Operations stategies Flashcards
What doe operations strategies refers to?
Operations strategy refers to the decisions which shape the long term capabilities of any type of operations. The aim of operations strategies competitive advantages in the market place. Operation strategy is usually considered in terms of performance objectives such as quantity
What are the performance objectives?
Quality
speed
dependability
cost
customisation
flexibility
What is meant by New Product development?
NPD is the term used to describe the complete process of bringing a new product or service to market
What is the design and development process?
Idea generation- SWOT analysis
Idea screening
concept development
Business analysis
Market testing
Technical implmentation
Commercialisation
New product pricing
What is supply chain management?
A supply chain is the sequence of activities and organisation involved in producing a good or service. It is a process used by a business to ensure that its activities and organisation involved in producing a good or service is efficient and cost effective.
What are the goals of supply chain management?
To reduce inventory
To increase the speed of transactions
to increase revenue
What is logistics?
Logistics involes a business managing the flow of materials information and other resources between the point of supply and the point of consumption. Logistics is concerned with one part of the supply chain such as the handling of materials
What is e-commerce?
E-commerce is business conducted on the internet.
What is the impact of E-commerce on supply chain management?
Before the advent of E-commerce, problems in SCM involved a lack of available information about quantities of materials and ready sources of supplies. Advantages= Reduce coss and increase profits, easier and cheaper to access global markets
What is global sourcing?
Where a business will acquire the inputs it needs for production across the borders of a number of countries
What are the reasons for global sourcing?
Could mean better quality
delivery may be quicker and less expensive
inputs needed may not be here
costs can be reduced without need for much investment
Exchange rate
What is vertical integration?
Means that the business expands its operations to make or provide its own materials required
Why do businesses outsource technology?
Businesses outsource technology for a number of reasons, including the fact that new forms of technology are expensive and complicated.
What is leading-edge technology?
Leading-edge technology refers to the position of greatest advancement in the field of technology
What is the established technology?
A definition of an established technology is a technological application where the cost performance and the servicing of the technology is readily available
What does inventory management refer to?
The management process includes the stockpiling and storage of these goods so that the production process can be continued smoothly
What are some disadvantages of holding stock?
Costly
might have use-by dates
more layers of management needed
What is LIFO
Last in first out
Products that are relatively newer stock, are displayed for sales before products purchased at an earlier date. One reason for doing this would be to ensure that up-to-date stock is on display for customers
What is FIFO?
Fist in last out
Products that were purchased and stocked first will be displayed to be sold before stock more recently.
What is JIT?
jUST IN TME
Products required for operations processes are delivered to business exactly when needed. The main objective of this is to eliminate inventories of inputs altogether from the supply chain.
What are some advantages of JIT?
No invantory needed
What are some disadvantages of JIT?
relies on supply chain management
What is quality control?
OQ is feedback control. It is a review process whereby everything that is involved in the operations process of production is reviewed. The QC process is undertaken to ensure that a predetermined level of quality in a good or service has been achieved
what is quality assurance?
Involved monitoring and evaluation of the vairious processes of a project to ensure that minimum levels of quality are being achieved
