AFM 131 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Research and Development
defined as work directed towards the innovation, introduction, and improvement of
produce and processes.
Innovation
1. Improve product quality
2. Increase production capacity
3. Extend product range
Production
the creation of goods and services using the factors of production, labour, land, capital
and entrepreneurship and knowledge
Production Management
the historical definition of production, describing management activities that helped firms
create goods
Operations Management
specialized area in management that converts or transforms resources into goods and
services including inventory management, quality control, production scheduling, and
follow-up services
Activity based Management
reduced non-value added processes
Form Utility
,the value produces add to materials in the creation of finished goods and services
Production Lines
allow the efficient and speedy production of goods that are consistent in size, weight,
colour, and other measures of quality
Process Manufacturing
physically or chemically changing materials
Assembly Process
Putting together components
Continuous Process
In which long term production runs turn out finished goods over time
Intermittent Process
where the production is run short and the producer adjusts machines frequently to make
different products
Flexible manufacturing
Designing machines to do multiple tasks so that they can produce a variety of products
3 Stages of production
1. Build and produce products which customers demand
2. Good quality
3. Sell at lowest price
Outsourcing
Buying products that another company produces at a comparative advantage which is a
cheaper alternative for many companies
Material Requirement Planning
, uses sales forecasts to ensure needed products are available at the right time and place
Enterprise Resource Planning
a system that allows resources to be shared between various functions across a
company to manage operations
Just-in-time inventory Systems
products are available at the right time to be assembled
Logistics
getting the right amount of goods and services at the right place, right time, and at the
lowest possible cost
supply chain
firms that perform activities that require to produce and deliver goods and services
Supply chain management
integration and organization of info and logistics across firms in a supply chain
lean manufacturing
using less overall production factors than mass manufacturing
mass customization
customizing products for a large customer base
GANTT chart
bar graph that clearly shows what projects are being worked on and how much has
been completed at any given time
Product life cycle
introduction, growth, maturity, decline
Pull strategy
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Research and Development
defined as work directed towards the innovation, introduction, and improvement of
produce and processes.
Innovation
1. Improve product quality
2. Increase production capacity
3. Extend product range
Production
the creation of goods and services using the factors of production, labour, land, capital
and entrepreneurship and knowledge
Production Management
the historical definition of production, describing management activities that helped firms
create goods
Operations Management
specialized area in management that converts or transforms resources into goods and
services including inventory management, quality control, production scheduling, and
follow-up services
Activity based Management
reduced non-value added processes
Form Utility
,the value produces add to materials in the creation of finished goods and services
Production Lines
allow the efficient and speedy production of goods that are consistent in size, weight,
colour, and other measures of quality
Process Manufacturing
physically or chemically changing materials
Assembly Process
Putting together components
Continuous Process
In which long term production runs turn out finished goods over time
Intermittent Process
where the production is run short and the producer adjusts machines frequently to make
different products
Flexible manufacturing
Designing machines to do multiple tasks so that they can produce a variety of products
3 Stages of production
1. Build and produce products which customers demand
2. Good quality
3. Sell at lowest price
Outsourcing
Buying products that another company produces at a comparative advantage which is a
cheaper alternative for many companies
Material Requirement Planning
, uses sales forecasts to ensure needed products are available at the right time and place
Enterprise Resource Planning
a system that allows resources to be shared between various functions across a
company to manage operations
Just-in-time inventory Systems
products are available at the right time to be assembled
Logistics
getting the right amount of goods and services at the right place, right time, and at the
lowest possible cost
supply chain
firms that perform activities that require to produce and deliver goods and services
Supply chain management
integration and organization of info and logistics across firms in a supply chain
lean manufacturing
using less overall production factors than mass manufacturing
mass customization
customizing products for a large customer base
GANTT chart
bar graph that clearly shows what projects are being worked on and how much has
been completed at any given time
Product life cycle
introduction, growth, maturity, decline
Pull strategy
