4Vs and Polar Diagrams

Exam Question 1: 4Vs and Polar Diagrams
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Introduction
Proper management of operations is essential for business success. There are various frameworks that businesses use to monitor operations. Evidence has revealed that when operations are properly managed, businesses are likely to boost productivity and maximize profits (Kumar, 2022). Two of the most widely used frameworks are 4Vs and polar diagrams. This paper will focus on these two frameworks. The paper will start by discussing the purpose and application of each framework and then discuss similarities and differences. The paper will also critically evaluate the extent to which the frameworks can be used in evaluating the economic, environmental, and social sustainability of businesses.
Purpose and Application
4Vs is one of the frameworks used in the management of operations. There are four aspects involved in this framework. These are volume, variety, variation and visibility. This framework has a unique mode of working. It works by identifying the essential features of business operations. After the identification of these features, it is possible to come up with an optimal operation design. The following is a breakdown of the 4Vs that helps understand their purpose and application. Volume refers to the quantity of products produced. A business may deal with either goods or services. It is important to have a way of quantifying the amount of goods produced or services rendered. Variety refers to different lines of goods produced or services rendered. Most businesses have operations in different lines of goods. The third aspect, variation, refers to the extent to which demand and supply have shifted over time. On the other hand, visibility refers to the extent to which customers understand processes used in production (Ivanov et al., 2020). This model is essential in ensuring that the best operations model is achieved. Developing a plan that optimizes all the 4vs would significantly ensure that the operations model of a business is successful.
Polar diagrams present another framework used in operations management. These diagrams are also known as radar or star diagrams. They are a 2-dimensional representation of key factors involved in operations management. The diagrams aid in coming up with a predefined operations model for the business. After identifying the most optimal parameters to include in the polar diagram, consistent monitoring of performance follows. The monitoring aims to investigate the extent to which the actual performance of the business tallies with the predefined criteria. Consequently, the purpose of the polar diagrams is to provide some blueprint that the company can follow as a model for managing operations. Such a blueprint is very important since proper operations management has been shown to increase business success. The figure at the centre of the diagram represents the mean of provided data. Emanating from the central figure are spokes which go outwards, representing the key variables (Reid & Sanders, 2023). The spoke length is used to indicate the value of a particular variable.
Similarities and Differences Between 4Vs and Polar Diagrams
One of the similarities between the 4Vs and the Polar Diagram is that both are tools used in operations management. It is essential for any business to effectively manage its operations to increase efficiency and maximize profits (Reid & Sanders, 2023). The other similarity is that both frameworks provide predefined criteria that a business can follow to achieve effective operations management. Here are some ex...