AS Unit 4 Operations and Project Management

Helpfulness: 0
Set Details Share
created 2 months ago by Eddie_Bradley
4 views
AS
updated 4 weeks ago by Eddie_Bradley
show moreless
Page to share:
Embed this setcancel
COPY
code changes based on your size selection
Size:
X
Show:
1

Average costs

Cost of producing a single unit of output

2

Break even

The level of output where sales revenue is the same as total costs, neither a profit or loss is made

3

Diseconomies of scale

Factors that result in average price of production increasing as output increases

4

Economies of scale

Factors that result in average price of production decreasing as output increases

5

Fixed costs

Costs that don't change with output

6

Margin of safety

Difference between the current level of output and break even point

7

Quality assurance

Achieving quality production by designing every process to get the product 'right first time' and preventing mistakes

8

Quality control

Checking quality through inspection at the end of the production process

9

Total Costs

Fixed costs plus variable costs

10

Variable costs

Costs that change with output

11

Production

The process of converting inputs like (raw materials and components) into finished products

12

Productivity

Measure of efficiency by caluclated by dividing output by input

13

Efficiency

Making the best possible use of resources. Maximising outputs from inputs.

14

Inventory

Stock of work in progress, raw materials, and finished products held by a business

15

Lean Production

Production of goods and servies with maximum efficiency and minimum waste

16

Kaizen

( 'continuous improvement') constantly introducing small changes in a business in order to improve quality and/or efficiency.

17

Just in time (inventory management)

is an inventory management method where supplies arrive exactly when needed in the production process

18

Job production

Producing a unique product, one at a time.

19

Batch production

Producing goods in batches where all products must pass through one stage of production before moving onto the next

20

Flow production

Constantly producing large quantities of identical goods

21

Transformation Process

activity or group of activities that takes one or more inputs, transforms and adds value to them, and provides outputs for customers or clients.

22

Effectiveness

achieving business objectives by using inputs productively to meet customers’ needs.

23

Value Added

Value-added is the difference between the price of product or service and the cost of producing it.

24

Capital Intensive

High quantity of capital input compared to labour input

25

Labour intensive

High quantity of labour input compared to capital input

26

Process Innovation

is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software

27

Internal Economies of scale

Economies of scale achieved within an organisation

28

Reorder Level

Inventory level at which a company would place a new order

29

Lead Time

Time taken between placing an order and receving delivery.

30

Buffer Inventory

supply of inputs held as a reserve in case of unexpected changes in demand or supply.

31

External Economies of scale

Economies of scale achieved outside the firm due to larger changes with an industry