Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- Back
|
Operations |
The process involved in a business that transforms inputs (resources) into outputs (goods and services). |
|
|
Transformation |
Turning inputs into outputs |
|
|
Value Adding |
Extra value added into a transformed output |
|
|
Lean Production |
Aims to eliminate waste at every stage of production. It involves analysing each stage of production process, detecting where inefficiencies are and correcting them |
|
|
Cost Leadership |
Involves aiming to have the lowest costs or to be the most price-competitive in the market. |
|
|
Economies of Scale |
Refers to the cost advantages that can be created as a result of an increase in scale of business operations |
|
|
Good/service (product) differentiation |
Distinguishing products in some way using competitors |
|
|
Standardised |
Those that are mass produced, usually on an assembly line standardised goods are uniform in quality and meet a pre-determined level of quality. |
|
|
Customised |
Those that are varied according to the needs of customers |
|
|
Perishable Goods |
-High standards of quality, safety, cleanliness in all operating processes -Very short lead times and distribution that is quick and effective -Appropriate and robust packaging and cold storage processes both through production and distribution |
|
|
Non-perishable Goods |
-Manage all aspects of quality in the process, from sourcing through production and distribution -Implement effective inventory management strategies and be highly responsive to market demand in order to not over produce |
|
|
Intermediate Goods |
Goods being processed more than once, e.g. A manufacturer turns steel into tiny screws |
