Management and Organizational Studies 3330A/B Lecture Notes - Lecture 8: Flowchart, Break Even, Decision Rule

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3330A/B
• Professor: jennifer

Document Summary

Lots of ter(cid:373)s to re(cid:373)e(cid:373)(cid:271)er tied to (cid:272)o(cid:374)(cid:272)epts (cid:449)e(cid:859)re lear(cid:374)i(cid:374)g! Fundamentally, we map processes in order to identify ways we can improve them somehow. From the moment an order is received, what can be done to: shorten time it takes, make it less costly, make it higher quality, analyze every step in the process, identify and remove non-value added steps if/where possible. Fancy way of categorizing firms by the stage that they fabricate their products to. Need to produce a large variety of items at lower volume (cid:271)e(cid:272)ause produ(cid:272)t is(cid:374)(cid:859)t sta(cid:374)dardized, (cid:272)a(cid:374)(cid:859)t adopt a sta(cid:374)dardized (cid:373)a(cid:374)ufa(cid:272)turi(cid:374)g pro(cid:272)ess. Need to produce a large volume of one or a few standardized products, using repetitive processing systems: focus on getting most out of each step. In order to determine whether a process is functioning properly, you have to measure its performance. Example: title company is analyzing its operation in an effort to improve performance, have collected the following data: