Business Theme 2 Key Definitions 2.4

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All of the key terms for business 2.4

18 Terms

1

Job Production

One off items to meet the needs of each individual customer

e.g. Wedding Cakes

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2

Batch Production

Identical Items produced in batches, going through the same production line

e.g. Bakeries

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3

Flow Production

Along an assembly line in continuous process

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4

Cell Production

A form of flow production where the production line is split into cells

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5

Kaizen

Continuous Improvement

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6

Productivity

A measure of the efficiency in the production process

output/number of workers

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7

Capital Intensive Production

Large % of total costs are ties up in purchasing machinery

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8

Labour Intensive Production

Labour costs make up for a high % of total costs

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9

Capacity

The maximum amount of resources that can be utilised

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10

Capacity Utilisation

A measure of the % of potential output being achieved

Current output/Maximum possible output x 100

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11

Under Utilisation

Demand is less than the total capacity

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12

Over Utilisation

Demand is Greater than the capacity available

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13

Quality assurance

Checking quality at each stage of the production process

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14

Quality Circles

Quality circles are informal groups of workers who volunteer to meet and discuss issues with the businesses processes/products

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15

Quality Control

A team who make sure all products are up to the right quality at the end of the production process

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16

Just in Time

Ordering stock so it arrives just as current stock runs out

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17

Just In Case

Holding buffer stock incase stock runs out early

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18

Buffer-Stock

Stock that is held back as reserves in case there are any issues

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