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Metrics for production processes

As the company Manychip examines various methods to assess its performance and design processes, it is looking for an analysis of the existing workflow production process and the factors that most directly impact such measurements. As a review, the most common metrics for production processes are as follows:
Quality: the number of defects associated with a given product
Cost: material and labor costs
Timeliness: how quickly products are manufactured and delivered
Flexibility: the degree to which the production process can be adapted to produce other products or specific products more quickly
Productivity: a ratio of outputs divided by inputs
Efficiency: a ratio of actual outputs divided by standard (or expected) outputs, multiplied by 100% to give a total efficiency percentage
Cycle Time: the total time it takes to complete a production process
Theory of Constraints and Queuing Theory

1. Explain how each measure can be applied to Manychip's production planning process - can the company use each one? How?
2. Rank the criteria listed above in order of importance to Manychip's production planning strategy, detailing your rationale for such a ranking.
3. Identify other measures that might apply to Manychip and explain them.

Thanks!!!

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1. Explain how each measure can be applied to Manychip's production planning process - can the company use each one? How?

Quality: In today's quality focused business enterprises, Total Quality Management with ultimate focus on attaining maximum customer satisfaction has emerged as the most important strategy for any business enterprise looking to succeed and grow and is truly applicable to a growing company like Manychip as well. Manychip should not compromise with its quality in order to meet increasing market demand if it needs to survive competition in the long run. Quality should be embedded in each aspect of the business, be it production, marketing or even after sales service. Such increased focus on quality will have manifold effects on other factors as well such as reducing wastages, improving efficiencies, etc.

Cost: Costing plays a very important role in Manychip's industry because even small mistakes in this industry can spell trouble for the company due to constantly changing prices and fluctuating market demand. Manychip has to ensure that its costing is competitive in the industry because an increase in costs can lead to loss of opportunity in such market conditions. Manychip should conduct extensive analysis of its operations and plan a strategy to effectively remove all bottlenecks and reduce wastages.

Timeliness: Timeliness is important in today's business environment for companies like Manychip to ensure that customer demand is being met as per schedule and all the activities are being completed within projected time. Regular delays can not only result in loss of business but will also affect company's goodwill and trust among the customers in the industry. Timeliness is a key symbol of quality and thus should be ensured in each of Manychip's activities.

Flexibility: Due to regular ...

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