March 14th, 2023
I need an explanation for this Statistics question to help me study.
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- Per the textbook, to eliminate or reduce non-value-added work is a core step in improving profitability or efficiency of the business process. Give your opinion on whether you agree or disagree with this statement and include one (1) example of a business process which supports or criticizes the aforementioned statement to support your position.
- please respond to this peer post: Business Processes A closer Innovation Excellence, 2014). Cutting non-value added work improves business performance. Therefore, I agree with the statement that eliminating non-value-added work is a core step in improving profitability or efficiency of the business process
- The quality of the product and service will increase. By reducing non-value added work, the company can focus more on producing better goods for their customers work, the company can focus more on producing better goods for their customers.Additionally, the cost of production will reduce, which in return will improve the company cash flow. Due to this, the competitive advantage of the company will increase. Moreover, according to Tech-Clarity (2014), high completion in the market has made it hard to differentiate products. Eliminating non-value added work gives the business time and opportunity to brainstorm and come up with quality products that attract customers at low prices.For example, a person hired and paid a plumber to fix his sink. However, he finds out the plumber watched movies instead of fixing the sink as paid to do. These are all forms of non-value added work. This act will disappoint him as an employer to realize the person he paid watched movies instead of fixing the sink, as intended. It is the same for business; a customer wants to buy goods that have value to them.look in the business, an organization may reveal work practices, tools, or even processes developed for a specific task but are not relevant as the business changes. With more changes, they can stop adding value to the business. Non-value work is that which does not increase the market value of a product for customers to buy (Boze,