X5.1 - Operations

Question 1

What are economies of Scale?

Answer 1

Lowering unit costs as production scales, crucial for profitability.

Question 2

How did Brexit Impact?

Answer 2

Regulatory burdens and informal tariffs have raised operational costs for UK manufacturers, challenging their competitiveness in the EU market.

Question 3

Goods vs. Services

Answer 3

Goods benefit from strategic inventory management, while services require accurate demand forecasting due to real-time delivery needs.

Question 4

Production Processes

Answer 4

Businesses must balance mass production efficiency with customization to suit market demands.

Question 5

what is Lean Production?

Answer 5

Adopting waste-reducing practices like Just-In-Time (JIT) and continuous quality checks (Jidoka) is critical for modern manufacturing.

Question 6

What is Kaizen?

Answer 6

A culture of incremental improvements fosters innovation and long-term operational success.

Question 7

What is Geographical Dispersion?

Answer 7

Service providers face logistical challenges that digitalization is mitigating, allowing broader market access