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Operations Terms

HSC Business Studies Operations Topic Terminology

TermDefinition
Productivity The ratio of the amount of goods or services produced (output) to the amount of resources used (input)
Competitive Advantage Features that allow a business to outperform rivals.
Strategic Long-term decisions guiding business direction.
Efficiency Minimising waste, maximising output.
Globalisation Integration of economies globally.
Bottlenecks Production slow points.
Quality Control Checking outputs for defects (reactive method).
Quality Assurance Ensuring processes meet standards (proactive method).
Continuous Improvement Ongoing incremental improvements.
Total Quality Management Organisation-wide focus on improving quality. Driven by staff at all levels.
Interdependence Business functions relying on each other.
Cost Leadership Being the lowest-cost producer/supplier in the market.
Lean Production Reducing waste in production. E.g. reducing staffing costs.
Product Differentiation Creating unique product features that increaser the range of products offered.
Outsourcing Contracting external providers to perform business operations such as HR or Financing.
Cost-Based Competition a pricing method that involves setting your prices in relation to the prices of your competitors. Usually aiming to be the lowest cost price in the market.
Intermediate Goods Goods that are partially processed will be used again in the transformation process.
Transforming Resources Labour + facilities (plant, factory or office) are what inputs in the operations process.
Lead Time Time from order to delivery.
List the Performance Objectives Quality, speed, dependability, flexibility, customisation, cost.
E-Procurement The use of online systems to manage supply, which allows suppliers direct access to the business’s level of supplies
E-Commerce the buying and selling of goods and services via the internet.
Sourcing the purchasing of inputs for the transformation process.
Created by: user-2006354
 

 



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