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Business > terminology/syllabus point > Flashcards

terminology/syllabus point Flashcards

1
Q

key words relating 2 strategic role of operations management – cost leadership, good/service differentiation

A
  • strategic advantages
  • long term
  • planning, controlling and improving
  • lowest cost manufacturer
  • low-cost inputs
  • lower profit margins
  • Economies of scale
  • a greater market share
  • uniquely differentiated
  • augmented features
  • strategic alliances
  • higher premium prices
  • brand loyalty
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2
Q

role of operations

key words of goods and/or services in different industries

A
  • Manufacturing outputs
  • Service – heterogenous
  • Standardised, customised goods/services
  • Perishable/ non perishable
  • Intermediate goods

tangibility/capital.labour intensive/modifications

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3
Q

role of operations

interdependence with other key business functions

A

finance :
* budgets
* investments
* routine maintenance
* data

marketing:
* research
* augmenting
* innovative

HR
* leadership style
* rewards system
* skills

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4
Q

influences

key points for globalisation

A
  • Removal of trade barriers
  • Economies
  • “Death of Distance”
  • Tariffs
  • Outsourcing - less stringent laws/unethical
  • New Markets
  • Supple Chain
  • Competition
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5
Q

influences

technology key words

A
  • Innovativ devices, systems, machinery
  • Application
  • Accuracy
  • Robotics/CAM/CAD
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6
Q

influences

Key words of quality exp

A
  • Quality of design
  • Fitness for purpose
  • Durability

Services
* Professionalism
* Reliability – competence
* Level of customisation – tailored
* Quality assurance, control and improvement

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7
Q

influences

key words of cost based

A

Cost Based Competition
* Cost leadership
* Fixed/variable
1. Source supplies efficiently
bulk buying

  1. Ways of Production
    * EOS
    * Automated production
    o Streamlined processes
    o Lean Production
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8
Q

influences

key words of gov policies

A
  • Societal expectations
  • Restrictions/regulations
  • Deregulations
  • Subsidies/grants
  • Tax/Tariffs changes
  • Interest rates
  • Competition changes
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9
Q

influences

key words of legal regs

A
  • Safety and fair business conduct
  • Compliance/departments/costs
  • Litigations/fines
  • Work health and safety act 2011
  • Competition and consumer act 2010
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10
Q

influences

key words of environmental sustainability

A
  • Goodwill
  • Ethical cooperation
  • Carbon emission
  • Smart inventory control
  • Lean production
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11
Q

influences

Key words of CSR

A
  • Triple bottom line (economic, environmental and social)
  • Accountable
  • Ethical responsibility
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12
Q

Legal compliance vs Ethical Responsibility

A

ethical :
* open/accoutable
* on your own will

legal:
* complying
* strictly observed
* standards of behaviour
* penalties for breaches

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13
Q

processes

inputs
– transformed resources (materials, information, customers)

A

changed during the production process.

materials : raw, intermediate goods

information : internal/external
-analysis of performance
-knowledge to operate equipment

customers :
-CUSTOMER RELATIONSHIP MANAGEMENT
-their choices shape inputs

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14
Q

processes : inputs

transforming resources (human resources, facilities)

A

inputs that perform the transformation process

HR :
-skills, knowledge, capabilities and labour
-suitably qualified

Facilities :
-plants : factory/office (location, layout)
-Machinery (type, amount, extent of use)

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15
Q

processes

transformation processes
– the influence of volume, variety, variation in demand and visibility (customer contact)

A

Volume
* Mass production/Low volume
* EOS
-number of products

Variety
* Standard products with no/small/wide variety
-different models

Variation in demand
* Constant/seasonal/unpredictable demand
-reaction

Visibility
* Speed of operations
-service based
-well trained skilled employees

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16
Q

transformation processes of management

A

job production :customisation

batches/bulk production :
-made in groups

flow production:
-continuous flow of inputs/outputs

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17
Q

processes

Key words of Sequencing/scheduling

A
  • Efficiency, organisation
  • Directionality
  • Adjustments
  • Task analysis
  • Gantt chart:
    records number of tasks
    monitoring
  • Critical path analysis
    -series of repeated tasks
    o Interrelationship
    o Critical vs noncritical
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18
Q

processes

key words of technology

A
  • Manufacturing
    (robotics,cad,cam)
  • Service-based/office
    (telecommunication)

pros :
-efficiency/productive/less waste
-flexibility/ response to changes fast
-***Databases can be used to help manage data (easier to manage stock)

cons:
-cost benefit analysis
-affordable or not
-additional costs (maintanence)
-risks (largely untested)

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19
Q

processes

Key words of task design

A
  • right employee to the right job
    -efficiency
  • ongoing analysis and adjustments
  • ensure continuous improvement in productivity.
20
Q

processes

key words of process layout

A
  • facilities layout planning : physical layout
  • process layout : machinery is arranged by their functions.
    -staff to be specialised
  • product layout – assembly line manufacturing (station to station)
    -machines set up systemically
21
Q

monitoring, controlling and improvement : processes

monitoring (key words)

A

**IMPLEMENTING

  • collecting data to measure performance
  • pinpoint where problems occur
  • Monitoring 6 KPIS
22
Q

monitoring, controlling and improvement : processes

Key words of controlling

A

IDENTIFYING ISSUES

-target vs resultant
-optimising productivity
-constructive performance reviews

23
Q

monitoring, controlling and improvement : processes

key words of improvement

A

-reduce inefficiencies, (bottlenecks)

-Kaizen (continuous improvement)

