HSC Business Studies Notes - Operations

Transcription

1 HSC Business Studies Year 2017 Mark Pages 17 Published Feb 22, 2018 HSC Business Studies Notes - Operations By Benjamin (99 ATAR)

2 Powered by TCPDF ( Your notes author, Benjamin. Benjamin achieved an ATAR of 99 in 2017 while attending Wollemi College Achievements: First in Course for Business Studies Band 6 in Advanced Math E4 in Extension 1 English Band 6 in Ancient History Band 6 in Advanced English Dux of School Benjamin says: Hey, I finished my HSC in 2017, achieving a ATAR and coming First in Course for Business Studies and missing out on the All Rounder award by one unit. Having done four units of English, three units of Math, Business Studies and Ancient History, I understand the pressure and stress the HSC can bring. I hope my notes can help you in every way possible. Good luck!!

3 HSC BUSINESS STUDIES NOTES - OPERATIONS OPERATIONS According to the Syllabus Underlined highlights an example for the respected topic Green - definition Bold a definition is provided for the bold word 1

4 HSC BUSINESS STUDIES NOTES - OPERATIONS ASSUMED KNOWLEDGE GLOSSARY STRATEGIC ROLE INTERDEPENDECE TANGIBLE INTANGIBLE CONSUMER CAPITAL INCORPORATED ASSET LIABILITY EFTPOS EXTERNAL INTERNAL IN/VOLUNTARY ADMINISTRATION LIQUIDATION PROFIT REVENUE CLASSICAL MANAGEMENT APPROACH BEHAVIOURAL MANAGEMENT APPROACH CONTINGENCY MANAGEMENT APPROACH FRANCHISE BUSINESS PLAN CREDITORS DEBTORS The overarching, long-term role of any business function; what that function aims to accomplish over the long-term to benefit the business. The dependent relationship between the business functions; how they affect each other. Anything perceptible to the senses. Anything not perceptible to the senses. Any stakeholder who purchases the goods/services from a business. Wealth in the form of money or assets owned by an individual or business. When a business is legally recognised as a separate entity from the owner (removes owner liability from the business). Any item of property owned by a business that possess value. Claims to a business assets made by someone other than the owner of business itself. Electronic Funds Transfer at Point of Sale. Any influence or event outside the business, which cannot be controlled by the business. Any influence or event inside the business, which can be controlled by the business. When an insolvent company is forced/voluntarily places its business in the hands of an independent person who assesses all possible options and chooses the best possible option for the business owners and the creditors. The process of selling every asset of a business to pay liabilities. The remaining funds once expenses are deducted from the revenue of a business. The total funds generated from the sale of goods/services A management approach that focuses on the best possible ways to increase employee efficiency; known as the scientific approach. A management approach that focuses on how best to motivate employees to improve worker satisfaction and, therefore, productivity. A management approach that blends multiple management styles together in order to achieve the maximum efficiency of a business and the employees. The authorization of a business for an individual/or business to operate under the license and name of the franchising business. A detailed plan outlining the goals of a business and how they are to be achieved in each business function. A person or company to whom money is owing. A person or company that owes money. 2

5 HSC BUSINESS STUDIES NOTES - OPERATIONS ROLE OF OPERATIONS MANAGEMENT Strategic role of operations management cost leadership, good/service differentiation. Operations Management concerned with the creation and provision of goods and service. Cost Leadership the aim to be the lowest cost manufacturer in the industry. Economies of Scale a cost advantage created as a result of an increase in scale of operations to reduce per unit cost. Operations Management involves planning, purchasing, manufacturing and inventory management. Transforms inputs into outputs. Increase competitive advantage. Strategic Role #1: Cost Leadership Often achieved via Economies of Scale Advantages: High volume production, competitive advantage and long-term profits. Disadvantages: Competitors can leapfrog using this strategy, changing markets demand changing products. Strategic Role #2: Good/Service Differentiation Competitive advantage is the product difference (differentiation), not price. Advantages: Reduces pressure of price competition, market share increases, profit increases. Disadvantages: Can be costly, may not always work. Differentiation for goods: quality, design, materials. Differentiation for services: time, expertise, qualifications. Goods and/or services in different industries. Standardised Goods massproduced goods to a set standard. Customised Goods varied production to meet consumer needs. Perishable Goods - goods with a short life-span. Non-Perishable Goods goods with a long life-span. Intermediate Goods goods that are outputs of one business, but inputs of another. Standardised Services staff follow a list of operations provided by the employer when serving. Types of Goods: Standardised Goods are mass-produced with a focus on quality and meet uniform quality standards. Minimal effect on operations processes. Customised Goods are varied according to the needs of customers, hence a market focus. Maximum effect on operations processes. Perishable Goods require cool storage conditions, robust packaging and hygienic operations processes. Examples include fruits, vegetables and meats. Non-Perishable Goods are robust and of higher quality, but often require tighter management of operations. Examples include motor vehicles, clothing and electronics. Intermediate Goods are not often seen by the retail market. Examples include screws, nails and computer processors. Types of Services: Standardised Services provide consistent customer experiences and efficiency. Examples include fast food services and call centres. 3

6 Powered by TCPDF ( HSC BUSINESS STUDIES NOTES - OPERATIONS Customised Services - staff alter their service based on individual needs. Self-Service consumers conduct traditional staff operations independently. Customised Services provide unique and personal customer experiences. Examples include GP services and legal services. Self-Service encourages customers to take initiative, reducing staffing costs and allowing service customisation when assistance is needed. Interdependence with other key business functions. Operations produces products with the assistance of staff (HR), which are sold to generate a profit (Finance). This allows the product to be marketed (Marketing) in order to increase product awareness and develop new products to the changing market. 4