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Business Managment 3/4 > SAC3A > Flashcards

SAC3A Flashcards

1
Q

Operations management

A

Is the coordination of resources within a business to achieve the efficient and effective output of finished goods and services.

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2
Q

Productivity

A

Is the ratio of outputs produced compared to the inputs required.

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3
Q

Business competitiveness

A

Is the ability for one company to out perform its rivals. This is known as having a competitive advantage.

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4
Q

Quality

A

Is defined as a good or service that fully meets customer expectations. This means if your product or service has better quality then a rival then you will have a competitive advantages over them.

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5
Q

Operations systems

A

Inputs
Processes
Outputs

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6
Q

Operations management -objectives

A
  • aim to increase production
  • aim to reduce money tied in stock
  • aim to reduce waste age rates
  • aim to ensure output meets customer needs
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7
Q

Operations management effects

A
  • the amount of production the business can make
  • the amount of raw materials in stock
  • the amount of waste produced
  • the quality of output the customer receives
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8
Q

Operations management strategies - to achieve business objectives

A

To improvise efficiency and effectiveness of operations related to :

  • improve quality
  • manage materials
  • use technology
  • reduce waste
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9
Q

Business objectives - operations management strategies

A
  • to make a profit
  • to meet shareholder expectations
  • to increase market share
  • to fulfil a market or social need.
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10
Q

Factors affecting quality

A
  • technology
  • materials
  • equipment
  • training
  • worker motivation
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11
Q

Inputs

A

Are all the resources that go into producing a good or service.

  • human resources labour skill knowledge
  • raw materials
  • component parts
  • facilities buildings
  • machinery and equipment
  • entrepreneurial ideas
  • time
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12
Q

Processes

A

Are the transformational processes are what is done to the inputs to transform them into the finished outputs

Like the factory work
Remember packaging

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13
Q

Outputs

A

Are the final product presented to the customer either as goods ( tangible) or services ( intangible ).

This output can either be to the final end consumer, or to another business is producing a component for another business

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14
Q

Characteristics of operations management within a manufacturing business

A
  • tangible
  • can be easily stored
  • production and consumption occur separately
  • capital / machinery intensive
  • customers are not present generally during production
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15
Q

Characteristics of operations management within service business

A
  • intangible ( performed action )
  • can’t be stored
  • production and consumption are closely linked ( if not occur simultaneously)
  • labour intensive
  • customers often need to be present during service delivery
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16
Q

Corporate social responsibility

A

Is the concern of ethical and social responsible practises in business. Going above and beyond your legal obligations

17
Q

CSR in operations management

A

Decisions within the business need to account for the triple bottom line (economic, social and environmental considerations). The business needs to consider the elements of the operations systems.

Not purely focused of profit

18
Q

Elements of the operations and corporate CSR considerations - inputs

A
  • procurement - ensuring suppliers incorporate csr practices ( no child labour )
  • prompt payments and fair negotiations with suppliers
  • using local suppliers to support local jobs and economy
  • environmentally sustainable inputs
  • using renewable energy to power facilities
  • simplifying supply chains to reduce carbon emissions
19
Q

Elements of the operations and corporate CSR considerations - processes

A
  • efficient use of resources
  • ethical disposal of waste
  • waste minimislisation strategies
  • job rotations to help motivate employees
  • implementing extra quality checks to ensure high quality
  • ensuring employee health and safety beyond legal requirements
20
Q

Elements of the operations and corporate CSR considerations - outputs

A
  • packaging decisions - minimise packaging and its impact on the environment eg. Biodegradable packaging
  • creating goods that are fit for purpose and good value for mooney
  • ethical dealings with customers regarding returns and making repairs / replacements for defective goods
21
Q

Global considerations

A

In the past production of goods and services were purely a domestic and very often local issue. However with advances in communication and transportation in today’s globalised world, goods and services can be imported and exported around the world very easily

