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Business > Production of goods and services > Flashcards

Production of goods and services Flashcards

1
Q

What is production?

A

Production is the provision of a good or service that satisfies customer wants and needs

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2
Q

What is productivity?

A

it’s how a business can measure it’s efficiency or the output/ quantity of input

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3
Q

how productivity can be raised?

A

by using fewer inputs to produce same level of outputs or using same level of input to produce higher level of output

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4
Q

How to increase productivity

A

Improve the quality of the product
Motivate the employees effectively
replace the employees with machines

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5
Q

Benefits of productivity?

A

Fewer input needed for the same level of output
lower cost per unit or average cost?

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6
Q

Why businesses hold inventories?

A

to maintain the production and satisfy customer demands quickly

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7
Q

What is Lean production?

A

it’s techniques used by the business to cut down waste of resources to increase efficiency

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8
Q

what is buffer inventory level?

A

is the inventory held to deal with the uncertainty in the customer demand and delivered supplies

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9
Q

what are the types of waste in production?

A

Overproduction
Waiting
Transportation
Motion

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10
Q

Overproduction?

A

is producing goods before being asked by the customers

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11
Q

Waiting?

A

the products are not moving anyway

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12
Q

Transportation?

A

moving the products around unnecessarily

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13
Q

Motion?

A

The employee stretching his body

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14
Q

Benefits of lean production?

A

less storage of raw materials
quicker production
better use of equipment
cutting out some processes

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15
Q

How can lean production achieved?

A

Kaizen
Just in time inventory control
Cell production

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16
Q

Advantages of Kaizen?

A

Increased productivity
Work in progress reduced
less space needed for production processes

17
Q

what is just in time inventory control?

A

it’s raw materials just delivered and used in production process

18
Q

Advantages of just in time inventory control?

A

warehouse space is not needed
reduced costs of holding inventory
finished goods are already sold so more money entering the business quickly

19
Q

What is cell production?

A

Cell production is where production is divided into separate self contained units

20
Q

Methods of cell production?

A

Job production
Batch production
Flow production

21
Q

What is Job production?

A

Is where products are made specifically to order

22
Q

Advantages of job production?

A

more suitable for personal services
the product meets the exact requirements of the customers
the employees have more varied jobs

23
Q

Disadvantages of job production

A

skilled Labour is used so costs are raised
costs are high because its labour intensive
production may take longer time

24
Q

What is Batch Production?

A

is where similar products are made in blocks or batches

25
Q

Advantages of batch production

A

It’s a flexible way of working and can easily change from one product to another
gives some variety in workers jobs
production not affected if machines break down

26
Q

Disadvantages of batch production

A

It can be expensive
machines have to be reset between production batches
warehouse space needed for storing raw materials and finished goods

27
Q

What is flow production?

A

is when large quantities of a product are produced in a continuous process

28
Q

Advantages of Flow production?

A

High output of a certain product
costs of producing each item is low so the prices are low
it’s easy for capital intensive production methods to be used

29
Q

Disadvantages of Flow production?

A

very boring working system for workers
the cost of inventories and finished goods can be very high
the capital cost of setting up production line can be very high

30
Q

what are the affecting factors of production method

A

the nature of product
the size of the market
the nature of demand
size of the business

31
Q

How technology changed the production methods?

A

Automation
Mechanization
CAD (Computer aided design)
CAM (Computer aided manufacture)
CIM (Computer Integrated manufacture)

32
Q

What is Automation?

A

Is the equipment used in the factory carried by computer to carry out mechanical processes

33
Q

What is mechanization?

A

is production done by machines but operated by people

34
Q

What is computer aided design?

A

is a computer software that designs items more quickly and allows them to be rotated

35
Q

What is computer aided manufacture?

A

is where computer monitor the production process and control the machines or robot in a factory

Business (3 decks)

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