Nature of Production
Land, labour, capital and entrepreneurship are known as....
The factors of production
Forecasting techniques are classified under two categories. These are..
qualitative and quantitative
This dimension of quality speaks to the characteristics of the product that are used to supplement its basic functioning or performance.
Features
This is used to show the start or end of an activity.
A node or circle
This is where buyers and sellers interact for the purpose of exchange.
What's a market?
This is the process that the raw materials or components go through before being converted into finished products.
Throughput
ALL of the following are types of qualitative forecasting technique EXCEPT which one?
a. Jury of experts
b. Sales force composite
c. Delphi Method
d. Moving averages
d. Moving averages
This is the process whereby a firm identifies the best practices of another firm then implements them to improve its own product.
Benchmarking
The sequence of activity in the network diagram which takes the longest time to complete
Critical path
This business concept uses different marketing strategies and environmentally friendly products.
Societal marketing
This method of production is used when a single product is produced to meet individual specifications.
Job production
This method of forecasting uses a group of experts anonymous to each other to make a forecast of sales, among other things.
Delphi Method
A Japanese concept that means continuous improvement.
Kaizen
This is represented by a dotted line as it uses no resources and carries no value
Dummy activity
This business concept is mainly concerned with persuade consumers to buy the product.
Selling Concept
This production method uses a series of repetitive processes to produce standardised products
Flow production
This forecast is based on the knowledge and experience of top executives in the firm.
Jury of experts or executive
A management philosophy which ensures that quality is maintained in all areas of the organisation in order to meet customers’ expectations.
Total Quality Management (TQM)
This is use to trace alternative outcomes of decisions and compare each result before a decision is made.
Decision tree
This concept requires extensive marketing research as consumers’ desires and choices must be taken into consideration when developing the product.
Marketing concept
This occurs when a firm refuses to relocate even after the original benefits of locating in that area have gone.
Industrial inertia
With this forecast a weight (per cent) is placed on each figure to be averaged.
Weighted moving averages (WMA)
Based on the amount of financial resources required, this method of quality control can be very expensive, and if the firm does not possess the requisite funds, it may not be done.
Research and development (R & D)
This is used at points on the decision tree where a decision has to be made about which course of action to take.
A square (decision node)
Firms using this concept have to continuously make improvements to its product since the product has to be superior to others so they can have a competitive edge.
Product concept