Operations stategies

Question 1

What doe operations strategies refers to?

Answer 1

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

Question 2

What are the performance objectives?

Answer 2

Quality

speed

dependability

cost

customisation

flexibility

Question 3

What is meant by New Product development?

Answer 3

NPD is the term used to describe the complete process of bringing a new product or service to market

Question 4

What is the design and development process?

Answer 4

Idea generation- SWOT analysis

Idea screening

concept development

Business analysis

Market testing

Technical implmentation

Commercialisation

New product pricing

Question 5

What is supply chain management?

Answer 5

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.

Question 6

What are the goals of supply chain management?

Answer 6

To reduce inventory

To increase the speed of transactions

to increase revenue

Question 7

What is logistics?

Answer 7

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

Question 8

What is e-commerce?

Answer 8

E-commerce is business conducted on the internet.

Question 9

What is the impact of E-commerce on supply chain management?

Answer 9

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

Question 10

What is global sourcing?

Answer 10

Where a business will acquire the inputs it needs for production across the borders of a number of countries

Question 11

What are the reasons for global sourcing?

Answer 11

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

Question 12

What is vertical integration?

Answer 12

Means that the business expands its operations to make or provide its own materials required

Question 13

Why do businesses outsource technology?

Answer 13

Businesses outsource technology for a number of reasons, including the fact that new forms of technology are expensive and complicated.

Question 14

What is leading-edge technology?

Answer 14

Leading-edge technology refers to the position of greatest advancement in the field of technology

Question 15

What is the established technology?

Answer 15

A definition of an established technology is a technological application where the cost performance and the servicing of the technology is readily available

Question 16

What does inventory management refer to?

Answer 16

The management process includes the stockpiling and storage of these goods so that the production process can be continued smoothly

Question 17

What are some disadvantages of holding stock?

Answer 17

Costly

might have use-by dates

more layers of management needed

Question 18

What is LIFO

Answer 18

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

Question 19

What is FIFO?

Answer 19

Fist in last out

Products that were purchased and stocked first will be displayed to be sold before stock more recently.

Question 20

What is JIT?

Answer 20

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.

Question 21

What are some advantages of JIT?

Answer 21

No invantory needed

Question 22

What are some disadvantages of JIT?

Answer 22

relies on supply chain management

Question 23

What is quality control?

Answer 23

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

Question 24

what is quality assurance?

Answer 24

Involved monitoring and evaluation of the vairious processes of a project to ensure that minimum levels of quality are being achieved

Question 25

What are the main reasons for rejecting change?

Answer 25

Financial costs

Inertia of management

staffing

cultural incompatibility

Question 26

What is a managers responsibility when it comes to change?

Answer 26

A managers responsibility is to plan the process by which change will be introduced implemented and evaluated.

Question 27

How can change be meet?

Answer 27

Identifying the need for change

Setting SMART goals

Creating a culture of change

Question 28

What is economies of scale?

Answer 28

Economies of scale occur when the amount of production increases and as a result of this increased output there is a decrease in the cos of production per unit

Question 29

What is environmental scanning?

Answer 29

Is the practice of monitoring a businesses internal and external environment so that it can gather, analyse and use information

Question 30

What is research and development?

Answer 30

The ideas for new products will usually come from research and development facilities.

Question 31

How does R&D provide an advantage with regards to global outsourcing?

Answer 31

may gain insight from more development or progressed counties