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Operations - Role and Influences


matching terms with definitions for Business studies role and influences

Transformation aims to eliminate waste at every stage of production.
value adding when the business creates novel products, and in doing so leads the market
economies of scale those that are varied according to the need of customers. generally produced with a market focus rather than a production focus.
product differentiation the actions that a business takes to achieve specific goals
supply chain those cost that do not change regardless of the level of business activity
innovation the use of outside specialists to undertake one or more key business functions
fixed costs refers to the business processes that invlove transformation or, more generally 'production'
variable costs the resources used in the transformation (production) process
outsourcing the cost advantages that can be created as a result of an increase in scale of business operations
cost leadership business expenses, such as rent, that are not directly attributable to any department or product and can therefore be assigned only arbitrarily
inputs those that are mass produced, usually on an assembly line. usually uniform in quaility and meet a predetermined level of quality. Generally produced with a production focus
outputs the range of suppliers a business has and the nature of its relationship with those suppliers
efficiency the end rsult of the business efforts - the good or service that is provided or delivered to the customer
interdependence distingushing products (goods or services in some way from its competitors
strategies the ability of a business to use its resources effectively in ensuring financial stability and profitability
standardised goods the matual dependence that the key functions have on one another.
customised goods the creation of extra or added value as inputs are transformed into outputs
overheads those costs that vary in direct relationship to the level of business activity
lean production aiming to have the lowest costs or to be the most price-compeitive in the market
operations the conversion of inputs into outputs

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