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Define productivity
Measures the output per hour, per person or per machine
Define Inventory
Stocks held in a business, such as materials and semi-finished goods
Define Output of a business
The total amount of goods produced in a certain amount of time
Define sustainable activities
Sustainable activities are those that meet the needs of the business or of society without compromising on the ability
Define lead time
How long it takes from ordering the supplies from a supplier to them arriving at a business
How to measure labour productivity
Total output/Number of employees
Types of operation method
Job Production,Batch production,Flow production, and mass customisation
Types of inventory
Raw materials, work in progress, finished goods, and general supplies
what are features of flow production
Items move continuously from one stage of the production process to another
Define inventory out
Inventory out is when the inventory starts to be used up at a faster rate resulting in a run out of inventory before supplies arrive
What will being sustainable lead to
involve change. This will need planning and will involve training and getting employees to understand the need for change
involve costs for new equipment.
Factors that determine inventory holding
Rate inventory is used up
Warehouse available
Nature of product
Reliability of suppliers
Supplier lead time
What is capital intensive process
Capital-intensive production means there is a high proportion of capital (for example, machinery) used relative to other factors of production.
Give the problems of changing from one method of production to another
Production Methods & Demand: Mass production suits high volumes, while job production is for unique items. Batch production offers a balance of volume and flexibility.
Investment & Flexibility: Shifting to mass production increases output but requires capital investment and reduces customization.
one factor of inventory stock control
What are two advantages of labour intensive production
Production may be flexible to customer needs
Less expensive to set up than buying equipment
Employees can use skills and initiative to be creative
What are some forms of resistance to productivity by employees
they do not want to work longer or harder
they do not want to learn new skills
they fear that higher productivity levels may lead to job losses
they feel it is unfair that they are producing more unless they receive higher rewards.
What are benefits of sustainability
Good for environment and for society as a whole
May attract customers, employees and investors who are looking for a sustainable business
May avoid negative comment in media
Actions may be necessary by law or in advance of future mandatory changes so the firm does not have to be reactive.
What are the stages of transformational process
Changing the characteristics of materials, information, or customers
Changing the locations of materials and information
Changing the ownership of material
What is buffer inventory
BUFFER INVENTORY IS THE MINIMUM AMOUNT OF INVENTORY A BUSINESS WANTS TO HOLD
mention all the ways productivity can be improved
Increasing the number of hours worked
Training
Investment in equipment and technology
Changing the way that work is done
Motivating employees
what are the benefits of holding inventory
Meeting demand
Maintains operation continuously without delay
Allows continuous revenue to be generated
what are the limitations of holding inventory
Risk of an item not selling and depreciating
Waste of money and resources
Increased storage costs
who's job is to process the transformation of inputs into outputs?
Operations managers
DRAW INVENTORY CONTROL CHART
DRAW