Theme 2.4 Key Word Cards

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Resource Management
Requires planning and control at every stage in the supply chain, from purchasing to customer delivery.
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Enterprise Resource Planning (ERP)
Planning that logs all of a firm's costs, working methods and resources (machinery, labour, stocks of materials) within a piece of software; this provides a model of the business that can be used to answer questions.
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Supply Chain
The whole path from supplies of raw materials through production and storage onto customer delivery.
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Production
Measures the quantity of output.
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Productivity
A measure of efficiency, calculated by dividing output by the inputs per time period.
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Barrier to Entry
Factors that make it hard for new firms to break into an existing market.
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Gross Domestic Product (GDP)
The value of all the goods and services produced in a country in a year.
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Job Enrichment
Giving people the opportunity to use their ability (Professor Herzberg's definition)
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Lean Production
Focusing on minimising wastage of resources throughout the supply process, e.g. minimum stock levels and minimum wastage through poor quality.
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Capacity Utilisation
Measures the firm's output level as a percentage of the firm's maximum output level.
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Downtime
Any period when machinery is not being used in production; some downtime is necessary for maintenance, but too much may suggest incompetence.
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Excess Capacity
When there is more capacity that justified by current demand.
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Rationalisation
Reorganising in order to increase efficiency. This often implies cutting capacity to increase the percentage utilisation.
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Subcontracting
Where another business is used to perform or supply certain aspects of a firm's operations.
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Stock Control
Few businesses can match supply to minute-by-minute demand, most need stock control
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Buffer Stock
The desired minimum stock level held by a firm in case something goes wrong.
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Competitive Advantage
A feature that gives one business an edge over its rivals.
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Competitiveness
The extent to which a firm can stand up to - or beat - its rivals.
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Opportunity Cost
The cost of missing out on the next best alternative when making a decision or when committing resources.
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Stockholding Cost
The overheads resulting from the stock levels held by a firm.
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Quality
Providing what the customer wants at the right time, to the right standard of product and service, and therefore yielding high customer satisfaction.
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Right First Time
Avoiding mistakes and therefore achieving high quality with no wastage of time or materials.
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Trade-Off
Accepting less of one thing to achieve more of another (e.g. slightly lower quality in exchange for cheapness).
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Zero Defect
Eliminating quality defects by getting things right first time.
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Other cards in this set

Card 2

Front

Planning that logs all of a firm's costs, working methods and resources (machinery, labour, stocks of materials) within a piece of software; this provides a model of the business that can be used to answer questions.

Back

Enterprise Resource Planning (ERP)

Card 3

Front

The whole path from supplies of raw materials through production and storage onto customer delivery.

Back

Preview of the back of card 3

Card 4

Front

Measures the quantity of output.

Back

Preview of the back of card 4

Card 5

Front

A measure of efficiency, calculated by dividing output by the inputs per time period.

Back

Preview of the back of card 5
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