4.1 The Nature of Operations Flashcards

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Output of a business

Back

is the total amount produced in a

given time period.

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Inventory

Back

refers to the stocks held in a business, such as

materials and semi-finished goods.

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Operations management

Back

oversees the planning, co-ordination and control of the transformation process, turning resources (inputs) into outputs.

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Productivity

Back

measures the output per hour, per person or

per machine.

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Sustainable activities

Back

are those that meet the needs of the

business or of society without compromising on the ability to meet future needs.

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Capital-intensive production

Back

means there is a high proportion of capital (for example, machinery) used relative to other factors of production.

Front

Labour-intensive production

Back

means there is a relatively

high proportion of labour (employees) used relative to other factors of production.