Brainscape's Knowledge GenomeTM

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


See full index

AS BUSINESS > UNIT 4 - Operations & project management > Flashcards

UNIT 4 - Operations & project management Flashcards

1
Q

Chapter 22 - the nature of operations

Intellectual capital

A

Intangible capital of a business that includes human capital (well trainded and knowledgeable employees), structural capital (databass info systems) and relational capital (links with suppliers & customers)

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

Chapter 22 - the nature of operations

Production

A

Converting inputs into outputs

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

Chapter 22 - the nature of operations

Level of production

A

Number of units produced during a time period

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

Chapter 22 - the nature of operations

Productivity

A

Ratio of outputs to inputs during production

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

Chapter 22 - the nature of operations

4 ways that productivity levels can be increased

A
  • Improve training of staff to increase skill level
  • improve worker motivation
  • purchase fancier equipment
  • More efficient management
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Chapter 22 - the nature of operations

Efficiency

A

Producing output at the highest ratio of output to input

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

Chapter 22 - the nature of operations

Effectiveness

A

Meeting the objectives of the enterprise by using inputs productively to meet customers’ needs

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

Chapter 22 - the nature of operations

Labour intensive

A

Involving a high level of labour input compared with capital equipment

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

Chapter 22 - the nature of operations

Capital intensive

A

Involving a high quantity of capital equipment compared with labour input

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

Chapter 22 - the nature of operations

Inputs

A
  • capital (+ enterprise)
  • land
  • labour
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Chapter 23 - Operations planning

Operations planning

A

Preparing input resources to supply products to meet expected demand

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

Chapter 23 - Operations planning

CAD

A

Computer-aided-design: The use of computer programs to create 2D or 3D graphical representations of physical objects

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

Chapter 23 - Operations planning

CAM

A

Computer-aided-manufacturing: The use of computer software to control machine tools and related machinery in the manufacturing of components or complete products

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

Chapter 23 - Operations planning

Operational flexibility

A

The ability of a business to vary both the level of production, and the range of products following changes in customer demand

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

Chapter 23 - Operations planning

Process innovation

A

The use of a new or much improved production method or service delivery method

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

Chapter 23 - Operations planning

Job production

A

Producing a one-off item specially designed for the customer

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

Chapter 23 - Operations planning

Batch production

A

Producing a limited number of identical products - each item in the batch passes through one stage of production before passing onto the next stage

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

Chapter 23 - Operations planning

Flow production

A

Producing items in a continually moving process

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

Chapter 23 - Operations planning

Mass customisation

A

The use of flexible computer-aided production systems to produce items to meet individual customers’ requirements at mass-production cost levels

20
Q

Chapter 23 - Operations planning

Considerations in choosing the right method of production (4)

A
  • capital available
  • Size of the market
  • Demad of the market
  • Availability of resources
21
Q

Chapter 23 - Operations planning

Optimal location

A

A business location that gives the best combination of qualitative and quantitative factors

22
Q

Chapter 23 - Operations planning

Quantitative factors

A

Measureable in financial terms and will have a direct impact on either costs of the site or revenue from it and its profitability

23
Q

Chapter 23 - Operations planning

Quantitative factors of location decisions (4)

A
  • labour costs
  • transport costs
  • sales revenue potential
  • government grants
24
Q

Chapter 23 - Operations planning

Qualitative factors

A

non-measurable factors that may influence business decisions

25
Q

Chapter 23 - Operations planning

Qualitative factors of location decisions (6)

A
  • safety
  • room for expansion
  • managers’ preferences
  • ethics
  • environmnetal
  • infrastructure
26
Q

Chapter 23 - Operations planning

Multi-site location

A

A business that operates from more than one location

27
Q

Chapter 23 - Operations planning

Offshoring

A

The relocation of a business process done in one country to the same or another company in another country

28
Q

Chapter 23 - Operations planning

Multinational

A

A business with operations or production bases in more than one country

29
Q

Chapter 23 - Operations planning

Trade barriers

A

Taxes or other limitations on the free international movement of goods & services

30
Q

Chapter 23 - Operations planning

scale of operation

A

The max output that can be achieved using the available inputs - this scale can only be increased in the long term by employing more of all inputs

31
Q

Chapter 23 - Operations planning

Economies of scale

A

Reductions in a firm’s average costs of sales that result from an increase in scale of operations

32
Q

Chapter 23 - Operations planning

dis-economies of scale

A

average cots of sales increase with scale of operation

33
Q

Chapter 23 - Operations planning

Enterprise resource planning

A

The use of single computer application to plan the purchase and use of resources in an organisation to improve efficiency of operations

34
Q

Chapter 23 - Operations planning

Supply chain

A

all of the stages in the production process from obtaining raw materials to selling to the customer

35
Q

Chapter 23 - Operations planning

Supply Chain M_____

A

management

36
Q

Chapter 23 - Operations planning

Sustainability

A

Production systems that prevent waste by using using the minimum non-renewable resources so that levels of production can be sustained in the future

37
Q

Chapter 24 - Inventory management

Inventory (stock)

A

materials and goods required to allow for the production and supply of products to the customer

38
Q

Chapter 24 - Inventory management

3 inventory forms

A
  • raw materials
  • Work-in-progress
  • finished goods
39
Q

Chapter 24 - Inventory management

costs of holding inventory

A
  • wastage
  • storage costs
  • opportunity cost
40
Q

Chapter 24 - Inventory management

Costs of not holding enough inventory

A
  • loss of sales
  • idle production
  • small order quantities
41
Q

Chapter 24 - Inventory management

economic order quantity

A

The optimum or least-cost quantity of stock to re-order taking into account delivery costs and stock-holding costs

42
Q

Chapter 24 - Inventory management

Buffer inventories

A

The minimum inventory level that should be held to ensure that production could still take place should a delay in delivery occur, or production rates increase

43
Q

Chapter 24 - Inventory management

Re-order quantity

A

number of units ordered each time

44
Q

Chapter 24 - Inventory management

Lead-time

A

normal time taken between ordering new stocks and their delivery

45
Q

Chapter 24 - Inventory management

just-in-time

A

inventory control method aims to avoid holding inventories by requiring supplies to arrive just as they are needed in production and completed products are produced to order

46
Q

Chapter 24 - Inventory management

Requirements for JIT

A
  • excellent relationship with suppliers
  • flexible staff + multi-skilled
  • flexible machinery
  • Accurate demand forecasting
  • quality ensured thorughout
  • healthy workplace

AS BUSINESS (6 decks)

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