ii-Introduce new products\services faster•iii-Ensure Total Quality Management•iv-High labour productivity\Low production costs•v-Shop globally for supplies•vi-lean\flexible organization with balanced inventory•V-Develop specialized \focus production facilities•vi-Encourage strategic alliances\joint ventures to exploit opportunities
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Performance of world class manufacturers(contd.)• 2-Forecasting in operations management-Forecasting experts maintain sophisticated computer software and get data such as market research,industry trade association data etc to ensure best long range estimate of sales of new\existing products in global market and monitor performance of forecasts•The effective forecasting of production capacity,size of work force,quantity of materials purchased ,inventory levels and working capital requirement drives a closely managed production planning system
Performance of world class manufacturers(contd.)• 3-Designing\Developing products and production processes-World class producers plan and design their production processes with specific capabilities that are matched with the competitive priorities of their business strategies•High product quality,high production flexibility,low product cost and high customer service are the major strengths.To achieve they use various technologies such as using CAD\CAM,continuous improvement,improving flexibility & reducing costs by redesigning production processes\doing automation etc