front 1 The output | back 1 of a business is the total amount produced in a given time period. |
front 2 Inventory | back 2 refers to the stocks held in a business, such as materials and semi-finished goods. |
front 3 Operations management | back 3 oversees the planning, coordination and control of the transformation process, turning resources (inputs) into outputs. |
front 4 Productivity | back 4 measures the output per hour, per person or per machine. |
front 5 Sustainable | back 5 activities are those that meet the needs of the business or of society without compromising on the ability to meet future needs. |
front 6 Capital-intensive | back 6 production means there is a high proportion of capital (for example, machinery) used relative to other factors of production. |
front 7 Labour-intensive | back 7 production means there is a relatively high proportion of labour (employees) used relative to other factors of production. |
front 8 The supply chain | back 8 refers to all the different stages involved in making, distributing and selling a good or service, beginning with the material through to the production of parts, through to the distribution and sale of the product. |
front 9 Supply chain management | back 9 involves managing the flow of goods and services, and includes the different processes that transform raw materials into final products. |
front 10 Lean production | back 10 is an approach that continually seeks to reduce any form of wastage in the production process. |
front 11 Capacity | back 11 measures the maximum amount of output a firm can produce at a given moment with its existing resources. |
front 12 Factors of production | back 12 are inputs into the transformational process of business, such as land, labour, capital and enterprise. |
front 13 Capacity utilisation | back 13 measures the existing output relative to the maximum possible output. |
front 14 Capacity under-utilisation | back 14 occurs when a business is producing less than the maximum amount it can produce, given its existing resources. |
front 15 Rationalisation | back 15 occurs when a business reduces the scale of its operations and reduces its capacity level. |
front 16 Subcontracting | back 16 occurs when one business employs another business to undertake some of the work. |
front 17 Outsourcing | back 17 occurs when the business uses other producers to undertake some of its operations. |