Test 11/11/21 Flashcards
Within the UK the tertiary sector has the highest level of employment, why is this? And give two examples of the types of businesses that operate within this sector (3 marks)
This sector consists of jobs that provide a service to the public (e.g. hotels, retail industry, restaurants and sales). Most of UK workers, work in this sector.
What is meant by the term EPOS and how did this technology support businesses’ needs? How does EPOS help a business with stock inventory? (4 marks)
ESPOs are used to support stock control (updating a virtual inventory), ESPO stands for the electric point of sale (barcode scanners), ‘Just In Time’ is an ESPO Inventory System based on the principal of deliverys scheduled with integrated variability (a form of inventory management that requires working closely with suppliers so that raw materials arrive as production is scheduled to begin, but no sooner).
How does a Feasibility Study help businesses identify their next possible project. What needs to be considered when making the decision to go ahead with the project (6 marks)
Used to determine how realistic a business plan is an efficient use of ressorces. Asseses Technical Capability, Budget, Legality, Risk, Operational Feasibility and Time. Does the organisation have the financial resources to undertake the project, and is the cost/benefit analysis of the project sufficient to warrant moving forward with the project? What is the risk associated with undertaking this project? Is the risk worthwhile to the company based on perceived benefits?
How has collaborative technology allowed businesses to become more efficient in their working practices? Explain the benefits of a business introducing communicative technology such as Zoom to support their business operations. However, are there any negative consequences of a business introducing these working practices? (8 marks)