22
Q

Globalisation affects operations management and business are more able to:

A
  • Fragment their operations internationally
  • locate each stage of production in the country where it can be done at the least cost
  • communicate ideas for new products
  • new ways of making products around the globe
23
Q

Globalisation affects operations management in a number of ways businesss now have access to :

A
  • lower costs of production
  • resources ( natural, machinery and labour) the local country doesn’t have
  • new customer markets
  • greater competition from over seas
24
Q

Global sourcing of inputs

A

Is seeking the lowest cost of inputs for production. However purchasing inputs from overseas can backfire, as safety and quality standards may not be as stringent as it is here.

25
Q

Global sourcing of inputs : advantages

A
  • access to cheaper materials
  • access to materials not occurring in the domestic country
  • can specialise in production not sourcing
26
Q

Global sourcing of inputs : disadvantages

A
  • can lengthen delivery/ supply times
  • exposed to changes in exchange rates
  • language barriers in dealing with suppliers
  • suppliers countries ethical, environmental and legal standards may be different
  • risk of damage in shipping increases with distance
27
Q

Overseas manufacture

A

Due to cheaper labour coats, lots of manufacturing companies have moved their production overseas over the past 20-30 years.
Examples of countries manufactured in China
- Apple
- gap
- Kmart
- body shop

28
Q

Sweat shop labour

A

Is a generic term for a workplace that has poor, socially unacceptable working conditions. The work may be difficult, dangerous, or underpaid

29
Q

Overseas manufacture - advantages

A
  • access to cheaper labour rates, cheaper costs of production
  • access to large pool of employees
  • business not directly responsible for factory operation
  • works well with large volumes of simple assembly manufacture where delivery times are not too important
  • access to new export markets
30
Q

Overseas manufacture - disadvantages

A
  • lost jobs in domestic manufacturing
  • can lengthen delivery/ supply time
  • language barriers in dealings with manufacturing suppliers
  • suppliers country CSR, environmental and legal standards may be different
  • concern for sweatshop labour
  • risk of damage in shipping increases
31
Q

Global outsourcing

A

It is when functions of the business are sent overseas and managed by other businesses. Done to reduce costs, improve quality or productivity.

Eg software development, finance, accounting services, data entry

32
Q

Global outsourcing - advantages

A
  • access to cheaper labour rates
  • business not directly responsible for non- core services and their employees and entitlements
  • works well with IT based services where internet and phone developments mean that they would be based anywhere in the world.
33
Q

Global outsourcing: disadvantages

A
  • language barriers in dealings with overseas businesses sometimes translates into customer frustration
  • reliance on internet connections
  • suppliers country CSR and legal standards may be different
34
Q

Supply chain management

A

Looks at the management of the movements and storage of raw materials, of work in progress inventory, and of finished goods from point of origin to point of consumption.

35
Q

Supply chain management : advantages

A
  • access to cheaper materials
  • access to cheaper labour rates
  • business not directly responsible for factory production
  • works well with large volumes of simple assembly manufacture where delivery times are not too important
  • can take advantage of global variations in tax rates
36
Q

Supply chain management: disadvantages

A
  • can be very complicated to manage
  • can lengthen delivery / supply times
  • exposed to changes in exchange rates
  • language barriers in dealing with suppliers
  • suppliers country CSR and legal standards may be different
  • risk of damage in shipping increases
37
Q

Similarities of manufacturing and service business operations

A
  • use technology
  • deal with customers
  • deal with suppliers
  • aim to produce high quality output
  • aim to reduce costs of production
  • aim to reduce waste
38
Q

Outline how exchange rates affect the cost of production

A

When the exchange rates of the Australian dollar falls against another country then the amount of Australian money required to pay an overseas company for producing their goods increases. This increases the cost of production.

39
Q

Effects if good Supply chain management

A
  • they make sure that quality is high
  • the save the business money
  • theyb

Business Managment 3/4 (8 decks)

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