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Buisness AS_UNIT 2 > Operations Management > Flashcards

Operations Management Flashcards

0
Q

How do you calculate adding value

A

Price you charge-price of making

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1
Q

What is adding value

A

The process of production by which a product becomes of higher value to the purchaser

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2
Q

What are 6 ways of adding value

A 
Convenience 
Speed 
Brand name 
Hugh quality 
Unique selling point 
Good design
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3
Q

What is labour productivity

A

The amount of goods or services procured in a specific amount of time or by how many workers

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4
Q

What is the calculating for labour productivity

A

Total produced/number of workers

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5
Q

What are 4 ways we can measure productivity

A

The total we produce
Labour productivity
Waste
Quality

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6
Q

How can we increase productivity 3

A

Increase investment in modern equipment
Improve skills of employees
Improve motivation

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7
Q

What is capacity utilisation

A

The proportion of maximum possible output that is used

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8
Q

What is the calculation for capacity utilisation

A

Current output/max possible output x100

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9
Q

How do you increase capacity 2

A

Increase demand for products

Reduce the maximum capacity by cutting hours/staff

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10
Q

What are 3problems with working at full capacity

A

Can’t meet change in demand
Workers overburned
No down time for machines

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11
Q

What is reorder level

A

Level of stock at which a new order is placed

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12
Q

What is order quantity

A

Typical amount ordered

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13
Q

What is buffer stock

A

Stock level that will always be held in case of problems with delivery

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14
Q

Jit- what have the orders changed to when using this system

A

More regular and smaller

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15
Q

What 3 types of stock will a business have at all times

A

Raw materials
Half finished
Completed

16
Q

What 4 costs are involved in holding stock

A

Opportunity
Liquidity problems-cash is held up in stock
Increased storage
Increased wasteage-

17
Q

What is 3 purposes of stock management

A

Stock is available for use when it’s needed
The part finished goods don’t sit around for too long
Finished goods are available for timely delivery for customers

18
Q

Who are the purchasing department

A

A team of people who are in charge of sourcing and purchasing the necessary parts, components, materials and services that a business needs for its operations

19
Q

What 4 things must the purchasing department ensure

A

Items purchased must be in the correct quantity
Items purchased must arrive on time to the correct location
Items purchased must be of sufficient quality
Payments are made promptly and accurately

20
Q

What are4 differences between jit and normal stock management.

A

No large buffer stocks
Reorder level and quantity have fallen
Delivery time has fallen

21
Q

What are 3 advantages to jit

A

Improved stock rotation
Freeing of space
Less stock waste age

22
Q

What are 3 disadvantages of jit

A

Risky so could run out of stock
More delivers could increase price of stock
Relies on suppliers having the stock

23
Q

What are the four types of lean production

A

Total quality management
Jit
Kaizen
Cell production

24
Q

What is lean production

A

Avoiding waste by Maine efficient use of a firms resources in it’s operations

25
Q

What is kaizen

A

A Japanese concept where individuals are encouraged so suggest improvements continuously In productivity and quality

26
Q

What is cell production

A

Each team is responsible for a significant part of a finished product and rather than each person only carrying out only 1 very specific task, team members are skilled at a number of roles. Cells deal with other cells as if they were customers and take responsibility in their area

27
Q

What are the four stages of continuous improvement

A

Asses and reassess
Plan and design
Implement
Evaluate

Buisness AS_UNIT 2 (9 decks)

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