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Buss3 A2 Key Terms

Operational

QuestionAnswer
Targets set in relation to the production process or provision of a service within a given financial year. Operational objectives
Operational objectives which set a minimum acceptable standard of provision measured by cost, quality or volume. Quality, cost and volume targets
The launch of a new product or process, an invention, onto the market for commercial gain. Innovation
Operational objectives which set a minimum acceptable standard of provision in relation to efficiency. Efficiency targets
Operational objectives which set a minimum acceptable standard of provision in relation to the environment. Environmental targets
A management tool which aims to increase performance by identifying, investigating and adopting aspects of best practice from other firms. Benchmarking
The benefits enjoyed by a firm as a result of operating on a large scale, leading to a fall in average costs. Economies of scale
The disadvantages experienced by a firm as a result of operating beyond optimum output, leading to a rise in average costs. Diseconomies of scale
Benefit of buying on a large scale leading to lower average costs from suppliers. Purchasing economies
Ability of larger firms to buy technically advanced equipment and spread the cost over a larger number of units. Technical economies
The ability to employ specialists, e.g. accountants, and for staff to focus on one particular area or function. Specialisation
Total cost divided by the number of units produced to give cost per item. Average cost
The breakdown in effective communication resulting from an increase in size of operations. Communication diseconomy
The breakdown in effective coordination resulting from an increase in size of operations. Coordination diseconomy
The combination of capital and human resources utilised within a business to achieve the required output. Resource mix
The combination of capital and human resources which allows for the greatest efficiency. Optimum resource mix
Businesses that rely more heavily upon capital equipment, e.g. machinery and computers rather than labour. Capital intensive
Businesses that rely more heavily upon labour, i.e. the workforce rather than capital equipment. Labour intensive
The scientific research and technological development of a new product or process. Research and development (R & D)
The process of identifying a wide range of possible new ideas. Idea generation
The process of streamlining all the ideas generated to shortlist those worthy of further consideration. Idea screening
The process of pitching potential ideas to consumer panels to assess their reactions. Concept testing
The process of investigating the economic and practical viability of an idea. Business analysis
The launch of a new product or process, an invention, onto the market for commercial gain. Innovation
A business location that gives the best combination of quantitative and qualitative factors. Optimal location
These are measurable in financial terms and will have a direct impact on either the costs of a site or the revenues from it and its profitability. Quantitative factors
Non-measureable factors that may influence business decisions. Qualitative factors
Any person or group that has an interest in the activities of a business, e.g. community, workers, suppliers, customers, government. Stakeholder
A business that operates from more than one location. Multisite locations
The relocation of a business process done in one country to the same or another company in another country. Off-shoring
A business with operations or production bases in more than one country. Multinational
Taxes (tariffs) or other limitations on the free international movement of goods and services. Trade barriers
The adoption of techniques that help to reduce waste. Lean production
A lean production technique which aims to minimise stock holdings. Just-in-time (JIT)
A lean production technique which aims to improve efficiency by making small but frequent improvements, also known as continual improvement. Kaizen
Managing resources effectively to ensure products are fit for market in the shortest time possible. Time-based management
A technique for planning complex projects to allow them to be completed in the shortest time possible by identifying activities that can be carried out simultaneously. Critical path analysis (CPA)
A visual representation of the sequencing and timing of all the activities involved in completing a complex project. Critical path network
The earliest time an activity can start in a project based upon the completion of a preceding activity. Earliest start time (EST)
The latest time an activity must be completed by to avoid any delay to the project. Latest finish time (LFT)
The route which outlines all those activities that cannot be delayed, i.e. have zero float time, if the project is to be completed on time. Critical path
Those activities with zero float time, i.e. if it takes four weeks to complete, there is only four weeks between the EST and LFT. Critical activities
The amount of time by which a non-critical activity could be delayed without having an effect on the whole project. Float time
Those activities with float time, i.e. if it takes four weeks to complete, there may be six weeks between the EST and LFT. Non-critical activities
Created by: carole appleton