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Business .k > UNIT 4 OPERATIONS - SETTING OP OBJECTIVES > Flashcards

UNIT 4 OPERATIONS - SETTING OP OBJECTIVES Flashcards

1
Q

What are operations responsible for

A

actual production of a g/s

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2
Q

operations invovles managing the process f transforming inputs into

A

outputs

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3
Q

important concept in transformation is

A

added value

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4
Q

whats added value

A

amount added to the value of a p/s

equal to teh difference between its cosst ad the amoiunt recieved wehn its sold

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5
Q

its not only operations that can add value how can mkting add valu

A

create greater nramd awarenss and a usp which will add val it erms of highe rselling price

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6
Q

what are teh 5 operatoinal objectives

A

reduced unit costs
environmental objectives
dependability
speed of repsonse and flexibility
quality targets

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7
Q

operational objectives have to fit wih the overall

A

corporate objectives

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8
Q

operational objectives must be

A

SMART

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9
Q

by being SMART operational objectives can be used to

A

evaluate and judge the overall performance of operations managment

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10
Q

reducing /costs refer to

3 thigns

A

unit costs
fixed cost
productvity and efficiency

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11
Q

why do we want to reduce costs

3 reasons

A

keeping em down means bs pass savigs onto consumers

increase profit margins (assuming keep price same)

can allow for higher dividends

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12
Q

increasing profits from reduced costs means we can do what 4 things

A

retain 4 emergency/sof

incentivise employees

increase output/capacity

invest into capital /labour for efficiceny

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13
Q

how can we reduce unit costs

A

greatwer capapcity utilisarion

imporved prodcutivity

better supplier terms

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14
Q

what does quality relate to

A

expectations of a p/s

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15
Q

what are the quality targets we can aim for

5

A

better products
greater reliability
lower wastage
lower returns
lower complaints

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16
Q

why do we want better quality

in terms of customer satisfactoin

A

higher customer satiscation

in teh long term leads to increased reputation for a product

which can increase brand loyalty
and you can reduce your PED which means can icnrease price and revenye

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17
Q

higher quality products measn you attract a certain calibre of custoemr - wahts the benefit

A

higher quality customers

who prepared to pay more for the beenftits

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18
Q

how can we improve quality

A

increasing quality control and assurance

19
Q

what is speed of repsonse

A

how quickly a busiess can fulfill orders and queries

20
Q

what is flexibility

A

speed you adapt to customers changing meeds

21
Q

give examples of speed of repsones

A

only a certain time you let customers be on hold

22
Q

what does flexiblity relate to - example wise

3 things

A

could be adpatation for existing products

how quick you can change output to deal with troughs and peaks ind demand

how quick you can change range/choice of products e.g if blue trends how quick can you make a product thats vogue for the time

23
Q

overall int erms of speed and flexiblity - businesses that act quick and efficient to customers needs beenfit from

A

increased sales and profit

24
Q

depenabiity means

A

do customers get what they want

25
Q

the more depednable you are as a busienss

A

the more popular if you are esp if better than comp

26
Q

what do environmental objectives mean

A

consideration for community they operate in

27
Q

nowadays cinsumrs are awa reof effect of enviro how does thi simpat bs

A

most follow CSR dicatcted by gov/consumers that deamdn it

28
Q

how does environmental obj save firms money

A

reduced waste and lowering of bills

29
Q

beng environmentally friendly creates and image for the bs as a

A

reputable brand consumers feel good aoubt getting behind/supporting

30
Q

in terms of quality how can it affect my rpoduct portfolio

A

if one product percieved as bad quality youre whole portfolio could be tainted meaning have to lwoer cost to stir up demand

and greater marketing efforts - may put pressure on costs as if not getting sales how are you gona pay ? - may have to take SOF out

31
Q

what may our environemntla obj be

A

minimising packaging
minimising waste
sustainability
pollution control

32
Q

what are the internal influences

A

marekting
hr
finance
corp obj

33
Q

exlain how mkting affect op obj

2 points

A

nature of product or service : whats expected/main selling point

this wukk affect what op obj is most importnt

e.g rolls royce premium luxury - quality obj is most important

if regualr changes to mkting mix esespech product - may put starin on operations if relativley inflexible

34
Q

explain how HR affect op onj

A

quality and capacity of workforce determine quality and ouptut of operaion

goals relating to productivity affected by investment in trainng

skills of workforce determine

35
Q

explain how finance affcets op obj

A

operational obj involves investmetn adn costs

so finacial state of business directly affects choies available/op descison making

e.g if wanna invest in new production tech to increase higher quality cant do that w/o finacne

36
Q

how does corp obj affect operations

A

op obj have to align

e.g if corp obj is to icnrease quality cant fo lower unit costs

means some obj cant be a thinf

37
Q

what are the external influences

A

competitiors
economic enviro
tech change
legal/enviro change

38
Q

how does legal / enviro change afffect op

A

regulation and legislation of enviro place challenges on op obj

may have to focus on higher quality goods or profucing in ways that minimise impact on enviro

health and safety

39
Q

how does econmic enviro affect op obbj

A

op dpt needs ot be preapred for and repsond to changes in economy as demand wil fluctuagte according to stages of econ cycle

40
Q

explain how technological influences impact op obj 2 ways

A

impacted operation in production and way consumers purchase g/s

41
Q

explain how op obj have been influence dby tech influences

A

CAD and CAM has resulted in speedier innovation and better quality ( more capacity utilissation and efficiency)

42
Q

explain how op obj have been influencd in terms of way customers purchase good and serices

A

use of comparison and review sites means consumers more aware and demanding in terms of price quality and customer service (increase quality and dependability)

43
Q

explain how competitive influence sinfleunce operational descision making

A

mkts become more comp at home and overseas

so more pressure on bs in terms of costs , quality and price

theres greater wawreness among vonsumers so increasing presure on op to take its part in maintianign consuemr loylaty

Business .k (22 decks)

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