operations

What is operations planning in operations management?

Operations planning involves understanding market demand forecasts to match supply with demand.

What are some outcomes of accurate sales forecasts in operations?

They allow businesses to match supply to demand, keep inventory levels low, reduce waste, employ appropriate resources, and produce the right product mix.

What are the key inputs in the transformational process?

Enterprise, Land, Capital, and Labour.

How does technology impact production processes?

Technological developments enhance efficiency and cost-effectiveness in production.

What is the difference between productivity and production?

Production measures total output in a given period, while productivity measures how inputs are converted into outputs per time period.

What is one method to raise productivity?

Upgrading equipment can increase output but may require significant investment.

What is sustainability in operations management?

Sustainability focuses on maintaining business operations long-term while protecting the environment and quality of life for future generations.

How can businesses operate sustainably?

By using recycled materials, producing recyclable goods, managing waste, and reducing energy consumption.

What are some benefits of sustainability in business operations?

Lower energy costs, reduced waste disposal costs, and improved public relations.

What are some drawbacks of adopting sustainable practices?

It may require high initial investment and can lead to increased production time and costs.

What is the significance of flexibility in operations?

Flexibility allows a business to adapt production levels according to changes in demand.

What are the advantages of labor-intensive production?

Lower machine expenses, interesting and varied work leading to higher employee motivation.

What is one disadvantage of capital-intensive production?

High fixed costs associated with machinery and equipment.

What are economies of scale?

Cost advantages that businesses experience as production increases, lowering per-unit costs.

What is job production?

Producing a single, one-off item specifically designed for the consumer's needs.

What is batch production?

Producing products in groups, allowing for division of labor and specialization.

What is flow production?

A continuous production method using technology resulting in higher output and standardized quality.

What is mass customization?

Using technology to produce goods that meet specific customer needs at mass production costs.

What are some challenges of changing production methods?

Transitioning can incur high costs, require additional working capital, and affect employee morale.

What might small firms focus on despite competition from large businesses?

Small firms can thrive by focusing on niche markets and specialized products.