Nature of Operations

4AS.1

Operation management used to be known as -
production management
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keeping costs as low as possible
efficiency
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need to adapt to new processes, new products or new consumer preferences
flexibility
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Difference between cost of purchasing raw materials and cost of final products for what it is sold for
Added value
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1 of three factors that determine degree of value added
promotional strategy
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All business requires this, manual or intellectual
labour
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converting inputs into outputs
production
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number of units produced during a time period
level of production
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the ratio of outputs to inputs during production
productivity
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number of units per worker
labour productivity
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labour cost per unit can be calculated by : ** divide by labour productivity
annual pay
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producing ouputs at the highest ratio of input to output
efficiency
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meeting the objectives of the enterprise by using inpus productively to meet coustomer' needs
effectiveness
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involving a high level of labour input with capital equipment
labour intensive
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involving a high quantity of capital equipment compared with labour input
capital intensive
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Other cards in this set

Card 2

Front

keeping costs as low as possible

Back

efficiency

Card 3

Front

need to adapt to new processes, new products or new consumer preferences

Back

Preview of the front of card 3

Card 4

Front

Difference between cost of purchasing raw materials and cost of final products for what it is sold for

Back

Preview of the front of card 4

Card 5

Front

1 of three factors that determine degree of value added

Back

Preview of the front of card 5
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