Operations
A T-shirt manufacturer has a team of people who inspect each item throughout the production process. What quality management strategy best describes this process?
Quality control
The financial manager of a jewelry business has decided that improving the turnover of accounts receivable is a goal for the coming year.
Which of the following objectives of financial management are they addressing?
Liquidity & Efficiency
There is a legal requirement that the goods a business sells must meet the customer's expected purpose of use.
What area of consumer law is this?
Implied conditions
A business compares applicants against established selection criteria. Which HR process is being applied?
Acquisition
PLEGS
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Objectives of financial management
The Eiffel Tower has bumps along its ‘legs’ that spell the French national motto in what form of communication?
Braille
A large company has recently purchased a warehouse with new in-built laser cutters. Which process of operations is this?
Inputs --> Transforming resources
A business has just sold a large block of land. As a result of this one-off sale, the business reported a capital gain of $250,000 which boosted its net profit.
Normalised earnings
A business invests in the design of a logo and then makes cardboard boxes and a website with similar colours and symbolism. Which product feature is being developed?
Branding
A company located in Sydney has been operating for 50 years. Despite repeated requests from employees, management refuses to explore the possibilities of flexible work times and opportunities for some work to be carried on at home.
Which influence have management have ignored?
Social - Flexible working conditions.
APPS
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Promotion Mix
Which typographical symbol, first introduced in the 16th century, was adopted for digital communication by computer engineer Ray Tomlinson in 1971?
@
A manufacturer introduces automated machinery, making 20 production roles unnecessary. What resistance to change reason (hint: financial) may the business face?
The business may need to provide redundancy payments to affected employees.
Mr Nguyen is a small business owner who has been in operating for three months and is in the process of producing his first set of quarterly financial reports.
Which method of ratio analysis would give him the best insight into the performance of his business?
Comparing/benchmarking against industry averages
A technology business charges different prices overseas because of exchange rates, taxes and local purchasing power. Which global marketing strategy is demonstrated?
Global pricing - The business is adapting to pricing conditions in each international market.
A retailer recruits adaptable employees who can work across sales, stock control and customer service. Which type of skills is it seeking?
General skills
SMEIDI
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Marketing processes
Which content creator is known for silently mocking overly complicated “life hacks”?
Khaby Lame
Describe ONE benefit to a business when operations managers act in an ethically responsible manner.
Increases customer trust and loyalty --> Improves the business’s reputation and brand image.
Supports long-term profitability and business sustainability.
Motivates employees and reduces staff turnover.
Strengthens relationships with suppliers and other external stakeholders.
Reduces the risk of legal penalties and negative publicity.
Minimises waste and environmental damage.
A business has recently encountered difficulties with its working capital. How might the business address this issue?
Control of CA - Receivables, Cash, Inventory
Control of CL - Loans, Payables, Overdraft
Leasing & Sale and Leaseback
A business achieved its sales target but spent considerably more on advertising than forecast. What does this reveal?
The strategy achieved its sales objective but failed to remain within its planned marketing budget.
A business has lower staff turnover than its competitors but relies heavily on employees working unpaid overtime. Why is turnover alone insufficient?
Low turnover does not necessarily indicate worker satisfaction or an ethical and supportive corporate culture.
POGOSQuINT
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Operations Strategies
An adolescent owl is called a what?
Novice
Distinguish between operations management in a secondary (manufacturing) business and in a tertiary (service) business.
Output - Secondary businesses produce tangible goods, while tertiary businesses provide intangible services.
Resources - Manufacturing relies heavily on raw materials and machinery, while services rely more on employee knowledge and skills.
Storage - Manufactured goods can be stored as inventory, while services cannot usually be stored.
Production - Goods are produced before consumption, while services are often produced and consumed simultaneously.
Customer contact - Manufacturing usually involves limited customer contact, while services often require direct customer interaction.
Quality - Goods can be inspected before sale, while service quality is often assessed during or after delivery.
An Australian importer benefits when the Australian dollar appreciates against the US dollar. Why?
Fewer Australian dollars are required to purchase the US dollars needed to pay the supplier.
Outline ONE importance of people, processes and physical evidence when marketing services.
People - Skilled and helpful employees improve the customer’s experience and satisfaction.
Processes - Efficient procedures ensure the service is delivered consistently and conveniently.
Physical evidence - Signals the service quality and reduces customer uncertainty & negative perceptions about the service business/brand.
A company measures outsourcing success only by its reduction in HR expenses. Why is this measure inadequate?
It ignores effects on service quality, employee satisfaction, legal compliance and workforce capability.
George Tried Quitting Caffeine Got Literally Exhausted.
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Performance Objectives
What type of animal fought with Poland in World War II was promoted to the rank of a corporal.
Syrian brown bear (Wojtek the Soldier Bear)