Operations
This is the basic definition of operations — combining and transforming these to produce a final good or service
What are inputs?
Unlike services, manufactured goods have this physical property
What is being tangible?
The most proactive form of quality management, guaranteeing products meet international standards.
What is quality assurance?
The production method used for unique, one-of-a-kind outputs
What is job production?
These are goods or services produced by one business to be used as inputs by another business.
What are intermediate goods?
This type of manufacture undergoes little transformation and often becomes an input for another business.
What is an STM?
Four consequences of low quality levels in a business.
What are lower repeat sales, poor reputation, high replacement costs, and lower profitability?
Baked goods, books, and pharmaceuticals are made using this method
What is batch production?
These six standard functions are found in most business operations, including one that manages the flow of money
What are sourcing/procurement, manufacturing, delivery/distribution, sales and marketing, accounting and finance, and customer service?
ETMs carry a high price for this reason.
What is the large number of complex manufacturing processes required?
This organisation sets global quality guidelines for businesses distributing products worldwide
What is the ISO?
The four factors a manager considers when choosing a production method
What are labour, technology, employee skills, and volume of production?
Operations encompasses everything from this supply-side function all the way through to customer service, ensuring the company runs smoothly
What is production/supply chain management?
The key trade-off of tangible goods — reusable, but at this cost
What is the inability to customise them once manufactured?
Regular meetings between employees from different departments to identify problems and suggest solutions
What are quality circles?
Flow production's biggest limitation compared to job or batch methods
What is difficulty halting production?
A business produces outputs that are sold to another business, who uses them in the next stage of production. What type of good is this, and what broader category does it fall under?
What is an intermediate good, falling under STM (slightly transformed manufacturing)?
Businesses combine goods and services for these two reasons
What is to maximise output and stay competitive in the industry?
This board, established in 2006, ensures professional and ethical standards for Australian accountants.
What is the Accounting Professional and Ethical Standards Board?
Give one example of an input that can be reused and one that cannot.
What are equipment/technology/labour (reusable) and raw materials/ingredients (not reusable)?