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Essay / Research Paper Abstract
3 pages in length. Understanding and utilizing each of these four elements of contemporary commerce will enable the student to take part in - and rise above - the growing competition so prevalent in virtually every industry. Staying a step ahead of competitors is no longer a choice but rather a mandated action for organizational survival brought about by the ever-changing nature of globalization, a concept that has broken barriers so that countries are competing together where they had never done before. The components of total quality management, capacity management, inventory fundamentals and forecasting provide a basis upon which an organization's infrastructure can operate both soundly and productively. No bibliography.
Page Count:
3 pages (~225 words per page)
File: LM1_TLCCapMng.rtf
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Unformatted sample text from the term paper:
competition so prevalent in virtually every industry. Staying a step ahead of competitors is no longer a choice but rather a mandated action for organizational survival brought about by
the ever-changing nature of globalization, a concept that has broken barriers so that countries are competing together where they had never done before. The components of total quality management,
capacity management, inventory fundamentals and forecasting provide a basis upon which an organizations infrastructure can operate both soundly and productively. Technology has virtually rewritten the way in which business is
conducted; as such, new approaches have been developed in order to maintain the level of operation necessary with such tremendous changes. Capacity management helps to guide Information Technology (IT)
in such a way that it correlates volume current with future expectations, an approach accomplished by constant performance monitoring and analyses. Inventory is the lifeblood of any business; without a
product to sell, the company would not exist. As such, knowing inventory fundamentals is critical to establish a working process for acquiring and safeguarding supplies, which involves defining the
various products, generating and drawing upon new inventory, constructing a process for grouping the products, pricing, promotion, running reports and learning to maintain appropriate levels of product based upon turnover.
In this day and age of striving for a better way to address business and the atmosphere it creates, total quality management (TQM)
has been heralded as a means by which to achieve the desired outcome. In what has been described as a method of management that stresses its focal point --
and bottom line -- on utmost quality, there are a number of considerations with regard to its implementation. Understanding the implications of TQM is the first barrier to overcome
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