Spread Knowledge

Virtual University of Pakistan Video Lectures, Handouts, PPT, Quizzes, Assignments & Papers

MGT613 - Production / Operations Management - Lecture Handout 03

User Rating:  / 0

Related Content: MGT613 - VU Lectures, Handouts, PPT Slides, Assignments, Quizzes, Papers & Books of Production & Operations Management


Meanings of Competitiveness, Strategy and Productivity

We are already familiar with these three terms, for the sake of easy reference, let us revisit their definitions

  1. Competitiveness refers to an aggressive willingness to compete
  2. Strategy is an elaborate and systematic plan of action with defined resources and
  3. Productivity refers to the ratio of the quantity and quality of units produced to the labor per unit of time or simply ratio of output to input.

How Organization Compete against each other

Businesses since the beginning of time have competed against each other. On the basis of competition, various types of market exist for nearly all lines of products and services. We already know that absolute monopoly and perfect competition type of markets are not that pervasive, yet businesses try to avoid perfect competition and strive to go for absolute monopoly so they can enjoy no competition and exploit the customer sentiments for buying. We can identify the following common and widespread ways in which organizations can compete against other organizations.

  1. Price: In our day to day routine observations, we often see that a lower price would attract more customers provided the product or service fulfils its intended use. Lower price helps an organization to increase its customer base.
  2. Quality is an important dimension by which superior raw materials as well as high Skillman ship would ensure that product manufactured or service developed is offered to the customer with something extra. That something extra is nothing else but Quality. Quality is always offered free of cost, we will discuss this when we study in details Quality Management and Total Quality Management.
  3. Product Differentiation refers to special features that make the product or service look more suitable to the customers like an automobile manufacturer decides to provide GPS system to selected customer at an additional price etc.
  4. Flexibility is the ability to respond to changes. It may refer to changes in target sales, product feature like adding GPS device to all automobiles
  5. Time refers to the period required to provide a product or service to a customer from the moment the order is booked to the delivery, also time required to rectify a shortcoming or mistake

  6. Read more: MGT613 - Production / Operations Management - Lecture Handout 03

CS605 - Software Engineering II - Lecture Handout 40

User Rating:  / 0

Related Content: CS605 - VU Lectures, Handouts, PPT Slides, Assignments, Quizzes, Papers & Books of Software Engineering II

Forward Engineering

At the end forward engineering is carried out. It means incorporating the new business processes and rules in the system. Forward engineering requires application of SE principles, methods, and concepts to re-create an existing application. In most cases forward engineering does not simply create a modern equivalent of an older program, rather new user and technology requirements are integrated into the reengineering effort.

Read more: CS605 - Software Engineering II - Lecture Handout 40

Page 1 of 464