline the 2 approaches towards product development and design

A

There are 2 approaches towards the design and development of new products:
1. The preferences and desires of consumers, as identified by market research
2. Changes and innovations in technology that enable new, appealing products to be made, because they use advanced technologies

39
Q

Define supply chain management

A

Supply Chain Management (SCM) involves integrating and managing the flow of supplies throughout the inputs, transformation processes (throughput and value adding) and outputs in order to best meet the needs of customers

40
Q

Define capacity management

A

Capacity management – any new product will have an impact on capacity and may increase the use of range of present resources, or require an investment in new capital equipment

41
Q

Define explicit service

A

Explicit Service is the tangible aspect of the service being provided, such as the application of time, expertise, skill and effort

42
Q

Define implicit service

A

Implicit Service is based on a feeling and is therefore intangible. The implicit aspects of a service are the psychological wellbeing — the feeling of being looked after — that comes with the provision of the service

43
Q

Define implicit satisfaction

A

Implicit Satisfaction can be provided through the embedding of level of skill, time, and expertise so the consumer knows they have been specifically catered for

44
Q

Define top-down approach (supply chain)

A

Top-down Approach is an approach to supply chain management that traces the processes of the supply chain from the final product to the inputs

45
Q

Define bottom-up approach (supply chain)

A

Bottom-up Approach is an approach to supply chain management that traces the processes of the supply chain from the inputs to the final product

46
Q

Define logistics

A

Logistics broadly refers to distribution but encompasses transportation (including transportation modes), the use of storage, warehousing and distribution centres, materials handling and packaging

47
Q

Recall how warehouses and distribution centres differ

A

Distribution centres differ in that they were not designed to store items for the long-term

48
Q

Define e-commerce

A

E-commerce is the buying and selling of goods and services via the internet

49
Q

Define e-procurement

A

E-procurement is the use of online systems to manage supply, which allows suppliers direct access to the business’s level of supplies

50
Q

Define global sourcing

A

Global Sourcing refers to businesses purchasing supplies or services without being constrained by location. In the supply chain management activity, global sourcing means buying or sourcing from wherever the suppliers are that best meet the sourcing requirements

51
Q

Outline the advantages and disadvantages of globalisation

A

Advantages
- Larger market
- Outsourcing can be cheaper
- Provides greater access to materials

Disadvantages
- Creates disparity of wealth between nations
- Minimally benefits developed countries
- Exploition of physical & intellectual resources

52
Q

Define cost-based competition

A

Cost-based Competition is derived from determining the breakeven point (the level at which the firm’s total revenue is exactly equal to its total costs) and applying strategies to create cost advantages over competitors

53
Q

Recall statistics in relation to environmental sustainability

A
  • 80% of consumers indicate sustainability is important to them
  • 71% of employees and employment seekers say that environmentally sustainable companies are more attractive employers
  • Investment in environmental, social and governance ESG (environmental, social, and governance) assets may reach $53 trillion by 2025, representing over a third of global assets
54
Q

Recall the types of quality management

A

The 3 types of quality management are
- Quality control
- Quality assurance
- Quality Improvement

55
Q

Recall the statistics related to customer service

A

Businesses that provide superior customer service:
- Charge an average of 10% more for the same products
- Grow twice as fast as their competitors

56
Q

Define leading edge technology

A

Leading-edge Technology is the technology that is the most advanced or innovative at any point in time

57
Q

Define established technology

A

Established Technology is technology that has been developed and is widely used and simply accepted without question

58
Q

Identify the advantages of leading edge technology

A

Leading edge technology:
- Create more products quickly and to higher standards
- Reduce waste
- Operate more effectively

59
Q

Recall the types of inventory valuation techniques

A

The types of inventory evaluation techniques are:
- LIFO
- FIFO

60
Q

Define LIFO

A

LIFO (last-in-first-out) is a method of pricing inventory that assumes that the last goods purchased are also the first goods sold and therefore the cost of each unit sold is the last cost recorded

61
Q

Define FIFO

A

FIFO (first-in-first-out) is a method of pricing inventory that assumes that the first goods purchased are also the first goods sold and therefore the cost of each unit sold is the first cost recorded

62
Q

Assuming for inflation and other rising costs, describe the effect of the inventory valuation techniques on the books

A

LIFO: (assuming for inflation and other rising costs)
- Overstate stock cost and understate gross profit
- Undervalue stocks on hand at the end of the period

