front 1 Batch production | back 1 Producing goods in batches where all products must pass through one stage of production before moving onto the next |
front 2 Efficiency | back 2 Making the best possible use of resources. Maximising outputs from inputs |
front 3 Flow production | back 3 Constantly producing large quantities of identical goods |
front 4 Inventory | back 4 Stock of work in progress, raw materials, and finished products held by a business |
front 5 Job production | back 5 Producing a unique product, one at a time |
front 6 Just in time (inventory management) | back 6 , Inventory management method where supplies arrive exactly when needed in the production process |
front 7 Kaizen | back 7 Constantly introducing small changes in a business in order to improve quality and/or efficiency |
front 8 Labour productivity | back 8 How efficiently workers produce output, calculated by output/no of workers |
front 9 Lean Production | back 9 Production of goods and services with maximum efficiency and minimum waste |
front 10 Operations management | back 10 The process of production of goods and services |
front 11 Production | back 11 The process of converting inputs like (raw materials and components) into finished products |
front 12 Productivity | back 12 Measure of efficiency calculated by dividing outputs by inputs |
front 13 Average costs | back 13 Cost of producing a single unit of output |
front 14 Break even | back 14 Achieving quality production by designing every process to get the product ‘right first time’ and preventing mistakes |
front 15 Diseconomies of scale | back 15 Factors that result in the average price of production increasing as output increases |
front 16 Economies of scale | back 16 Factors that result in the average price of production decreasing as output increases |
front 17 Fixed costs | back 17 Costs that don’t change with output |
front 18 Margin of safety | back 18 Difference between the current level of output and break-even point |
front 19 Total Costs | back 19 Fixed costs plus variable costs |
front 20 Variable costs | back 20 Costs that change with output |
front 21 Quality assurance | back 21 Achieving quality production by designing every process to get the product ‘right first time’ and preventing mistakes |
front 22 Quality control | back 22 Checking quality through inspection at the end of the production process |