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Chapter 1: 11OQ (page 21)

What is the name of the process in which one company studies the processes of another firm to identify best practices?

Short Answer

Expert verified

Benchmarking

Step by step solution

01

Introduction

The firm's best practices are discovered by assessing the process structure, resource allocation, cost efficiency, low time consumption, and effective process management.

02

Analysis of the name of the process

Benchmarking is the process through which one firm examines another company's procedures to find best practices. Benchmarking is a performance indicator in which one firm compares itself to another using the same procedures or practices and discovers differences.

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Most popular questions from this chapter

Question: A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results:

a. Calculate partial labor and capital productivity figures for the parent and subsidiary. Do the results seem confusing?

b. Compute the multifactor productivity figures for labor and capital together. Do the results make more sense?

c. Calculate raw material productivity figures (units/\( were \)1 5 FC 10). Explain why these figures might be greater in the subsidiary

Match the following product types to the appropriate product development description.

Technology-push products A. Entail unusually large uncertainties about the technology or market. The development process takes steps to address those uncertainties.

Platform products B. A firm with a new proprietary technology seeks out a market where that technology can be applied.

Process-intensive products C. Uses a repeated prototyping cycle. Results from one cycle are used to modify priorities in the ensuing cycle.

High-risk products D. The production process has an impact on the product properties. Therefore, product design and process design cannot be separated.

Quick-build products E. Products are designed and built around a preexisting technological subsystem.

Question: A retail store had sales of \(45,000 in April and \)56,000 in May. The store employs eight full-time workers who work a 40-hour week. In April the store also had seven part-time workers at 10 hours per week, and in May, the store had nine part-timers at 15 hours per week (assume four weeks in each month). Using sales dollars as the measure of output, what is the percentage change in productivity from April to May?

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How often should a company develop and refine its operations and supply chain strategy?
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