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The triple bottom line describes how an organisation should measure themselves not just on the traditional economic profit, but focus on three things. What are these?
The social bottom line - The buiness should accept that they bear some responsibility for the impact they have on society and their staff
The environmental bottom line - means the extent to which business activity negatively impacts on the natural environment.
- The economic bottom line - basically means that the operation resources must be used effectively. There are several ways:
- - reduce costs
- - customer satisfaction
- - reduce risk of operational failure
- - reduce amount of investment
- - provide future innovation
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Look at figure 2.3, page 45. It's good.
Ok.
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Why is quality important?
Quality is the most visible part of what an operation does, and the customers can easily judge itQuality reduces costs.
Quality increases dependability.
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Why is speed important?
Outside: The faster a customer can expect to get a product, the more limey he/she is to buy it.
Inside: Speed reduces inventories
Speed reduces risk- forecasting tomorrow's event is far less of a risk than forecasting next year's.THe faster the speed, the shorter the forecast can be.
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Why is dependability important?
Outside: Doing things in time for customers to receive their goods and services when they are needed is important. If a bus is always late, then they are better off taking a taxi.
Inside: It saves time: FAiling to deliver something on time can cause others to having to arrange special orders etc.
It saves money - Ineffective use of time will add to the cost.
It gives stability - No surprises gives a feeling of safety and comfort. eth.
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Why is flexibility important?
Being able to change the operation in some way is important. It makes it possible to include a wide range of customers.
Inside: flexibility speeds up response
- It saves time
- It speeds up response
- It maintains dependability
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Why is cost important?
The lower the costs, the lower the price, the more customers.
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How can one improve productivity?
Since productivity is output/input, a lot f measures can be taken. For example, relocating facilities to lower costs. Cutting out waste.
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Trade-offs pn page 60. Read if you want :)
Sure thing :D
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