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· What is the Theory of Constraints (TOC) and why is it important to study?

The below question requires a response to it with at least 120 plus words and an example, with reference if used.

· How to apply scheduling techniques to service and manufacturing processes. (Chapter 22)

 

· What is the Theory of Constraints (TOC) and why is it important to study?

 

· How is the TOC different from conventional approaches?

 

· How can the TOC be applied to reduce bottlenecks in a variety of applications? (Chapter 23)

 

 

 

Posts needed for Week 1

The below posts requires a response to it with at least 80 plus words and an example, with reference if used.

Chptr 23

The Theory of Constraints (TOC) is an overall viewpoint developed by Dr. Eliyahu M. Goldratt, it is usually applied to running and improving an organization. The TOC is a methodology applied to identify the most important constraint that hinders the company from achieving their goal and then systematically works to continuously improve, until the constraint no longer exists. In manufacturing, the constraint is often referred to as a bottleneck. The TOC hypothesizes that every complex system, including manufacturing processes, consists of multiple linked activities, one of which acts as a constraint upon the entire system, looking at it as though the constraint activity is the "weakest link in the chain". With making that weakest link strong the constraints will be removed which leads to greater efficiency. Need a response to this post. (NJ TOC)***if reference is used to get this answer it must be cited under answer not on reference page

 

I was a finance major in my undergrad years at the Florida State University. So the section in this chapter that stands out to me the most is 'the goal of the firm' and 'performance measurements. As we all know the goal of a firm is to make money, unless you are a non-profit organization looking to purely benefit the community. But, even in that case you must still make money in order to keep operations afloat. According to Jacobs & Chase (2014), "If the firm makes money–and only then–it will prosper. When a firm has money, it can place more emphasis on other objectives" (p. 621). Knowing that profitability is the number one goal in companies, it makes sense intuitively that performance and profitability measurements are also high priority goals in companies. You can't fully understand profitability and the amount of money you're making, unless you understand the performance metrics that coincide with the bottom line number.

 

With that, there are three measures taken in order to understand a firm's financial standing. They are, according to Jacobs & Chase (2014), "1) Net profit–an absolute measurement in dollars. 2) Return on investment–a relative measure based on investment. 3) Cash flow–a survival measurement" (p. 621). Each of these measurements helps to complement each other. For example, a company's net profit may be a million dollars. But that piece of information only gives you a small piece of the bigger story. What if that million dollars was only a one percent return on investment, on a 100 million dollar investment. They are still profitable, but you're now able to see more of the whole picture. Now, what if that million dollars of net profit has to be reinvested into another investment, and the free cash flow of the company is next to zero. They run the risk of filing for bankruptcy, and/or don't have any emergency funds in case things don't go as planned. This is why understanding these financial measurements are important, because they help inform and outsider of how well the company is actually performing on a profitability standpoint.

 

Jacobs, F. R., & Chase, R. B. (2014). Operations and supply chain management (14th ed.). Retrieved December 6, 2017, from https://phoenix.vitalsource.com

Need a response to this post. (Makana Performance msmnts) )***if reference is used to get this answer it must be cited under answer not on reference page

 

 

 

 

 

 

Lean supply chain management is not exclusively for those companies who manufacture products, but by businesses who want to restructure their processes by eliminating waste as well as non-value added activities. Companies have a number of areas in their supply chain where waste can be identified such as time, costs, or inventory. To create a leaner supply chain (to be more effective and efficient) companies must examine each area of the supply chain to adjust as needed. Lean also takes into account waste created through overburden and waste created through unevenness in workloads. Business can look from the perspective of the client who consumes a product or service, "value" is any action or process that a customer would be willing to pay for.

 

Good personal example Meagan. I do operate that way, its funny how many activities during our daily routine have a technical term. When I am due to go to the laundry, instead of going home then heading to the laundry mat I will take the laundry bags with me and head to work, swing by during my lunch break load the washer. I would pay the laundry attendant to transfer the laundry to the dryer and then when I leave work I head over to fold them and head home.

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