Posted: February 14th, 2022

List and explain the five steps of strategy formulation.

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Learning Goal:

I’m working on a industrial design multi-part question and need an explanation and answer to help me learn.

Operation Functions & StrategiesAfter completing Unit One instruction, you will express your thoughts and analysis in writing with constructed response to these questions regard to Operation Functions and Strategies in an organization.

The way to compete on cost, speed, quality, and flexibility might not be sustainable unless the supported operating systems are configured and managed effectively. Answer these 4 questions:

1. What activities are involved in the operation function? And how does operations interact with other functional areas?2. List and explain the five steps of strategy formulation. Follow the steps to outline a strategy for a company organization with which you are familiar.3. Gather mission and vision statements from two

(2) different companies. What do they tell you about the organizations? Are their mission and vision reflected in the way they do business?4. Select 2 different types of business/organization, well-known brands (e.g. McDonald, Toyota, Amazon, HP, Kiewit Construction, Dell computer, Sheraton hotels, Google, Macy’s department store, Walmart, iHop, US Department of Labor, MODOT, Microsoft Corp., Amtrak transportation, …). Then provide examples of their actual practices in quality, time, cost and flexibility from your experience and/or readings, be specific on your writing of these examples. Below suggested reading from University of Cambridge explains the dimensions of quality, time, cost and flexibility.Post your writing of all questions, suggested 2-4 pages length (single space, 12 font Time NW) with proper citation following APA style, in the Discussion Board. Feel free to add related images/diagrams to your answers.Suggested readingQuality, Time, Cost & FlexibilityCompetitive PrioritiesIn 1984 Hayes and Wheelwright suggested that companies compete in the marketplace by virtue of one or more of the following competitive priorities:-Quality
Lead-time
Cost
Flexibility
Many authors and practitioners have added to and adapted this list over the years.Foo and Friedman (1992) for example proposed a set of six competitive priorities, adding `Service’ and `Manufacturing Technology’ to the above while expanding `Time’ into:`time to market’ and
`lead times’.
Others have added`Innovation’,
`Dependability’ etc.
Quality, time, cost and flexibility can be defined in various different ways to include, for example:Dimensions of quality:Performance – the primary operating characteristics.
Features – optional extras (the “bells” and “whistles”).
Reliability – likelihood of breakdown.
Conformance – conformance to specification.
Technical durability – length of time before the product becomes obsolete.
Serviceability – ease of service
Aesthetics – look, smell, feel, taste.
Perceived quality – reputation.
Value for money.
Dimensions of time:Manufacturing lead time.
Due date performance.
Rate of product introduction.
Delivery lead time.
Frequency of delivery.
Dimensions of price and cost:Manufacturing cost.
Value added.
Selling price.
Running cost – cost of keeping the product running.
Service cost – cost of servicing the product.
Profit.
Dimensions of flexibilityMaterial quality – ability to cope with incoming materials of varying quality.
Output quality – ability to satisfy demand for products of varying quality.
New product – ability to cope with the introduction of new products.
Modification – ability to modify existing products.
Deliverability – ability to change delivery schedules.
Volume – ability to accept varying demand volumes.
Product mix – ability to cope with changes in the product mix.
Resource mix – ability to cope with changes in the resource mix.
Requirements: 3 to 4 pages

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