Unit 4 AICE Business

aiming to produce goods and services of the required quality, quantity at the time needed

a business with operations or production bases in more than one country

relocation of business done in one country to the same or another company in another country

intangible capital of a business that includes human, structural and relational

transferring a business function, like HR, to another company

use of computer programs to creates graphical representations of physical objects

producing output at the highest ratio of output to input

producing a one off item specially designed for the customer (unique product)

the number of units ordered each time

preparing input resources to supply products to meet expected demand

What are the 3 forms (types) of inventory?

involving a high quantity of capital equipment compared with labour input

producing a limited number of identical products/each item passes through one stage at a time

producing items in a continually moving process

inventory control method aims to avoid holding inventories

involving a high level of labour input compared with capital equipment

the ratio or outputs to inputs during production, ex) output per worker per time period.

max output that can be achieved using the available inputs/scale can only be + in the long term

optimum/least cost quantity of stock to reorder taking into account delivery cost

measurable in financial term/direct impact on either the costs of a site/revenues/profitability

taxes (tariffs) or other limitations on the free international movement of goods and services

a business location that gives the best combination of quantitative and qualitative factors

The normal time taken between ordering new stocks and their delivery

minimum inventory level that should be held to ensure that production could still take place

use of computer software to control machines tolls in the manufacturing of products

the use of a new or much improved production method or service delivery method

production systems that prevent waste by using the minimum of non renewable resources

ability of business to vary the level of production/range of products following demand change

materials and goods required to allow for the production and supply of products to the customer

factors that cause average costs of production to rise when the scale of operation is increased

meeting the objectives of the enterprise by using inputs productively to meet customers' needs

reductions in a firm's unit cost of production that result from an + in the scale of operations

use of computer aided system to produce items meet individual customers' req at mass production

non measurable factors that may influence business decisions