Why Is It Important to Identify Internal Strengths and Weaknesses

question 103

Essay

Why is it important to identify internal strengths and weaknesses?

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Definitions:

Value-Added Time

The portion of the production process where value is actually added to the product or service, as perceived by the customer.

Non-Value-Added Time

Periods during a manufacturing or service process that do not contribute directly to the final value or product, such as waiting or movement times, which businesses aim to minimize.

Reducing Wait Time

The process of minimizing the amount of time customers or clients have to wait for service or product delivery.

Reducing Inventory

The process of decreasing the amount of goods or materials a company holds, often aimed at improving efficiency and reducing cost.