Improving operational performance

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Give an example of how to improve operational performance
Improving speed e.g. simultaneously, dependability e.g. starting and finishing at stated time, increased flexibility e.g. personalisation, made-to-order
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What are the 3 forms of inventory?
Inventory of supplies, inventory of work in progress, inventory of finished goods
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Why hold inventory?
To ensure that production can take place immediately and that customer orders can be fulfilled quickly
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Give 1 influence on the amount of inventory held
Amount of resources used, opportunity cots, inventory may go out of date if held too long
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The key elements of inventory control charts?
The buffer inventory, the lead time, the re-order level, re-order quantities
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How may problems with inventory control occur?
If supplies are delayed, if usage rate is faster than usual, if there is a failure to reorder inventory
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Give 2 examples of methods adopted to match supply to demand
Flexible workforce, waiting lists/queuing systems, outsourcing production to other businesses, increasing prices to reduce demand, producing to order, acceptance of production of other orders
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What is the supply chain?
When a business designs a product and suppliers produce parts of it
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Give 2 examples of decisions taken to manage the supply chain
What do produce yourself & buy from others, businesses to work with, how much direct involvement to have with suppliers, how many suppliers to work with, how centralised purchasing should be
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What does effective management of the supply chain ensure?
The right suppliers arrive on time, a fair price is paid for the items, products are produced in an acceptable way
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How the supply chain is managed will affect...
The extent to which suppliers meet the requirements, the costs of the business, the ability to be flexible to customer requirmements
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What is vertical integration?
The combination of two or more stages of production
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Give 1 influence on the choice of a supplier
Cost of materials and quality, dependability, ethical considerations
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What does CSR stand for?
Corporate social responsibility
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What is CSR?
The extent to which a business takes into account its stakeholder views and accepts its obligations to society over and above legal requirements
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Define outsourcing
When a business uses an outsider supplier
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Give 1 advantage to outsourcing
Enables the business to make use of specialist skills & services, it can increase the capacity of the business by getting some aspects of its provision provided by others
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Give 1 disadvantage to outsourcing
Business affected by work undertaken in terms of costs and quality of suppliers, may be held accountable for the actions of suppliers, will have to pay enough for the products for the supplier to make a profit
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Other cards in this set

Card 2

Front

What are the 3 forms of inventory?

Back

Inventory of supplies, inventory of work in progress, inventory of finished goods

Card 3

Front

Why hold inventory?

Back

Preview of the front of card 3

Card 4

Front

Give 1 influence on the amount of inventory held

Back

Preview of the front of card 4

Card 5

Front

The key elements of inventory control charts?

Back

Preview of the front of card 5
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