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Business Component 1 > Production > Flashcards

Production Flashcards

1
Q

What is production?

A

The process of transforming inputs and resources into an output to meet customer demand.

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2
Q

What are the three production methods?

A

Job: every product is completed before the next starts

Batch: each task is completed on a mass scale before next task

Flow: continuous flow of products across production stages

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3
Q

What is the formula for labour productivity?

A

Output / employee number

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4
Q

What is the formula for capital productivity?

A

Output / capital employed

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5
Q

What is capacity utilisation?

A

The amount the firm is using in comparison to what could be used.

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6
Q

What is the formula for capacity utilisation?

A

(Actual / available x100)

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7
Q

What may cause under-utilisation?

A

New competition
Seasonal business
Fall in demand
Unsuccessful marketing

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8
Q

What is subcontracting?

A

Asking another organisation to make a product for you

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9
Q

How may stock control encourage maximum capacity utilisation?

A

Holding high stock enables businesses to release products and maximise capacity when demand increases.

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10
Q

How are loyalty cards beneficial?

A

Help businesses understand customer interests and buying habits, helps with demographics.

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11
Q

What is CAD?

A

Computer aided design

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12
Q

What is CAM?

A

Computer aided manufacturing

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13
Q

What is the purpose of lean production?

A

To minimise waste

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14
Q

Why cut out waste?

A

Minimise unnecessary spending
More physical capacity to utilise
Better management of roles and tasks

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15
Q

What are the stages in a waste hierarchy?

A

Disposal – Recycling – Minimalization – Avoidance

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16
Q

What is time based production?

A

Recognises importance of time and trusts employees to waste no time.

17
Q

What is cell production?

A

Workers act in a team in one area to complete a singular production process.

18
Q

What is JIT production?

A

Ordering of stock as demand comes in

19
Q

What is Kaizen when producing?

A

Constantly introducing changes to improve efficiency and production.

20
Q

What are the 2 methods of ensuring quality?

A

Quality control: System checks at end of production line

Quality assurance: system checks throughout different production stages

21
Q

What does research and development consist of?

A

Carrying out market research for discovery or new ideas or ways to innovate.

22
Q

What is economies of scale?

A

The benefits a business gains as it grows in size.

23
Q

What are the 5 internal economies of scale?

A

1: Purchasing
2: Marketing
3: Technical
4: Managerial
5: Financial

24
Q

What are the 3 external economies of scale?

A

1: Financial
2: Educational
3: Supplier

25
Q

What is diseconomies of scale?

A

The disadvantages a business experiences as it grows in size.

Business Component 1 (11 decks)

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