Essay Available:
Pages:
3 pages/≈825 words
Sources:
1
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 12.96
Topic:
BUS 415 milestone 2
Essay Instructions:
This assignment will be submitted to Turnitin™.
Instructions
2 (Read chapters 4, 5, and 6)
Answer the following questions after completing the assignments found in CLO 2 and conducting additional research as needed.
Describe how managers can use the cost-volume-profit model to estimate profit level by volume. Give a detailed example as found in your research.
Explain the role of the value chain for operations strategy formulation, and how operational competencies contribute to the development of a competitive advantage for an organization.
Name the 7 steps in the product/service design process and how managers can best utilize each. Be certain give clear examples that illustrate their function.
Compare and contrast the appropriateness of applying project, batch, mass, and continuous process types to operations management. Give examples along with their sources.
Operation Management spends much attention on consistently increasing quality into its processes. Describe how TQM is integrated into 3 different firms with pertinent examples.
Identify the elements of statistical process control and describe how it assesses process variation to measure quality
Explain how Just In Time(JIT) can be used effectively in an organization. In addition, describe the strengths and weaknesses of this management process, give detailed examples.
Be certain to use APA formatting and include references for all sources used.
Task: View this topic
Description
The Assessment Maturity Model proposes that there are six key performance indicators, known as Measures, within the three key Areas of Assessments, namely: Development; Delivery and Presenting Results. Six key performance indicators, known as Measures, are tracked to provide an indication of maturity and these are: - Stakeholder Satisfaction - Security - Strategic Goals - Processes - Data Management - Communications with Stakeholders
https://www(dot)youtube(dot)com/watch?v=CClNr7H5bwc
Essay Sample Content Preview:
BUS 415 MILESTONE 2
Student’s Name
Institution
Course
Instructor
Date
Cost-Volume-Profit (CVP) Model and Profit Estimation
The Cost-Volume-Profit (CVP) model is a managerial account that assists in identifying the impact of changes in costs and volume on profits. This model can be applied by managers to make strategic decisions concerning the pricing of products, the range of products to be offered, and the introduction of new products in the market. The CVP model entails the determination of the break-even point, which is the point at which the aggregate revenues are deemed equivalent to total costs, such that there is no profit or loss (Bastomi et al., 2023). For instance, if a company has fixed costs of $100,000, variable costs of $10 per unit, and sells the product for $50 per unit, the break-even point in units can be calculated as follows:
This implies that the company must sell 2,500 units to break even or recover all the costs incurred. Everything sold after this point contributes to profit or at least is not a loss. By using this model, managers can forecast the profit that will be achieved at various sales volumes and make sound business decisions.
The Role of the Value Chain in Operations Strategy Formulation
The value chain covers all the activities tailored to generate value for a product and service, from the inputs to the final delivery to the customer. In formulating operations strategy, the value chain helps managers recognize the areas the firm can use to develop a competitive edge. If each value chain activity is improved, a company’s operational capabilities are strengthened, costs are cut, quality is increased, and customer satisfaction is achieved (Shepherd, 2009). For instance, a firm with a competitive edge in supply chain management can minimize lead time and costs, hence gaining a competitive edge. Likewise, increasing customer satisfaction can increase the perceived value of the company’s products or services and thus increase customer patronage.
The 7 Steps in the Product/Service Design Process
The product/service design is a strategic process of creating new offerings to satisfy customer needs and organizational goals. The seven steps typically involved are:
1. Idea Generation: Collection of ideas from different sources and developing ideas. An IT firm may conduct innovation meetings to come up with new products to be developed.
2. Screening and Evaluation: Evaluating ideas to ascertain their viability and prospects. A scoring model to assess the market prospects of new product concepts.
3. Concept Development and Testing:...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now: