A Science of Manufacturing - Strategic and Operational Objectives
10 important questions on A Science of Manufacturing - Strategic and Operational Objectives
Can you think of a reason how a higher utilization can actually lead to higher assets in figure 6.3? (So disregard the entire 'high profit' branch in the picture.)
When machine utilization is very high and it breaks down, there is either no, or only a very small capacity buffer. This means inventory can grow (as WIP), and thus assets can grow too.
Consider ''low-price'' in figure 6.3. What is a common trade-off here?
A lower price results in higher sales, but also in less profit per sale and vice versa. In practice it is therefor very hard to determine an optimal prices.
(Thus a too low price can result in profits dwindling. In my opinion it would've been better to use 'low cost price' as text.)
''All manufacturing firms make a value proposition to their customers that is some mix of: text-decorationprice,text-decoration time,text-decoration quality andtext-decoration variety." Using these terms, how is Aldi able to compete with Albert Heijn?
Aldi offers less text-decorationvariety in their products. Aldi's stores are less luxurious and there is less customer service (less employees per supermarket), so Aldi's text-decorationquality would be less good (although one could argue the quality of their products is equal to that of AH). The text-decorationtime it takes to shop at Aldi and AH are comparable. However, Aldi makes up for their lower variety & quality by charging lower text-decorationprices for their products.
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
Consider figure 6.4. If you would replace "speed" by "quality" and you would consider the car market, where would you place Kia, Volkswagen and Rolls Royce on the efficient frontier?
Where would Rover be, which went bankrupt in 2005?
Rolls royce: all the way to the right -> high cost & high quality
Volkswagen: somewhere in the middle -> mediocre cost & mediocre/varying quality
Kia: somewhere on the left -> low cost & low(ish) quality
Rover: somewhere (high) up in the inefficient region and not on the efficient frontier.
What are the three basic measures that provide a link between high-level financial measures (e.g., ROI), and lower-level operations measures (e.g., machine availability) that are more directly related to manufacturing activities?
-assets, particularly controllable assets such as inventory.
-costs, consisting of operating expenditures of the plant, particularly cost variances such as overtime, subcontracting and scrap.
How is high ROI achieved?
What do low costs imply?
What does high sales require?
What does fast response require?
What are the tradeoffs for keeping many products available?
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
