Quality - Meeting and exceeding customer expectations., Quality control - A method of systematically checking the quality of a number of products at different stages during the production process., Quality assurance - A method of improving quality by trying to prevent mistakes happening in the production process., Break- even - A common business objective: to sell enough products so that its revenue covers its total costs. Business makes no profit or loss, Break – even point - The point at which a business sells enough products to cover all of its costs: sales revenue= total costs., Break- even formula - Fixed costs/ (selling price- variable costs per unit), Economies of scale - The advantages a firm gains as it grows in size that reduces costs per unit- such as discounts for buying in large quantities., Diseconomies of scale - The disadvantages of a business growing too large that result in an increase in costs per unit., Production - Total number of products produced over a period of time., Productivity - A measure of efficiency- units of outputs are compared to units of input. The measure that most often used is labour productivity: the number of units produced by a worker in a given time period, Lean production - A philosophy that reduces the amount of a business´s key resources within production, for example reducing amount of time, money, people or materials needed within production process, Kaizen - Small changes to production process on a continual basis rather than large one- off changes to production that take time to introduce and implement. These can be provided by workers., Just-in-time production - Ordering or manufacturing the amount of stock that is required by customers. This reduces need to hold a lot of stock., Job production - When one-off or hand made items are produced, normally to meet the need of the customer specification., Batch production - Production method where similar items are produced together- a whole batch moves through the different stages of production together., Flow production - When a item is mass produced using a production mine- large quantities of an item can be made, Robotics - Use of computerized arms to help production- cheaper, more accurate and more productive, Variable costs - Costs that change with level of output. E.g. raw materials., Fixed costs - Costs that don´t change with level of output. E.g. rent., Labour productivity - How much production an individual member of staff has completed,

IGCSE Business Unit 4

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