Speed : eliminate bottlenecks
Quality : establish quality standards
Costs: identify unnecessary variable costs and fixed
Efficiency : reduce waste and create more outputs from every input

24
Q

processes : outputs

key words of customer service

A
  • Review and reshape
  • long term relos
  • brand loyalty/reputation
  • courteus manner
25
Q

processes : outputs

key words of warranties

A

o Tool for monitor
o Quality management processes

Fair-Trading Act 1987 (NSW)
Competition and Consumer Act 2010 (Cth)

26
Q

strategies

performance objectives (key words) - quality

A
  • Higher conformance/quality
  • Client needs/ pleasant
  • Sales revenue
  • Quality management process
27
Q

strategies

performance objectives (key words) - speed

A

time it takes for the production
* Customer demands
* Bottlenecks
* Dynamic environments
* Reduced wait, lead, production

28
Q

strategies

performance objectives (key words) - dependability

A
  • Consistent
  • Reliable
  • Warranty claims
  • Complaints
  • Positive feedback
  • Good reputation
  • Research and development
  • Quality management processes
29
Q

stratgies

performance objectives (key words) - flexibility

A

o Adaptable
* How achieved :
o Increased demand
 New products : change in inputs and processes
 Existing products : increase volume + variety
o Goods : increase capacity
o Service : increase the number of service providers

30
Q

performance objectives (key words) - customisation

A
  • Creation of individualised products
  • Purpose : consumer satisfaction
  • Aim : differentiation, mass customisation
31
Q

KBFS - strategies

performance objectives (key words) - costs

A
  • Minimisation of expenses
  • Cost leadership
32
Q

strategies

key words of new product or service design and development

A
  • Product development
  • Ever changing needs/wants
  • Limited lifespan
  • Attain competitive advantage

2 approaches
1. Consumer preferences
o Market research
2. Changes and innovations in technology
-functional,appealing

33
Q

strategies

key words (considerations when developing goods)

A
  • Supply chain management
  • Quality management
  • Capacity management
  • Costs (cost benefit analysis)
34
Q

key words of consideration when developing services

A
  • Explicit service
    time/skill/effort
  • Implicit service
    experience
  • Goods
35
Q

strategies

supply chain management

A

integrating and managing the flow of supplies

  • Sequence of processes
  • Integrating and managing
36
Q

strats : supply chain management

key words of global sourcing/procurement

A
  • Economic costs; tariffs (con)
  • Time and logistical costs (con)
  • Ethical issues (con)
  • Cheap, speed, quality (pro)
  • More choice (pro)
  • Reliable/flexible?
  • Responsive
  • Control Volume of inputs
  • Quality
37
Q

strategies : supply chain management

key words of logistics

A
  • Transport
  • Distribution
  • Inventory management
  • Purchasing inputs
  • Planning and scheduling

Types
* Distribution
* Storage, warehouse, and distribution centres
* Material handling and packaging

38
Q

strategies : supply chain management

key words of e commerce

A

E commerce
* E procurement :B2B,
* B2C : products- customers

PROS:
* Networks
* Data
* Access to info/market

CONS:
* Complexity in taxations/compliance
-competitiveness
-trust
-internet access needed

  • E tailing
  • Electronic data interchange
39
Q

strategies

outsourcing – advantages and disadvantages key words

A
  • External providers
    Factors : Cost, location, contract
    PROS:
  • Process capability
  • Accountability
  • cheaper labour/less stringent laws
  • efficiency

CONS
* Payback periods
* lack of control
* redundancy costs
* communication issues

40
Q

strategies : operations

key words of technology – leading edge, established

A

more efficiently, effectively and productively.

leading edge tech :
* innovative
* high stds
* competitive advantage
* product differentiation

established tech:
* business wo them will struggle
* cam,cad,robotics,computers

41
Q

strategies

inventory management – advantages and disadvantages of holding stock

A

holding stock/just in case/buffer stock

-stock =reserved

PROS:
-keeps up w customer demands
-sales are not lost
-economies of scale
-discounts

CONS:
-inventory expensive to keep
-stock may be perishable
-obselete (out-of-date)
-risk of damage, theft deterioation

42
Q

strategies

inventory management

A

1) FIFO
-perishable products
-obsolete quick
-COGS : LOWER
-GP : HIGH
-value of unsold stock : higher

2) LIFO
-homogenous /non-perishable
-innovative tech
-COGS: HIGHER
GP : Lower
-Value of unsold: lower

3)Just In Time
-meet consumer demands (seasonal demand)
-lean production : less waste
-reliable suppliers needed
-order frequency management

43
Q

strategies

key words on quality management

A

fundamental expectation of consumers

-safe, durability, fit 4 purpose, consistent
-exceeding consumer demands

1) quality control
-reactive approach : detects faults
-result against plan
-inspections atp

2) Quality Assurance
- quality stds
- preventative method

3) Quality improvement (TQI)
-impacts all KBFS
-holistic approach
-Benchmarking. : comparing quality to standards
-Employee empowerment.
-Focus on the customer.
-Continuous improvement.

44
Q

strategies

resistance to change (key words)

A

driving forces : initiating change
Resisting forces : against changes

1) purchasing new equipment
*leasing equipment save costs
-future cost savings

2)redundancy costs
-compensate employees

3) retraining
expensive, fulfils skill gaps

4)reorganising plant layout
-new tech/systems adopted
-can be financial burden

5)inertia -psychological factor
-risks with uncertain results
- 1. putting jobs at risk
- 2. new tech intimidating
- 3. learning new skills daunting 4 employees
- 4.employees dont like change

45
Q

strtaegies

A

Business (21 decks)

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