Saturday, February 22, 2020

New product development process in the aerospace industry. the Essay

New product development process in the aerospace industry. the introduction of new process - Essay Example History presents several organisations that have ceased to exist simply because of their lack of innovativeness and new products. In the present global society where products become obsolete and services out of date very quickly, new products are the key to success for any business house, be it domestic or international (Lancaster, & Withey, 2007). On the other hand, it is also true that NPD involves huge costs. In fact it is one of the most risk-laden areas among all the operational activities. Moreover, new products are often found to be struggling to achieve the expected success in the market. Failure of new product is very likely to damage the company’s reputation. New product development process of any company is subjected to several barriers which vary from country to country. This literature review includes a discussion on the barriers to new product development process in the context of UK. However, prior to that it is very important to gain insight into the details of the fundamentals that govern a new product development process. The process of new product development involves several steps. The process starts from idea generation and ends with commercialisation. In between of these two, there are steps like screening, business analysis, development and test marketing. Success of a new product depends on the diligence with which a company has followed these steps. According to David L. Kurtz, MacKenzie and Kim Snow, â€Å"traditionally, most of the companies have developed new products through phased development, which follows the six step process in an orderly sequence† (Kurtz, MacKenzie & Snow, 2009). Responsibility regarding each phase moves first from product planners to engineers and designers. In the final phase it passes to the marketers. The phased development process is effective for those firms that dominate

Wednesday, February 5, 2020

Manufacturing Budget Analysis Assignment Example | Topics and Well Written Essays - 1250 words

Manufacturing Budget Analysis - Assignment Example According to Emory, the augmenting amount of orders increased the time needed for adjustment and setting up of machines as well. The escalating stress in terms of orders and machine adjustments eventually began to irritate the machinists who planned not to abide by the budget. Therefore, the company must pay more focus on the mentioned procedure and its related steps because it influenced company’s budget as well as product quality (Scribd Inc, 2012). It was also learnt from the case study that the various departments of the company lacked coordination which adversely affected the confidence of the employees’ as well as the functioning of the machines. