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Unit 3 & 4 VCE Business Management > Unit 3: AOS3 - Operations Management (Chapter 3) > Flashcards

Unit 3: AOS3 - Operations Management (Chapter 3) Flashcards

1
Q

Operations Management

A

Is coordinating and organising the activities involved in producing the goods or services that a business sells to customers

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2
Q

Effective Operations Management

A

Reduces the amount of time taken in producing a good or service with the fewest possible resources, without impacting the overall quality of the final product.

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3
Q

Efficiency

A

Is how productively a business uses its resources when producing a good or service.

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4
Q

Effectiveness

A

Is the extent to which a business achieves its stated objective

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5
Q

Productivity

A

Is the number of goods or services that are

produced compared to the number of resources used in the production process.

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6
Q

Inputs

A

Are the resources used by a business to produce goods and services.

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7
Q

Raw Materials

A

Are unprocessed substances used to produce goods and services.

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8
Q

Processes

A

Are the actions performed by a business to transform inputs into outputs.

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9
Q

Outputs

A

Are the final goods or services produced as a result of a business’s operations system which are delivered or provided to customers.

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10
Q

Manufacturing Businesses

A

Use raw materials and resources to

produce a finished physical good

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11
Q

Service Businesses

A

Provide intangible products, usually with

the use of specialised expertise.

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12
Q

Tangible

A

Is the ability to be touched.

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13
Q

Capital Intensive

A

Is using a high degree of machinery and
equipment during the production
process

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14
Q

Inventory

A

Are resources and finished goods held as stock

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15
Q

Standardised Goods

A

Are goods that are produced consistently and are virtually identical to one another.

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16
Q

Intangible 

A

Is something that cannot be touched.

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17
Q

Labour Intensive

A

Is having a high degree of employee involvement during the production process.

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18
Q

Characteristics of a Manufacturing Business ( 3C)

A
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19
Q

Characteristics of a Service Business (3C)

A
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20
Q

Computer Aided Design (CAD)

A

Is a digital design tool that enables businesses to generate and modify technical illustrations of a product

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21
Q

Computer Aided Manufacturing (CAM)

A

Is a software used to control and direct the production process by controlling machinery and equipment through a computer

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22
Q

Automated Production Lines

A

Are machinery and equipment which are arranged in a sequence, and the product is developed as it proceeds through each step.

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23
Q

Website Development

A

Is the creation and improvement of online web pages controlled by a business that customers can use to discover information about the business and purchase their goods or services at any time.

24
Q

Forecasting

A

Is a materials planning tool that predicts customer demand for an upcoming period using past data and market trends.

25
Q

Stock

A

Is the materials stored for production or goods stored for sale

26
Q

Master Production Schedule

A

Is a plan that outlines what a business intends to produce, in it’s specific quantities, within a set period of time.

27
Q

Materials Requirement Planning

A

Is a process that itemises the type and quantities of materials required to meet production targets set out in the master production schedule.

28
Q

Just in Time

A

Is an inventory control approach that delivers the correct type and quantity of materials as soon as they are needed for production.

29
Q

Quality

A

Is a good or service’s ability to satisfy a customer’s needs

30
Q

Reactive

A

Is responding to a situation after something has occured

31
Q

Proactive

A

Is performing actions to prevent problems before they occur

32
Q

Quality Control

A

Is inspections at various stages of production process to ensure products meet designated standards and unsatisfactory products are discarded

33
Q

Quality Assurance

A

Is a business achieving a certified standard of quality in its production after an independent body assesses its operations system

34
Q

Total Quality Management

A

Is a holistic approach where all employees are committed to continuously improving a business’s operations system to enhance the quality for customers

35
Q

Quality Circles

A

Are small groups of employees who meet to discuss and create solutions to problems related to quality

36
Q

Waste Minimisation

A

Is process of reducing the amount of unused material, time or labour within a business

37
Q

Lean Management

A

Is process of systematically reducing waste in all areas of production while improving customer value

38
Q

One Piece Flow

A

Is a single product moving through all stages of production one at a time

39
Q

Reduce ( Waste Minimisation)

A

Decreasing the amount of products, labour or time discarded during production

40
Q

Reuse ( Waste Minimisation)

A

Making use of items which would have otherwise been discarded

41
Q

Recycle (Waste Minimisation)

A

Transform items which would have otherwise been discarded

42
Q

Takt

A

Is synchronising production steps to meet customer demands

43
Q

Zero Defects

A

Is preventing defects from occurring in the production process

44
Q

Wholesalers

A

Are businesses that store and distribute manufactured goods to retailers

45
Q

Retailers

A

Are businesses that purchase goods from a wholesaler and resell them to customers

46
Q

Supply Chain Management

A

Is the coordination of the flow of goods and services from raw materials to delivering final products to customers

47
Q

Global Sourcing of Inputs

A

Is acquiring raw materials or resources from overseas suppliers

48
Q

Overseas Manufacture

A

Is producing goods or services in a location outside of a business’s headquarters country.

49
Q

Global Outsourcing

A

Is transferring specific business activities to an external business in an overseas country

50
Q

Quotas

A

Are limitations on the number of a particular product that can be imported or exported into a country. Quotas are usually set by a country’s government.

51
Q

Tariffs

A

Are taxes that have to be paid to a government for particular imports and exports

52
Q

Corporate Social Responsibility

A

Is the ethical conduct of a business beyond legal obligations to improve the social, economic and environmental outcomes of stakeholders

53
Q

Environmental Sustainability

A

Is ensuring that natural resources are not permanently depleted or damaged

54
Q

CSR Considerations for Inputs

A

•Sourcing from local suppliers instead of overseas suppliers to reduce transport emissions.
• Sourcing from suppliers that use environmentally sustainable methods with regards to
natural resources.
• Implementing forecasting and just in time to reduce the risk of over ordering inputs
that may later be discarded.
• Purchasing energy efficient machinery to be used in production.
• Installing reusable and clean energy sources.

55
Q

CSR Considerations for Processes

A

• Using technology that performs processes in a precise and consistent manner to reduce
waste generated from errors.
• Developing methods to capture and recycle excess input materials to be reused
in production and place them back into the input element of the operations system.
• Implement just in time and lean management strategies to reduce unnecessary
materials waste.
• Removing harmful chemicals from waste products.
• Disposing of any harmful waste that cannot be treated safely.

56
Q

CSR Considerations for Outputs

A

• Developing an alternative product that is environmentally friendly.
• Creating products that have recyclable elements at the end of their lifecycle.
• Eliminating as much plastic as possible in the packaging and creation of the final product.
• Delivering products in bulk to retailers to reduce the business’s carbon emissions
from transportation.
• Offering customers incentives for returning the product at the end of its life cycle so
that it can be recycled properly.

Unit 3 & 4 VCE Business Management (5 decks)

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