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30 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Name the four options for job production |
Job, Batch, Mass and Sub-Contract |
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Characteristics of Job Production |
Single product, usually customized, high skilled, high skilled and small enterprise |
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Advantages of Job production |
Customize to meet needs of customer and High staff morale because there always making something new |
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Disadvantages of Job Production |
High skilled workers are hard to find and there's a large downtime where nothing's being done |
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Characteristics of Batch production |
Limited number of identical goods, each stage of production completed for all items before moving on |
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Advantages of Batch Production |
Greater efficiency and reduces waste than job production |
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Disadvantages of Batch Production |
Better management and planning skills needed |
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Characteristics of Mass Production |
Continuous production of large scale identical goods, Highly automated, Large companies producing for large market |
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Advantages of Mass Production |
Lower costs: Unskilled workers, Longer production runs |
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Disadvantages of Mass Production |
High set up costs for expensive machinery, Breakdowns on the line slow everything down, low staff morale |
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Define Sub-contracting |
Finding a supplier to manufacture part or all of the product for you |
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Legal structures available to entrepreneurs |
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What is the CRO |
The Companies Registration Office |
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What does the CRO do? |
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What is a Sole Trader |
They own and manage their business |
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Advantages of a Sole Trader modle |
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Disadvantages of being a Sole Trader |
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Requirements of a Partnership |
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Formation of a Partnership |
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Advantages of a Partnership |
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Disadvantages of a Partnership |
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Requirements of of a Private Limited Company |
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Formation of a Private Limited Company |
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Define Shareholders |
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Define AGM |
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Define EGM |
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Define Board of Directors |
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Define Company Chairperson |
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Define Company Secretary |
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Define Company Auditor |
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