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Buss3 A2 Key Terms
Operational
| Question | Answer |
|---|---|
| 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
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