Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business - Operations > Strategies of Operations Management > Flashcards

Strategies of Operations Management Flashcards

1
Q

Performance Objectives

A

Goals that relate to a particular aspect of the transformation process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Quality

A

The specific reference to how well-designed, made and functional goods are, and the degree of competence with which services are organised and delivered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Quality of Design

A

How well a good is made or service is delivered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Quality of Conformance

A

How well the good/service meets the prescribed design

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Quality of Service

A

How reliable, suitable and timely the service delivery is

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Speed

A

The time it takes for the production and the operations to respond to changes in market demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are some performance goals for speed?

A

Reducing wait times
Shorter lead times
Faster processing times

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Dependability

A

Referes to how consistent and reliable a business’s products are

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Flexibility

A

How quickly operations processes can adjust to changes in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are some changes in the market?

A

Increased demand for a product
Creating a new product
Extending an existing product line

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Customisation

A

Is the creation of individualised products to meet the specific needs of customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Mass Customisation

A

A process that allows a standard, mass-produced item to be personally modified to specific customer requirements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Cost

A

Minimisation of expenses so that operations processes are conducted as cheaply as possible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Customer Preference

A

Identified during market research, to determine which products are designed and developed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Changes to Innovations in Technology

A

New appealing products to be designed and developed using the latest technology

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Supply Chain Management

A

Involves integrating and managing the flow of supplies throughout inputs, transformation processes and outputs in order to best meet the needs of customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Sourcing

A

Purchase of inputs for the transformation process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Global Sourcing

A

Businesses obtain inputs from suppliers from all around the world, rather than from local supplies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

E-Commerce

A

Buying and selling of goods over the Internet

20
Q

E-Procurement (B2B)

A

When a business & supplier through online systems

21
Q

B2C

A

Selling products directly to customers through online systems

22
Q

Distribution

A

Method of getting the product to the consumer

23
Q

Transportation

A

The physical movement of inventories

24
Q

Storage

A

Holding stock until required

25
Q

Warehousing

A

Type of storage that involves the use of a facility to hold inventory

26
Q

Distribution Centre

A

Short-term storage solutions that are designed to hold products for an interim period, before being supplied to retailers

27
Q

Outsourcing

A

Use external specialists to undertake business activities at a lower cost and greater efficiency

28
Q

Captive (in-house)

A

When a business establishes and extends its own operation elsewhere

29
Q

Non-captive (external provider)

A

When a business engages another provider or business to carry out the operation for them

30
Q

Leading-edge Technology

A

Most advanced technologies used to increase efficiency and speed or to bring new innovations to operations.

31
Q

Established Technology

A

Has been developed and widely used and increase to be used

32
Q

Inventory/Stock

A

Refer to the amount of raw materials partially or finished products that a business has on hand

33
Q

Last in First out (LIFO)

A

Assumes that the last goods purchased are also sold first, and therefore the cost of each unit is the last cost provided

34
Q

First in First out (FIFO)

A

Assumes that first goods purchased are first sold, and therefore the cost of each unit sold is the first cost recorded

35
Q

Just in Time (JIT)

A

Stock management approach which ensured that the exact amount of material inputs will arrive only needed in the process

36
Q

Quality

A

describes the degree of excellence of a product or service, and its fitness for a stated purpose

37
Q

Quality Management

A

Refers to the processes that a business undertakes to ensure consistency, reliability, safety and fitness of purpose

38
Q

Quality Control

A

The use of inspections at various points in the production process to check for problems & defects

39
Q

Quality Assurance

A

A proactive approach that emphasises setting a standard of quality in the design of a product that is to be upheld throughout the production

40
Q

Quality Improvement

A

Involves continuous improvement that emphasises that over time, production processes will be more efficient and effective

41
Q

Redundancy

A

Loss of work arising from job skills that are no longer relevant to business due to change

42
Q

Inertia

A

Psychological resistance to change

43
Q

Global Sourcing

A

Both obtaining materials and inputs overseas as well as outsourcing any aspect of business operations

44
Q

Economies of Scale

A

Cost advantage gained by producing on a bigger scale, where the business can lower their cost per unit

45
Q

Research & Development (R&D)

A

The activity of researching and creating innovative products and technologies

Business - Operations (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions