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Transactions are quite essential to every business. All businesses have a variety of transactions that make the business flow in the required way. These transactions lead to creation of goods and services. Every business must therefore create a better way that will help the customers get maximum satisfaction. These transactions are quite essential as they create more profits for the company.
Goods are quite different from services. Goods are tangible and hence can be felt, unlike services that are intangible. The goods can be completed with the absence of the customers unlike the services, which require the customer to be present as they involve rendering such services. The goods are offered to customers after they are supplied. For services, they become relevant to the customers only when he uses them. The goods can be stored for future consumption unlike services that are not stored but just delivered to customers. The services must undergo a special way by moving from the supplier to the consumer unlike the goods that fail to follow any chain and reach the customers.
Value added is recognized as the difference that exists between the cost of production and the price charged for the products. This varies with the nature of business. In profit-making organization, this value is measured by the price of goods. In non-profit making organization, the value is as per the impact on the society.
Strategies are defined as action plans, which are meant to achieve the objectives of the business. Strategies are in line with organizational objectives. Tactics refers to clearly defined steps that are required to execute organizational operations.
Productivity is a ratio of production to the cost of production. The measures are quite essential in analyzing the state of the economy. This includes partial productivity and multifactor productivity. Productivity is used to measure labor, energy, capital and machines.
There are various reasons to explain this issue of production. Few employees are employed in Japan while the US takes more workers. The US has more technology tactics compared to Japan. The management in Japan has enhanced productivity as compared to weak American systems.
Standardization leads to reduction in cost of manufacturing goods. It also reduces time for training the people in production process. However, it lacks the variety, which one can choose from. This makes it quite hard for new entrants to make new impression in the market. This makes it difficult to create new products apart from the standardized products.
Mass customization is a process that helps make adjustments to satisfy customers. This makes the products more attractive and the goods meet specific individual needs. This process can be used to realize needs of various customers by use of similar products.
Quality assurance is quite essential at finding out customers needs and utilizing this to design the products. This is successful only if it involves everyone in the organization starting from top managers to the lowest level employee. The customer is regarded as the King and hence his needs must be addressed first.
A job shop is a small manufacturing system used to produce small volumes of goods. This requires non rigid staff who can easily adapt to new environments and varying equipments as well. Batch refers to a moderate manufacturing system that manufactures moderate amounts of goods at a specific time. Repetitive is used to manufacture same standardized goods over a long time. The skills and levels of flexibility are quite low here. Continuous is used in high volumes of standardized and non discrete products are produced. Projects are not for daily purposes. The objectives and timelines are smartly set. The skills and equipment may vary from low to high depending on the complexity of the project.
Automation has more advantages than human labor. There are reduced chances of coming up with variable products and timelines when using automation as compared to human labor. Human labor poses threats as they ask for additional pay or even strike unlike the machines.
Flexible manufacturing is one that can easily be created in order to change and adopt in processing. The system employs flexibility of job shop processing and the productivity of repetitive systems. The cost required to start is much lower as compared to automation.
Redesigning helps in altering the appearance of goods and services. It also helps in alterations in the surrounding laws and economic requirements. There are ethical considerations and lack of efficiency in the operation. There are changes in the output and the amount demanded. Alterations in products and services also exist.
Product layout utilizes standardized processing systems to realize smooth and rapid high flow goods and services. Process layout deals with many requirements involved in processing.
Cellular manufacturing takes place when various work stations are brought together in what is called cells. This ensures limited space and also times are used. The process is very essential in the long run to produce more quality goods.
Specialization as per management helps in making training easier, increases productivity levels and reduces wages. However, the process of motivation may be a long procedure. This may lead to more being absent from the job. There would also be little control over what takes place.