What is flow production?

Flow production is where large quantities of a product are produced in a continuous process, also known as mass production.

What are fixed costs?

Fixed costs are costs that do not vary in the short run with the number of items sold or produced.

What are variable costs?

Variable costs are costs that vary directly with the number of items sold or produced.

What are total costs?

Total costs are the sum of fixed and variable costs.

What is average cost per unit?

Average cost per unit is the total cost of production divided by total output.

What are economies of scale?

Economies of scale are factors that lead to a reduction in average costs as a business increases in size.

What are diseconomies of scale?

Diseconomies of scale are factors that lead to an increase in average costs as a business grows beyond a certain size.

What is the break-even point?

The break-even point is the level of sales at which total costs equal total revenue.

The revenue of a business is the income during a period from the sale of goods or services.

What does quality mean in production?

Quality means to produce a good or service that meets customer expectations.

What is quality control?

Quality control is the checking for quality at the end of the production process using quality inspectors.

What is quality assurance?

Quality assurance is the checking for quality standards throughout the production process by employees.

What is capacity utilization?

Capacity utilization is the percentage of a firm's total possible production level that is being reached.

What is total quality management (TQM)?

Total quality management (TQM) is a management approach to long-term success through customer satisfaction, focusing on continuous improvement of processes.

What is the role of a production manager?

The role of a production manager is to oversee the production process, coordinate all production activities and operations, and ensure that production is cost-effective.

What is the production process?

The production process is the series of steps that are followed to convert raw materials into finished goods.

What is inventory management?

Inventory management is the supervision of non-capitalized assets, or inventory, and stock items.

What is the role of technology in production?

Technology in production involves using advanced tools and techniques to improve efficiency, quality, and speed of production.

What is operational efficiency?

Operational efficiency is the capability of a business to deliver products or services to its customers in the most cost-effective manner possible while still ensuring the high quality of its products, service, and support.

What is a production schedule?

A production schedule is a plan for the production process, detailing the sequence of tasks, the resources required, and the time frame for completion to ensure efficient production flow.

What is the role of automation in production?

Automation in production involves using technology to perform tasks without human intervention, which increases efficiency, reduces errors, and lowers production costs.

What is the role of supply chain management?

Supply chain management involves overseeing the flow of goods and services, including all processes that transform raw materials into final products, to maximize customer value and gain a competitive advantage.

What is the significance of demand forecasting in production?

Demand forecasting is crucial in production as it helps businesses predict future customer demand, allowing them to optimize inventory levels, reduce holding costs, and improve customer satisfaction.

What is the concept of just-in-case inventory?

Just-in-case inventory is a strategy where businesses maintain large inventories to prevent stockouts and ensure they can meet unexpected demand or supply chain disruptions.

What is the importance of process innovation in production?

Process innovation involves the implementation of a new or significantly improved production or delivery method, which can lead to increased efficiency, reduced costs, and enhanced product quality.

What is the concept of mass customization?

Mass customization is a production approach that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.

What is the role of technology in enhancing production efficiency?

Technology enhances production efficiency by automating processes, improving precision, reducing waste, and enabling real-time monitoring and control of production activities.

What is the role of inventory management in production?

Inventory management in production involves overseeing the ordering, storage, and use of components that a company uses in the production of the items it sells. It ensures that the right amount of inventory is available at the right time to meet customer demand while minimizing holding costs.

What is the significance of total quality management (TQM) in production?

Total Quality Management (TQM) is a management approach that seeks to improve quality and performance which will meet or exceed customer expectations. It involves the continuous improvement of organizational processes, resulting in high-quality products and services.

What is the impact of globalization on production?

Globalization impacts production by increasing competition, expanding markets, and providing access to a larger pool of resources and labor. It can lead to cost reductions, innovation, and efficiency improvements, but also presents challenges such as managing complex supply chains and adhering to diverse regulatory standards.

What is the role of ergonomics in production?

Ergonomics in production involves designing workspaces and processes to fit the worker, improving efficiency and reducing the risk of injury.

What is the concept of Six Sigma?

Six Sigma is a set of techniques and tools for process improvement, aiming to reduce defects and variability in manufacturing and business processes.

What is the role of supply chain management in production?

Supply chain management involves overseeing the flow of goods and services, including all processes that transform raw materials into final products. It aims to streamline supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.

What is the significance of production planning?

Production planning is crucial as it helps in organizing the production process efficiently, ensuring that resources are used optimally, production schedules are met, and customer demands are satisfied without delay.

What is the impact of sustainable production practices?

Sustainable production practices aim to reduce environmental impact, conserve resources, and ensure long-term economic viability. They involve using eco-friendly materials, reducing waste, and improving energy efficiency, which can lead to cost savings and enhanced brand reputation.

What is just-in-time (JIT) production?

Just-in-time (JIT) production is a strategy that aligns raw-material orders from suppliers directly with production schedules. It aims to reduce inventory costs by receiving goods only as they are needed in the production process.

What is the role of benchmarking in production?

Benchmarking in production involves comparing a company's processes and performance metrics to industry bests or best practices from other industries. It helps identify areas for improvement and implement strategies to enhance efficiency and quality.

What is capacity utilization?

Capacity utilization is the extent to which a firm uses its installed productive capacity. It is the relationship between output that is produced with the installed equipment and the potential output which could be produced with it, if capacity was fully used.

What is economies of scale?

Economies of scale refer to the cost advantage that arises with increased output of a product. It occurs when the cost per unit of output decreases as the scale of production increases.

What is the break-even point?

The break-even point is the level of production at which the costs of production equal the revenues for a product. It is the point at which a business neither makes a profit nor a loss.

What is the role of a production scheduler?

The role of a production scheduler is to plan and organize the production schedule, ensuring that production deadlines are met and resources are used efficiently.

What is the concept of continuous production?

Continuous production is a flow production method used to manufacture, produce, or process materials without interruption, often used in industries like oil refining and chemical production.

GG: SECTION 4: Operations Management Concepts FLASHCARD Flashcards

Student preview

55 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is productivity?

Back

Productivity is the output measured against the inputs used to create it.

2.

FLASHCARD QUESTION

Front

What is buffer inventory?

Back

The buffer inventory level is the inventory held to deal with uncertainty in customer demand and deliveries of supplies.

3.

FLASHCARD QUESTION

Front

What is lean production?

Back

Lean production is a term for techniques used by businesses to cut down on waste and increase efficiency.

4.

FLASHCARD QUESTION

Front

What does Kaizen mean?

Back

Kaizen is a Japanese term meaning 'continuous improvement through the elimination of waste'.

5.

FLASHCARD QUESTION

Front

What is just-in-time production?

Back

Just-in-time is a production method that reduces or eliminates the need to hold inventories of raw materials or unsold finished products.

6.

FLASHCARD QUESTION

Front

What is job production?

Back

Job production is where a single product is made at a time.

7.

FLASHCARD QUESTION

Front

What is batch production?

Back

Batch production is where a quantity of one product is made, followed by a quantity of another item.

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