Factors of production

• What is the focus of lean production?

  Cutting out waste
• What does Kaizen mean in a business context?

  Continuous improvement
• What is flow production?

  It occurs when a business makes large numbers of identical products on a continuous production line
• What are the key aspects of production processes in a business?

  • Operations manage inputs and outputs
  • This is known as the production process
• What types of waste does lean production aim to eliminate?

  • Unsold products
  • Employee downtime
  • Faulty products needing rework
  • Damaged or stolen stock
  • Excess stock
• What are the advantages and disadvantages of Just-in-time (JIT) production?

  Advantages:

  • Removes buffer stock, freeing space
  • Fresher products
  • Reduces capital tied up
  • Lowers waste and production costs

  
  

  Disadvantages:

  • Difficult with demand changes
  • No bulk-buy discounts
  • Risk of poor customer service
• What factors influence the efficiency of production in a business?

  Employee motivation, skills of managers, quality of suppliers, investment in technology, and production methods