Business Finance Homework Help

Business Finance Homework Help. UP Reducing Waste & Customer Centered Practices Discussions Replies

Christine Alsina

respond in 125 words

The lean concept focuses on reducing the wastes that are involved in the operations without affecting the value of the product. In other words, it aims to provide the perfect value for the customer through an appropriate value creation process that has zero waste. It is essential to study the lean concept to increase the product quality that is essential for the customers and improve the efficiency of the employees and resources by utilizing them properly without concentrating on the factors that are not important. Some of the other advantages that are achieved by the companies implementing the lean concept include the minimization of process waste, lead time, rework, inventories, etc., The understanding of the process and the knowledge corresponding to it is improved when the lean manufacturing concept is adopted. Hence studying the lean concept and adopting the best strategies provides efficiencies to help a company grow and make it more investable. In manufacturing, lean operations are referred to as the products of meticulously-run operations management. It seeks to identify a customer’s value through an in-depth analysis of all that goes into the production of a product so that the process can be optimized or fine-tuned depending on the customer’s perspective.

Laura Lewis

respond in 125 words

When an organization utilize the lean concept, they are focusing on customer satisfaction and how to increase more positive feedback as well as customer service. When using the lean concept, the organization’s goal is to provide these principles while minimizing waste. Organizations that concentrates on these principles generally provide excellent customer service and satisfaction while minimizing the cost it takes to produce such satisfaction. However, this concept can be hard to implement sometimes due to lack of upper management support, delays in delivery and/or lack of equipment to implement the improvements. Another obstacle that may interfere with implementing the lean concept, is deciding which individuals within the organization will be responsible for planning and implementation of the concept. Sometimes employees and even managers are reluctant to join these types of teams, especially if the lean concept will involve terminating other employees to cut costs. However, when it comes to implementing these types of changes, managers should look at the bigger picture and what is in the best interest of the organization, which is one of the many qualities a manager should possess.

Business Finance Homework Help

 
"Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!"