Key Learnings , management homework help
In 4-5 sentences, respond to the following discussion:
1) The first topic I selected is the Six Sigma program. I really like this program because it is a proactive, preventative measure that a company can take simultaneously increase the value of their products and reduce the amount of returns from customers. Just like the adage “buy cheap, buy twice”, this program translates to “build cheap, build twice”. Of particular interest to me was the DMAIC steps of the breakthrough strategy: Define; Measure; Analyze; Improve; Control (Russell, Taylor, 2014). Identifying the root of the problem is imperative, and this specific step is a huge part of a company taking responsibility for short comings and making improvements for the betterment of all parties (customers, shareholders, etc..).
2) My second topic is the Lean strategy. I really like this because it focuses on eliminating waste, as well as on continuous improvement of operations (Russell, Taylor, 2014). The concept of holding off production until the product is in demand is brilliant, if and only if the production capabilities are there to make sure the product is available once demanded. I also like that this allows a company to eliminate inventory of spare product, which is expensive and demanding of space.
3) My third topic is the Theory of Constraints. Inevitably there will be bottlenecking during the stages of manufacture. I really like this program because it accounts for the possibility of a bottleneck in anticipation. This is another proactive, preventative measure, which appeals to my interests. It’s not a problem if it’s solved before it becomes a problem! So the theory of constraints is schedule of resources in anticipation of a bottleneck, so that when bottlenecking occurs, it can be rectified swiftly!