What refers to the business processes that involve transformation or, more generally, 'production'.
100
Self-service
What means encouraging the customers to take the initiative no help themselves.
100
Fixed costs
What are those costs that do not change regardless of the level of business activity.
200
Transformation
What is the conversion of inputs (resources) into outputs (goods and services).
200
Product differentiation
What means distinguishing products (goods or services) in some way from its competitors.
200
Interdependence
What refers to the mutual dependence that the key functions have on one another. The key business functions work best when they overlap and employees work towards common goals. Each function area depends on the support of the others if it is to perform at capacity.
200
Innovation
What occurs when the business creates novel (new) products, and in doing so leads the market.
200
Variable costs
What are those that vary in direct relationship to the level of business activity (level of production).
300
Value adding
What is the creation of extra or added value as inputs are transformed into outputs.
300
Globalisation
What refers to the removal of barriers of trade between nations. Globalisation is characterised by an increasing integration between national economies and a high degree of transfer of capital and ideas, financial resources and technology.
300
Technology
What may be defined as the design, construction and/or application of innovative devices, methods and machinery upon operations processes.
300
Carbon pricing
What is the term used for putting a price on carbon.
400
Lean production
What aims to eliminate waste at every stage of production. It. Involves analysing each stage of production process, detecting where inefficiencies are and correcting them.
400
Standard goods
What are those that are mass produced, usually on an assembly line. Standardised goods are uniform in quality and meet a predetermined level of quality. These are generally produced with a production focus.
400
Supply chain
What refers to the range of suppliers a business has and the nature of its relationship with those suppliers.
400
Quality
What may be understood to be a specific reference to how well designed, made and functional goods are, and the degree of competence with which services are organised and delivered.
400
Compliance costs
What are the expenses associated with meeting the requirements of legal regulations, i.e. abiding by all laws.
500
Strategic
What means 'affecting all key business areas'; that is, the strategic role of the operations management involves operations managers contributing to the strategic direction or strategic plan of the business.
500
Customised goods
What are those that are varied according to the needs of customers. These goods are produced with a market focus rather than a production focus.
500
Global web
What refers to the network of suppliers a business has chosen on the basis of lowest overall cost, lowest risk and maximum certainty in quality and timing of suppliers.
500
Cost-based competition
What is derived from determining breakeven point (the level at which the firm matches total costs and total revenue) and then applying strategies to create cost advantages over competitors.
500
Environmental sustainability
What (ecological sustainability) means that business operations should be shaped around practices that consume resources today without comprising access to those resources for future generations.