Operations Review
What are the strategic roles of operations management?
1. Cost Leadership
2. Product/Service Differentiation
Assets = Liabilities + Owner's Equity is known as the ...?
Accounting Equation
Identify the THREE financial statements.
Cash Flow Statement
Income Statement
Balance Sheet
Over what period are current assets and liabilities expected to be resolved?
12 months.
What is Eleven's birth name?
Jane.
What are the three stages of 'Operations Processes'?
Inputs, Transformation Processes, Outputs
Stock = $10,000
Accounts Receiveable = $5,000
Equipment = $20,000
Expenses = $15,000
Mortgage = $15,000
Owner's Capital = ???
Owner's Capital = $5,000
The Balance Sheet is also known as the ...
Income Statements are used to show what?
Net Profit over a period.
What is the name of the place that Steve and Robin worked at initially?
Scoops Ahoy.
Identify the THREE inventory management methods.
LIFO, FIFO, JIT.
How do you calculate Gross Proft?
GP = Revenue - COGS
Define liquidity.
Liquidity refers to the amount of cash a business has access to and how readily it can convert its assets into cash so that debt can be paid.
Define 'finance'.
Finance refers to how a business funds its activities.
SPOILER:
Who applied the final kill to Vecna?
Joyce Byers.
Identify FIVE operations influences.
Quality expectations
Technology
Legal regulation
Environmental sustainability
Globalisation
Government policies
Cost-based competition
Corporate social responsibility
How do you calculate COGS?
Categorise the below based on where they fit on a Balance Sheet.
Stock
Overdraft
Goodwill
Land
Mortgage
Accounts Payable
Retained Profits
Stock - CA
Overdraft - CL
Goodwill - NCA
Land - NCA
Mortgage - NCL
Accounts Payable - CL
Retained Profits - OE
Identify THREE reasons why an income statement is important.
- Show profit or loss over a period, helping measure business performance.
- Support decision-making by providing financial insight for managers.
- Meet legal and tax requirements for financial reporting.
- Help investors and lenders assess business health and risk.
- Track trends over time to guide future planning and strategy.
Who sings the song 'Running Up That Hill'?
Kate Bush
The syllabus outlines FOUR global factors that shape a businesses operations strategy. Identify TWO of these factors.
global sourcing
economies of scale
scanning and learning
research and development (R&D)
What is the formula to determine the Cash Surplus or Deficit in a Cash Flow Statement?
Opening Balance + Cash Inflows - Cash Outflows = Cash Surplus/Deficit
The Income Statement can be known by three other names. What are TWO of these?
Statement of Financial Performance
Revenue Statement
Profit & Loss Statement
Outline TWO methods a manager can use to manage cash flow?
Efficient Credit Policy – Collect customer debts efficiently. Monthly emails, or reminder phone calls for example.
Discount for early payment – Incentivise customers or debtors to pay quickly. This cam be detrimental to profits.
Payment Distribution – Carefully distribute payments in periods where cash surplus is high.
Financing – Use short-term financing to cover projected periods of cash shortfall.
What is Vecna's fathers name?
Victor Creel.