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Business > U3 AOS3 Outcome 1 > Flashcards

U3 AOS3 Outcome 1 Flashcards

1
Q

Operations Management

A

Running of systems to efficiently produce goods and or services

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2
Q

Operations

A

A series of processes and procedures undertaken in order to create output

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3
Q

Value

A

Customers want quality products at the best price possible

Effective operations enable a business to provide value for the customer

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4
Q

Objectives

A

If the operations team is able to work efficiently and effectively and provide value it can help achieve business objectives

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5
Q

Operations System

A

The operations system is the transformation of inputs into a final output (Good or service)

Input –> Process –> Output

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6
Q

Inputs

A

Are the resources used in the process of production.

Resources include:
Raw materials
Facilities and equipment
Employees

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7
Q

Processes

A

Are all activities that help transform the inputs into the final outputs
Processes can also impact areas such as:
Quality
Delivery Speed

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8
Q

Outputs

A

Finished good or service that is produced

Quality of output i a reflection of the inputs and processes used

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9
Q

Manufacturing

A

Transforms inputs into tangible outputs
Products can be stored
Little customer involvement in the production

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10
Q

Services

A

Transforms inputs into intangible outputs
Services cannot be stored
Often high level of customer involvement when service

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11
Q

Technology

A

Businesses look for ways to improve their operations system via the adaptation of technology to improve effectiveness and efficiency

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12
Q

Strategies to Improve Efficiency and Effectiveness in relation to technology

A 
Automated Production Lines
Computer-Aided Design (CAD)
Computer-Aided Manufacturing (CAM)
Website Development
Other Technologies
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13
Q

Automated Production Lines

A

Where equipment and machines are arranged in a sequence and controlled by systems to perform tastes automatically

Improves:
Accuracy, Efficiency, Safety
Impacts:
High setup costs and slows or halts production

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14
Q

Computer-Aided Design (CAD)

A

Software that creates product possibilities from a series of parameters

Allows the business owner to view the end product and test or assess

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15
Q

Computer-Aided Manufacturing (CAM)

A

Software used to allow the manufacturing process to be directed by computers, controlling the production process
Often used with CAD

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16
Q

Website Development

A

Easier for the customer to purchase
Enables easier communication
Helpful for service businesses
Don’t need a physical presence

17
Q

Materials Management

A

Refers to managing the way materials are received and stored within the business

Businesses need to ensure they have the right amount of materials so production can meet demand

18
Q

Role of Operations Manager in relation to Materials Management

A 
Assures materials:
Arrive on time
Correctly
Right quantities
Sufficient Quality

Decides how much to purchase based on:
Materials on hand
Cost
Storage required

19
Q

Materials Decisions

A

A business that does not have enough materials to meet demand may lose sales
Materials cost the business money
Money spent on materials can therefore not be used in any other area
Storing materials for long periods can lead to damage, theft, wastage

20
Q

Strategies to help manage materials effecively

A

Forecasting
Master Production Schedule (MPS)
Materials Requirement Planning (MRP)
Just in Time (JIT)

21
Q

Forecasting - Define, Effectiveness, Efficiency

A

Planning strategy where past data and trends are used to predict future demand so informed decisions can be made

Effectiveness:
Assure enough materials on hand to meet production needs
Efficiency:
Improves productivity because production doesn’t wait
Reduces overstocking

22
Q

Master Production Schedule - Define, Effectiveness, Efficiency

A

Outlines what is going to be produced, in what quantities, and when

Elements in MPS:
Each good or service that will be produced
Exact quantities
How, when where

Effectiveness:
Gives business clear picture on what needs to be produced

Efficiency:
Helps the business plan for what is required so correct orders can be made, preventing waste and over production

23
Q

Materials Requirement Planning - Define, Effectiveness, Efficiency

A

An itemised list of all materials needed for specific orders

To successfully plan the required materials the operations manager must:
Consider stock held
Lead Times
Materials required

Effectiveness:
Ensures production has a continuous flow without waiting for materials
Enough materials on hand to meet demand

Efficiency:
Prevents overstocking, reducing wastage

24
Q

Just in Time - Define, Effectiveness, Efficiency

A

A strategy that ensures the right amount of materials arrive only as they are needed for production
Adv- Saves money on storage and minimizes issues
Dissadv- If the supplier does not deliver production will slow or halt

Effectiveness:
Continuous flow, money saved on storage

Effienciny:
Reduce waste, reduce storage cost

25
Q

Waste Management

A

The process of reducing the amount of discarded resources created by the business operations system
Reducing wastage will improve efficency of the business

26
Q

Waste Management Strategies

A

Improving the quality of processes
Sourcing higher quality materials
Recruiting + Training higher-skilled employeed
Introducing lean management

27
Q

Lean Management

A

An approach to business that reviews all processes with the aim to maximize customer value while reducing wastage created

Creates greater customer value while using fewer resources

Results in Improved efficiency and effectiveness

28
Q

Principles of Lean Management

A

No universal principles
One set of principles:
Pull- Customer creates demand
Flow: Achieving a steady flow in production
Value focused: Producing products the customer values
Zero Defects: Focus on improvement

29
Q

Effectiveness and Efficiency for Lean Management

A

In order to reduce wastage and increase customer value, managers need to analyze business processes to identify areas of waste and make adjustments

Effectivness:
Producing products that customers value
Become more compettitve

Efficiency:
Removing wastage by using less resources

30
Q

Corporate Social Responsibility

A

A businesses ongoing commitment to operate in an economically, socially, and environmentally sustainable manner while considering the interests of diverse shareholders

31
Q

CSR Inputs

A

Procurement:
Ensuring supplies incorporate CSR practices

Purchase Local Supplies:
Help support the local economy

Environmentally Sustainable inputs:
Green Energy
Sustainable materials

32
Q

CSR Processes

A

Waste Minimisation: Reducing environmental impact
OHS: Going above and beyond legal requirements for health and safety
Training: Investing in employees
Staying local: Keeping processes local

33
Q

CSR Outputs

A

Quality: Create good quality products that are valued for money
Packaging: Minimises the environmental impact
Honest Marketing: Being honest about good or service

34
Q

Global Considerations

A 
Many businesses look beyond their own borders, this enables the business to take advantage of:
Higher quality materials
Strategic locations
Cheaper inputs
Global talent
35
Q

Global Sourcing of Inputs

A 
Strategy where a business sources inputs from countries outside its place of origin
Businesses may do this for:
Higher quality
Cheaper materials
Cheaper labour
Lower Tax
36
Q

Overseason Manufacturing

A

When the business produces its good in a country that is different to the location of its operations

Allows for:
Reduced costs
Get products to the market quicker

37
Q

Global Outsourcing

A

Where a part of a businesses operations is handed over to another person or business located in a different country

Allows for;
Reduced cost
Global expertise
Focus on core operations

38
Q

Supply Chain Management

A

Process of managing the flow of supplies from suppliers through to the operations system and to the end consumer

39
Q

To ensure sufficient supply chain

A

Asses proximity to supplier
Cost of supplier
Quality of supplier

Business (7 decks)

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