Operations Management $100 Production Method Cost and Revenue Quality Assurance Location Production...

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Operations Management Operations Management $100 Production Method Cost and Revenue Quality Assurance Location Production Planning $200 $300 $400 $500 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100

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Transcript of Operations Management $100 Production Method Cost and Revenue Quality Assurance Location Production...

Page 1: Operations Management $100 Production Method Cost and Revenue Quality Assurance Location Production Planning $200 $300 $400 $500 $400 $300 $200 $100 $500.

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Production Method - $100Production Method - $100

Producing a one-off item specifically Producing a one-off item specifically designed for the customer.designed for the customer.

What is Job ProductionWhat is Job Production

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Production Method - $200Production Method - $200

These cons match with which method: These cons match with which method: high-set up costs, boring repetitive tasks, high-set up costs, boring repetitive tasks, demotivating for employees.demotivating for employees.

What is Mass ProductionWhat is Mass Production

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Production Method - $300Production Method - $300

Labor and machines must be flexible to Labor and machines must be flexible to switch to making groups of other designsswitch to making groups of other designs

What is Batch Production. What is Batch Production.

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Production Method - $400Production Method - $400

Just-in-time stock management is most Just-in-time stock management is most efficient in which production method.efficient in which production method.

What is Mass Production. What is Mass Production.

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Production Method - $500Production Method - $500 Considerations for switching from which production Considerations for switching from which production

method to another: method to another: – Cost of equipment to handle a large volume of productionCost of equipment to handle a large volume of production– Low motivation and boredom could occur Low motivation and boredom could occur – Accurate sales forecasting to match demand with outputAccurate sales forecasting to match demand with output

What is switching from Job or Batch to What is switching from Job or Batch to Mass Production Mass Production

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Cost and Revenue - $100Cost and Revenue - $100

Define and provide an example for semi-Define and provide an example for semi-variable costs variable costs

Semi-variable costs include both fixed and Semi-variable costs include both fixed and variable costs. variable costs. – Ex: account charge for electricity plus the Ex: account charge for electricity plus the

electricity used. electricity used.

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Cost and Revenue - $200Cost and Revenue - $200

Revenue is all incoming money from sales Revenue is all incoming money from sales of product. of product.

Profit is money after break-even point is Profit is money after break-even point is reached. reached.

What is the difference between revenue What is the difference between revenue and profit? and profit?

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Cost and Revenue - $300Cost and Revenue - $300

The additional variable cost of producing The additional variable cost of producing one more unit. one more unit.

What is marginal cost. What is marginal cost.

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Cost and Revenue - $400Cost and Revenue - $400

State the difference between contribution State the difference between contribution and profit. and profit.

Contribution is what a product “contributes” Contribution is what a product “contributes” towards fixed costs, and once these are paid, towards fixed costs, and once these are paid, towards the profits of the business. towards the profits of the business.

Profit is money after the beak-even point is Profit is money after the beak-even point is reached. reached.

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Cost and Revenue - $500Cost and Revenue - $500

What four groups are indirect costs What four groups are indirect costs classified into?classified into?

Production overheadsProduction overheads Selling and distribution overheads Selling and distribution overheads Administration overheadsAdministration overheads Finance overheads Finance overheads

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Quality Assurance - $100Quality Assurance - $100

A manager picks 3 out of 20 cookies to A manager picks 3 out of 20 cookies to make sure quality is up to standardmake sure quality is up to standard

What is quality control?What is quality control?

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Quality Assurance - $200Quality Assurance - $200

The relocation of a company’s production, The relocation of a company’s production, services or jobs overseas in order to services or jobs overseas in order to reduce costsreduce costs

What is offshoring?What is offshoring?

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Quality Assurance - $300Quality Assurance - $300

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Quality Assurance - $400Quality Assurance - $400

Producing goods and services with the Producing goods and services with the minimum of wasted resources while minimum of wasted resources while maintaining high quality. maintaining high quality.

What is Lean Production?What is Lean Production?

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Quality Assurance - $500Quality Assurance - $500

Define TQM and list 3 disadvantages. Define TQM and list 3 disadvantages.

Total quality management is an approach to quality that involves all Total quality management is an approach to quality that involves all employees in the quality process. Aims to reduce waste and cost of low-quality employees in the quality process. Aims to reduce waste and cost of low-quality products.products.

Disadvantages: Disadvantages: – High costHigh cost– Staff needs trainingStaff needs training– Takes time Takes time – Can create stress on businessCan create stress on business– Difficult to maintain over a long period of time Difficult to maintain over a long period of time

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Location - $100Location - $100

A business location that gives the best A business location that gives the best combination of quantitative and combination of quantitative and qualitative factors. qualitative factors.

What is optimal location.What is optimal location.

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Location - $200Location - $200

Name three quantitative factors Name three quantitative factors considered when choosing a location. considered when choosing a location.

Site and capital costsSite and capital costs Labor costsLabor costs Transportation costsTransportation costs Sales revenue potentialSales revenue potential Government grants Government grants

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Location - $300Location - $300

List the steps in making a decision for List the steps in making a decision for location. location.

1) profit estimates 1) profit estimates 2) investment appraisal 2) investment appraisal 3) break-even analysis 3) break-even analysis

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Location - $400Location - $400

How might the pull of the market effect How might the pull of the market effect the location of a business?the location of a business?

The development of suburbs, and easy The development of suburbs, and easy transportation with cars. transportation with cars.

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Location - $500Location - $500

Describe “cannibalism” Describe “cannibalism”

When one location takes sales away from When one location takes sales away from another site because they are too close another site because they are too close together. together.

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Production Planning - $100Production Planning - $100

Materials and goods required to allow the Materials and goods required to allow the production and supply of products to the production and supply of products to the customerscustomers

What are stocks?What are stocks?

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Production Planning - $200Production Planning - $200

What are the types of stock found in a What are the types of stock found in a retail business? retail business?

Goods on display, goods in the warehouse Goods on display, goods in the warehouse waiting to be shelved, goods waiting to be waiting to be shelved, goods waiting to be sold. sold.

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Production Planning - $300Production Planning - $300

Define opportunity costDefine opportunity cost

Working capital tied up in the cost of Working capital tied up in the cost of stocks that could be used elsewhere… stocks that could be used elsewhere… (pay off loans, vendors, left in bank (pay off loans, vendors, left in bank earning interest) earning interest)

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Production Planning - $400Production Planning - $400

Four disadvantages of not holding enough Four disadvantages of not holding enough stock stock

Lost salesLost sales Idle production resourcesIdle production resources Special orders could be expensive Special orders could be expensive Small order quantities – expensive delivery, no Small order quantities – expensive delivery, no

economies of scale economies of scale

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Production Planning - $500Production Planning - $500

Two advantages of JIT Two advantages of JIT Advantages:Advantages: Opportunity cost is reduced because less is invested in stocksOpportunity cost is reduced because less is invested in stocks Any failure to receive stocks can lead to production delaysAny failure to receive stocks can lead to production delays Costs of storage are reducedCosts of storage are reduced Delivery costs increase as smaller quantities are deliveredDelivery costs increase as smaller quantities are delivered Storage space can be used for other productive purposesStorage space can be used for other productive purposes Administration costs rise because more attention is needed to multiple ordersAdministration costs rise because more attention is needed to multiple orders Less opportunity for stock to become outdated or damagedLess opportunity for stock to become outdated or damaged Reduction in bulk discounts pricing because of smaller ordersReduction in bulk discounts pricing because of smaller orders More flexibility in production is required which leads to adapting to changing customer needsMore flexibility in production is required which leads to adapting to changing customer needs Significant dependence on outside factors – the quality and dependability of outside suppliersSignificant dependence on outside factors – the quality and dependability of outside suppliers Multi-skilled workers may be more motivatedMulti-skilled workers may be more motivated


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