Entrep Mod 7 Quiz 2

Create a technology roadmap

A technology roadmap is a planning tool that aligns your business objectives to long- and short-term technology solutions.

Manpower

A wise selection of BLANK to join in your workforce provides strategic solutions in promoting a sustainable competitive advantage that quickly adapts changing demands in business and its operations.

Work Scheduling

Manufacturers make profits by transforming inputs (materials and other resources) into outputs (finished goods).

Method

is a detailed procedure for accomplishing something. It is a systematic way of doing a particular job. Method was used in business when developing or innovating a new products or services, expanding your business enterprise, searching for skilled workers to include in the workforce, and for improving the efficiency of its process.

Machines

is also important. Without the proper equipment, you will not be able to perform the needed tasks efficiently. Machine plays a vital part in operating a business. Aside from manpower the use of machinery is important nowadays to make the process of production more effective and efficient.

E-purchasing technology

is changing the way businesses buy things. Through e- purchasing (or eprocurement), companies use the Internet to interact with suppliers.

4M's of Operation

mainly represent factors that influence the results of any concern process. This was used to make product design and quality defect prevention and to identify potential factors on cause and overall effect. In manufacturing industries this method was used to apply on production control, improvement, overall efficiency measurement, processes, and design.

Assess your businesss reality

It is important to understand your objectives why you need to purchase machinery.

Think safety first

A healthy and safe work environment means your employees and your company can be more productive, and this rule applies to your equipment and technology purchases as well.

Keep training in mind

All too often, entrepreneurs don't consider the time, money and resources required to train employees on new equipment.

Get an external point of view

Depending on the scale of your investment, it may be worth working with an external consultant who can ensure you make the most of your purchase by helping you assess your needs.

Inventory

If a manufacturer runs out of the materials it needs for production, then production stops. In the past, many companies guarded against this possibility by keeping large inventories of materials on hand.

Materials

In manufacturing industry, companies are involved in turning raw materials into physical products, which are then sold to consumers. One of the things that a manufacturing company can do to achieve efficiency is to source quality raw materials from credible suppliers.

Just-in-Time Production

One method is called blank production: the manufacturer arranges for materials to arrive at production facilities just in time to enter the manufacturing process.

Purchasing and Supplier selection

The process of acquiring the materials and services to be used in production is called purchasing (or procurement). As a rule, there's no shortage of vendors willing to supply parts and other materials, but the trick is finding the best suppliers.

Invest in digital technologies

This technological advantage may monitor a realtime production and quality control to reduce waste and rework.

Keep it green

When purchasing equipment, be sure that it's energy efficient. Not only to save money, but also by contributing to the health of the planet.

Shop around for suppliers

You may browse the internet to access different website that offers specialized machinery equipment.

Material Requirements Planning

relies on a computerized program both to calculate the quantity of materials needed for production and to determine when they should be ordered or made.