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IB Business Management HL 2016+ > Unit 5 - Operations Management > Flashcards

Unit 5 - Operations Management Flashcards

1
Q

batch production

A

producing a set of identical products

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2
Q

benchmarking HL

A

process of identifying best practice in an industry, in relation to products, processes and operations; it sets the standards for firms to emulate

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3
Q

capacity utilisation HL

A

measures the existing level of output of a firm as a proportion of its potential output

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4
Q

capital intensive

A

production relies heavily on machinery and equipment

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5
Q

cell production

A

production where workers are organised in independent cells with multi-skilled team members

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6
Q

cost-benefit analysis HL

A

tool that compares the financial costs of a decision with the quantitative benefits of that decision

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7
Q

infrastructure

A

transportation, communication and support networks in certain areas

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8
Q

innovation HL

A

commercial development, use and exploitation of an invention or creative idea that appeals to customers

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9
Q

ISO 9000 HL

A

most widely recognised standard for quality management

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10
Q

job production

A

production of a unique or one-off job

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11
Q

just-in-case JIC HL

A

traditional stock management system that maintains buffer stocks (reserve stock) in case there are any emergencies (such as delayed delivery of stocks) or supply and demand fluctuations

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12
Q

just-in-time JIT HL

A

stock control system whereby materials and components are scheduled to arrive precisely when they are needed in the production process

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13
Q

Kaizen HL

A

approach in the workplace where small groups of employees (Kaizen groups) are constantly trying to find ways to improve work processes and tasks

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14
Q

lead time HL

A

duration between placing an order and receiving it

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15
Q

lean production HL

A

approach used to eliminate waste in an organisation

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16
Q

location

A

geographical position of a business

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17
Q

make-or-buy decision HL

A

firm has to decide between manufacturing a product or buying it from a supplier

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18
Q

mass production

A

large-scale manufacturing of a standardised product

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19
Q

maximum stock level HL

A

upper limit of stock determined by physical storage and level of demand for output

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20
Q

minimum stock level HL

A

lowest amount of stock determined by precautionary measures

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21
Q

optimum stock level HL

A

ensures that there are suffcient stocks for uninterrupted production, but also minimises stock costs

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22
Q

process innovation HL

A

changes in the way production takes place in order to improve the method of production, e.g. using new technologies

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23
Q

product innovation HL

A

new creations or the radical development of existing products, e.g. improved functionality of product

24
Q

production process

A

turning factor inputs into outputs by adding value in a cost-effective way

25
Q

productivity HL

A

measures the level of labour and/or capital efficiency of a business by comparing its level of inputs with the level of its outputs

26
Q

quality HL

A

goods or services must be fit for its purpose by meeting or exceeding the expectations of the customer

27
Q

quality assurance HL

A

methods used by a business to reassure customers about the quality of its products by meeting certain quality standards

28
Q

research and development R&D HL

A

technological and scientific research that helps to generate a flow of new ideas and processes

29
Q

specialisation

A

division of a large task or project into smaller tasks that allow individuals to concentrate on an area of expertise

30
Q

standardisation

A

producing an identical or homogenous product in large quantities, e.g. newspaper

31
Q

adaptive creativity HL

A

innovation that adjusts or develops something that already exists

32
Q

Andon HL

A

lean production method that uses visual control systems to indicate the status of an aspect of the production process

33
Q

contingency planning HL

A

developing a plan before an unwanted or unlikely event occurs by using „what if” questions to identify possible threats e.g. evacuation plan in case of a fire in the workplace

34
Q

cradle2cradle HL

A

model of production that seeks to create production techniques that are essentially waste-free and truly sustainable e.g. through recycling or reuse

35
Q

creativity HL

A

process of generating new ideas, often resulting from divergent thinking

36
Q

crisis HL

A

situation of instability that results in major problems for a business

37
Q

crisis management HL

A

handling and resolving an event that can cause serious damage to a business

38
Q

ecological sustainability

A

capacity of ecosystems to maintain their functions and retain their biodiversity

39
Q

economic sustainability

A

using assets of a business efficiently to allow it to continue functioning profitability over time

40
Q

flow production

A

form of mass production where different operations are continuously carried out in sequence

41
Q

innovative creativity HL

A

innovation that creates something that is new

42
Q

Kanban HL

A

method of lean production used to ensure that inventory is based on actual customer orders using a card system with an inventory number attached to each component in the production process

43
Q

labour intensive

A

production relies heavily on labour

44
Q

operations management

A

(production) concerned with providing the right goods and services in right quantities and at the right quality level in a cost-effective and timely manner

45
Q

paradigm innovation HL

A

radical changes of the nature of certain markets and cultures, e.g. e-commerce revolution

46
Q

positioning innovation HL

A

changes in the context of a product; it focuses on repositioning the perception of an established product by the use of appropriate innovation strategies, e.g. Levi Strauss jeans originally designed for workers, but repositioned as fashionable casual wear

47
Q

productive capacity HL

A

firm’s maximum (potential) output if all its resources are used fully and efficiently

48
Q

quality circle HL

A

groups of workers that meet on a regular basis to identify problems related to quality assurance and to consider alternative solutions to the identified problems

49
Q

quality control HL

A

traditional way of quality management and involves checking and reviewing work processes

50
Q

quality management HL

A

controlling business activities to ensure that products meet quality standards

51
Q

re-order level HL

A

when stock falls to that level, the next order is placed

52
Q

re-order quantity HL

A

amount of new stock ordered

53
Q

social sustainability

A

ability of a community to develop processes and structures that support the ability of future generations to maintain a healthy community

54
Q

stock-out HL

A

business doesn’t hold enough stock to meet orders for production

55
Q

stockpiling HL

A

business holds too much stock

56
Q

supply chain HL

A

sequence of activities from the production of the good or service to it being delivered to the end customer

57
Q

usage rate HL

A

speed at which stocks are depleted

IB Business Management HL 2016+ (5 decks)

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