theme 2 Operations - emily

Production

Output per input (person or machine) per hour

Productivity

Total amount of output produced in a time period

Job production

Making one single product at a time for a specific client

Batch production

Making more than one item at a time in batches

Flow production

Using production lines with continuous movements of items

Cell production

Dividing production into separate self-contained areas

Capacity utilisation

Percentage of total capacity achieved in a given period

Stock control

Ordering and managing raw materials and work-in-progress

Quality

How well a product or service does what it is designed to do

Quality control

Checking and reviewing work at the end of the production line

Quality Management

The process of ensuring consistent and efficient quality performance of a product to achieve customer satisfaction and loyalty.

Inflation

The rise in the general price of goods in the economy, impacting costs, consumer behavior, and competitiveness.

Consumer Price Index (CPI)

Principal measure of inflation rate in the UK, tracking changes in prices of goods and services purchased by households.

Interest Rates

Percentage expressing the cost of borrowing and reward for saving, influenced by inflation and impacting consumer and business spending.

Legislation

Laws and regulations governing business behavior, including areas like consumer protection, employee rights, environmental impact, competition, and health and safety.

Competitive Environment

The impact of rivals in the market on business decisions, affecting aspects like ownership, products, pricing strategies, and marketing methods.