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HSC Business Topic 1
OPERATIONS
82
Business
12th Grade
03/11/2013

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Term
Does operations have a long-term or short-term goal?
Definition
Both
Term
How can a business differentiate a service?
Definition
1. Time spent with customer
2. Level of expertise
3. Quality of inputs used
Term
How can business differentiate a good?
Definition
1.Change features of the good
2. Better quality
3. Augmented features
Term
How does environmental sustainability affect operations management?
Definition
waste minimisation, recycling, reducing carbon footprint, conserve resources
Term
How does globalisation affect operations?
Definition
Resources, production and distribution can be located anywhere in the world
Term
How is customer a transformed resource?
Definition
If their well being is improved then they are 'transformed'
Term
Name 2 ways of achieving economies of scale
Definition
1. Buying resources in bulk lowers the per unit cost
2. Large scale machinery greatly increases output
Term
Name 3 influences on operations management
Definition
choose from= globalisation, technology, quality expectations, cost-based competition, governments, regulations, environmental sustainability
Term
Name 6 performance objectives
Definition
Quality, speed, dependability, flexibility, customisation, cost
Term
Name the 3 transformed resources.
Definition
Materials, information, customers
Term
Name the 4 key business functions
Definition
Operations, marketing, finance, human resource management
Term
What are augmented features?
Definition
Add-ons to a good to differentiate it from competitors
Term
What are compliance costs?
Definition
Expenses related to meeting legal requirements
Term
What are customised goods?
Definition
Those varied according to the customer's needs
Term
What are fixed costs?
Definition
Those that do not change regardless of the level of output
Term
What are intermediate goods?
Definition
Goods used in the manufacture of other products
Term
What are key performance indicators?
Definition
Specific measurable criteria to judge business performance
Term
What are performance objectives?
Definition
goals related to the transformation process
Term
What are standardised goods?
Definition
Massed produced, usually on an assembly line
Term
What are the 4 Vs of operations
Definition
Volume, variety, variation (in demand), visibility
Term
What are the 4 key business functions?
Definition
Operations, marketing, finance, human resources
Term
What are the 4 most common inputs?
Definition
labour, energy, raw materials, technology
Term
What are variable costs?
Definition
Those that vary with the level of output
Term
What is 'economies of scale'?
Definition
Reducing the cost per item of output by producing in large volumes
Term
What is 'lead time'?
Definition
The time it takes for an order to be filled from the moment it is made
Term
What is 'variation in demand'?
Definition
How much the level of demand changes over time
Term
What is 'variety'?
Definition
How many different products are produced
Term
What is 'visibility'?
Definition
How much the operation process is experienced by the customer
Term
What is 'volume'?
Definition
How much of a product is made
Term
What is a Gantt chart?
Definition
A chart that shows the activities that need to be performed, and their scheduling
Term
What is a cost leader?
Definition
One with the least amount of inputs for the amount of output
Term
What is a good?
Definition
A tangible product
Term
What is a service?
Definition
Something someone does for you
Term
What is a warranty?
Definition
A promise by a business to correct any defects
Term
What is computer aided design?
Definition
Using a computer to help design a product
Term
What is computer aided manufacturing
Definition
Software that controls the manufacturing process
Term
What is control?
Definition
Taking corrective action when actual performance does not equal planned performance
Term
What is corporate social responsibility?
Definition
Open and accountable business actions based on respect for community and society
Term
What is cost as a performance objective?
Definition
Minimising expenses in the operations process
Term
What is cost based competition?
Definition
Developing strategies to create a cost advantage over competitors
Term
What is critical path analysis?
Definition
A scheduling method that shows the shortest time necessary to complete a task
Term
What is customer relationship management?
Definition
The systems used by a business to maintain customer contact
Term
What is customer service?
Definition
How well a business meets or exceeds customer expectations
Term
What is customisation?
Definition
Creating individualised products to meet specific needs of customers
Term
What is dependability?
Definition
How consistent or reliable a business products are
Term
What is ethical responsibility?
Definition
Going beyond obeying the law to include social, community and environmental concerns
Term
What is flexability?
Definition
How quickly the operation process can adjust to changes
Term
What is global sourcing?
Definition
Businesses purchasing supplies from all around the world
Term
What is globalisation?
Definition
The removal of barriers to trade between countries
Term
What is improvement?
Definition
Making the product better by removing inefficiencies in operations
Term
What is involved in cost leadership?
Definition
Having the lowest costs, or being the most price competitive in the market
Term
What is lean production?
Definition
The aim of eliminating waste at every stage of production
Term
What is logistics
Definition
Managing the flow of goods from supply to consumption
Term
What is meant by "interdependence of key business functions"?
Definition
The 4 key business functions depend on each other to achieve the goals of the business
Term
What is meant by environmental sustainability?
Definition
The operations manager should ensure operations conserve resources e.g. use renewable resources, recycle
Term
What is meant by legal compliance?
Definition
Obeying all the appropriate laws
Term
What is meant by operations are customer focused?
Definition
Every part of operations is is directed to satisfying customer wants
Term
What is meant by the "strategic role of operations management"?
Definition
Operations management contributes towards the strategic plan of the business
Term
What is meant by transformation?
Definition
The conversion of inputs (resources) into outputs (products)
Term
What is monitoring?
Definition
Measuring actual performance against planned performance
Term
What is offshore outsourcing?
Definition
Outsourcing operations to other countries
Term
What is onshore outsourcing?
Definition
Moving operations to other domestic producers
Term
What is operations management?
Definition
Organising the process that transforms inputs into outputs
Term
What is outsourcing?
Definition
The use of outside specialists to produce one or more key business functions
Term
What is plant layout?
Definition
The arrangement of equipment in a factory or office
Term
What is product differentiation?
Definition
Making ones product different to that of others e.g. different appearance
Term
What is product differentiation?
Definition
When a business distinguishes its product from its competitors in the eyes of consumers
Term
What is product layout?
Definition
The arrangement of equipment related to the sequence of tasks to be performed
Term
What is quality?
Definition
The standard of the product
Term
What is scheduling?
Definition
WHEN and how long tasks need to done in the operation process
Term
What is sequencing?
Definition
The ORDER in which tasks need to be done in the operation process
Term
What is speed?
Definition
The time it takes to perform operations tasks
Term
What is supplier rationalisation?
Definition
Reducing the number of suppliers
Term
What is supply chain management?
Definition
Managing the flow of resources from a variety of suppliers, transforming them to produce outputs
Term
What is task design?
Definition
Organising operations so that staff can competently perform their tasks
Term
What is the difference between legal compliance and ethical responsibility?
Definition
Ethical responsibility means going beyond the legal minimum
Term
What is the impact of technology on operations?
Definition
Need to introduce new equipment and retrain staff
Term
What is the supply chain?
Definition
The sequence of activities and organisation involved in producing a product
Term
What is value adding?
Definition
Adding value to the inputs by transforming them into outputs
Term
Which levels of government deals with zoning?
Definition
Local and state
Term
Why do businesses outsource operations?
Definition
To reduce costs - gain competitive advantage
Term
What are performance objectives?
Definition
Goals related to the transformation process
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