FIFO: (assuming for inflation and other rising costs)
- Understate stock costs and overstate profits
- Overvalue stocks on hand at the end of the period

63
Q

Define JIT

A

Just-in-time (JIT) is an inventory management approach which ensures that the exact amount of material inputs will arrive only as they are needed in the operation process

64
Q

Define JIC

A

JIC (Just-in-Case) is a stock control method that involves producing or purchasing stock with excess, or buffer stock in place. This means that there is always stock available for the business if required

65
Q

Define quality management

A

Quality Management are those processes that a business undertakes to ensure consistency, reliability, safety and fitness of purpose of product

66
Q

Define quality control

A

Quality Control (QC) involves the use of inspections at various points in the production process to check for problems and defects

67
Q

Recall whether quality control is reactive or proactive

A

Quality control is reactive

68
Q

Define quality assurance

A

Quality Assurance is a system to ensure a set of international quality standards are achieved in production

69
Q

Recall whether quality assurance is reactive or proactive

A

Quality assurance is proactive

70
Q

Define attribute inspection

A

Attribute Inspection is when the goods or services are inspected and can be designated as ‘okay’ or ‘defective’

71
Q

Define quality improvement

A

Quality Improvement (QI) emphasises continuous improvement and total quality management

72
Q

Define continuous improvement

A

Continuous Improvement is an ongoing commitment to improving a business’s goods or services

73
Q

Define total quality management

A

Total Quality Management focuses on managing the business to deliver quality to customers in all aspects

74
Q

Recall the benefits of robotics

A

Benefits of Robots:
- Efficent
- Minimise waste
- Degree of precision and accuracy unattainable by human labour

75
Q

Define task design

A

Task Design involves classifying job activities in ways that make it easy for an employee to successfully perform and complete the task

76
Q

Define skills audit

A

Skills Audit is 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 training

77
Q

Define process layout

A

Process Layout is the arrangement of machines so that the machines and equipment are grouped together by the function (or process) they perform

78
Q

Define transformed resource

A

Transformed Resources are ones that are changed or converted in the operations process; they are transformed by the operations processes

79
Q

Define transforming resource

A

Transforming Resources are ones that carry out the transformation process and enables the change and value adding to occur

80
Q

Define specialisation

A

Specialisation is a method of production where a business focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system

81
Q

Define Six Sigma

A

Six Sigma is a quality management approach that seeks to identify and remove the causes of problems in the operations processes, achieving virtually defect-free production

82
Q

Recall features of environmental sustainability

A

Aspects of Environmental Sustainability:
- Sustainable use of renewable resources
- A reduction in the use of non-renewable assets
- Application of the precautionary principle

83
Q

Recall factors for Variety

A

Factors to account for in regard to variety:
- Specialised machinery
- Differently trained employees
- Altered contracts with suppliers

84
Q

Define volume

A

Volume is how much of a product is made

85
Q

Recall what visibility encompasses

A

Visibility encompasses customer feedback

86
Q

Recall the benefits of Gantt charts

A

Benefits of Gantt charts:
- Forces the planning of the steps needed to complete a task and to specify the time required for each task
- Can easily monitor progress against the planned activities

87
Q

Differ between critical tasks and non-critical tasks

A

Critical tasks are on the critical path, non-critical tasks are not

88
Q

Recall the benefits of critical path analysis

A

Benefits of Critical Path Analysis
- Identifies what needs to be done and duration of the task
- Provides a direction and organisation
- Better coordination of the operations
- Visually display bottlenecks

89
Q

Recall the advantages and disadvantages of global sourcing

A

Advantages:
- Cost
- Expertise
- Access to new technology and resources

Disadvantages:
- Possible relocation of aspects of the operations process
- Increased cost of logistics, storage and distribution
- Complexity of overall operations when sourcing from diverse locations

90
Q

Recall factors that impact the choice of supplier

A

Factors:
- Quality of inputs required
- Flexibility and timeliness of supply
- Cost of supply

91
Q

Recall how a business can reduce costs

A
  • Economies of Scale
  • Bulk buy inputs
  • Eliminate waste
  • Standardise products
  • Automated production systems
92
Q

Define quality expectations

A

Quality Expectations are the expectation and standard of quality of a business’ products from consumers, and other personnel

93
Q

Define obsolescence

A

Obsolescence is when the stock has lost all value as it is obsolete

Revised - BS (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions