the difference between the cost of purchasing raw materials and the price the finished good are sold for- same as creating value.
2 of 40
Intellectual capital
intangible capital of a business that includes human capital (well trained employees), structural capital (databases, information systems) and relational capital (good links with suppliers & customers)
3 of 40
Production
converting inputs into outputs.
4 of 40
Level of production
the Nº of units produced during a time period
5 of 40
Productivity
ratio of outputs to inputs during production, eg:output per worker per time period
6 of 40
Efficiency
producing output at the highest ratio of output to input
7 of 40
Effectiveness
meeting the objectives of the enterprise by using inputs productively to meet customer's needs
8 of 40
Labour intensive
involving a high level of labour input compared with capital equipment
9 of 40
Capital intensive
involving a high quantity of capital equipment compared with labour input
10 of 40
OPERATIONS PLANNING
-
11 of 40
Operations planning
preparing input resources to supply products to meet expected demand
12 of 40
CAD-computer aided design
the use of computer programs to create 2D or 3D graphical representations of physical objects
13 of 40
CAM- computer aided manufacturing
use of computer software to control machine tools and related machinery in the manufacturing of components or complete products
14 of 40
Operational flexibility
the ability of a business to vary both level of production and the range of products following changes in customer demand
15 of 40
Process inovation
the use of a new or much improved production method or service delivery method
16 of 40
Job production
producing a one-off item specially designed for the customer
17 of 40
Batch production
producing a limited number of identical products, each item in the batch passes through one stage of production before passing on to the next stage
18 of 40
Flow production
producing items in a continually moving process
19 of 40
Mass customisation
use of flexible computer aided production system to produce items to meet individual customer's requirements at mass-production cost levels
20 of 40
Optimal location
a business location that gives the best combination of quantitative and qualitative factors
21 of 40
Quantitative factors
measurable in financial terms and have a direct impact on either the costs of site or the revenue from it and its profitability
22 of 40
Qualitative factors
non-measurable factors that may influence business decisions.
23 of 40
Multi-site location
a business that operates from more that one location
24 of 40
Offshoring
the relocation of a business process done in one country to the same company in another country
25 of 40
Multinational
a business with operations or production bases in more than one country
26 of 40
Trade barriers
taxes (tarrifs) or other limitations on the free international movement of goods and services
27 of 40
Scale of operation
the maximum output that can be achieved using the available inputs (resources), this scale can only be increased in the long-term by employing more of all inputs
28 of 40
Economies of scale
reductions in a firm's unit (average) cost of production that result from an increase in the scale of operations
29 of 40
Diseconomies of scale
factors that cause average costs of production to rise when the scale of operations is increased
30 of 40
Enterpirse resource planning
use of a single computer application to plan the purchase and use of resources in an organisation to improve the efficiency of operations
31 of 40
Supply chain
all of the stages in the production process from obtaining raw materials to selling to the consumer-from point of origin to point of consumption
32 of 40
Sustainability
production systems that prevent waste by using the minimum of non-renewable resources so that the levels of production can be sustained in the future
33 of 40
INVENTORY MANAGEMENT
-
34 of 40
Inventory (stock)
materials and goods required to allow for the production and supply of products to the customer
35 of 40
Economic order quantity
the optimum or least cost quantity of stock to re-order taking into account delivery costs and stock-holding costs
36 of 40
Buffer inventories
the minimum inventory level that should be held to ensure that production could still take place should a delay in delivery occur or should production rates increase
37 of 40
Re-order quantity
the number of units ordered each time
38 of 40
Lead time
the normal time taken between ordering new stocks and their delivery
39 of 40
Just-in-time JIT
inventory control method that aims to avoid holding inventories by requiring supplies to arrive just as they are needed in production and completed products are produced to order
40 of 40
Other cards in this set
Card 2
Front
Added value
Back
the difference between the cost of purchasing raw materials and the price the finished good are sold for- same as creating value.
Comments
No comments have yet been made