Strand 1 Study Notes: Business Operations and 21st Century Skills in Animal Science

Animal Science Enterprise

An organized activity that uses animals or animal products/services to create value for customers while meeting ethical and welfare expectations.

Business Model

Describes how an enterprise creates value, delivers it, and gets paid.

Value-Added Production

Lower volume, higher margin products, such as direct-to-consumer sales that focus on customer experience.

Commodity Production

High volume, lower margin business where prices are set by the market.

Stakeholder

Anyone affected by the business, including customers, employees, regulators, and the animals themselves.

SMART Goals

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Feasibility Analysis

An evaluation of whether a business plan can succeed considering constraints like capital and labor.

Opportunity Cost

The value of the next best alternative that is foregone when a choice is made.

Fixed Costs

Costs that remain largely unchanged regardless of output, such as rent and insurance.

Variable Costs

Costs that change with output levels, such as feed and medication costs.

Profit

The amount remaining after total costs are subtracted from revenue.

Break-Even Point

The level of sales at which total revenue equals total costs, resulting in zero profit.

Key Performance Indicators (KPIs)

Metrics used to evaluate the success and progress of an enterprise towards its goals.

Standard Operating Procedure (SOP)

A set of step-by-step instructions compiled by an organization to help workers carry out routine operations.

Workflow

The sequence of tasks that need to be completed in order to achieve a goal.

Inventory Management

The supervision of non-capitalized assets, or inventory, and stock items.

Marketing Mix (4 Ps)

Framework that includes Product, Price, Place, and Promotion to guide marketing strategies.

Branding

The process of creating a unique name and image for a product in the consumer's mind.

Legal Compliance

Adhering to laws and regulations that apply to business operations.

Biosecurity

Measures designed to protect against disease introduction and spread in animal populations.

Digital Literacy

The ability to use digital technology, communication tools, and networks to access and manage information.

Problem-Solving Cycle

A step-by-step approach to identifying problems, gathering information, and implementing solutions.

Root Cause Analysis

A method of problem-solving that identifies the root causes of issues.

Project Management

The practice of initiating, planning, executing, and closing projects to meet specific goals.

Minimum Viable Product (MVP)

The simplest version of a product that can be tested in the market to gauge interest.

Ethics in Animal Science

Principles guiding behavior and decision-making in animal care, going beyond legal requirements.

Reliability

The quality of being trustworthy and performing consistently well.

Warm-up Strategy

Planning for future contingencies by preparing a buffer for time and resources.

Professionalism

Skills, behavior, and attitudes that demonstrate one's competence and respect in the workplace.

Active Listening

Listening to understand and confirm information rather than just hearing words.

Customer Assurance

Providing customers with confidence through documentation of animal health and welfare.

Animal Welfare

The well-being of animals and ensuring their needs for health and care are met.

Cash Flow

The movement of money in and out of a business, crucial for sustainability.

Conflict Resolution

A method for resolving disputes and disagreements effectively.

Communication Skills

The ability to convey information clearly and effectively to others.

Teamwork

Cooperative effort by a group of individuals working towards a common goal.

Leadership

The action of leading people in an organization and guiding them towards achieving objectives.

Customer Relationship Management

Strategies and technologies used to manage and analyze customer interactions and data.

Financial Projection

An estimate of future revenue and expenses based on historical data and assumptions.

Traceability

The capability to track and trace the history, application, or location of an animal or animal product.

Supply Chain Management

Managing the flow of goods and services from production to consumption.

Entrepreneurship

Creating and managing a new business venture in a marketplace.

Marketing Strategy

A plan designed to promote and sell a product or service effectively.

Technical Skills

Specific knowledge and abilities required to perform particular tasks in animal science.

Customer Needs Assessment

The process of determining the needs and wants of customers to better serve them.

Risk Management

The identification, assessment, and prioritization of risks followed by coordinated efforts to minimize their impact.

Documentation Practices

Methods of systematically recording information important for management and compliance.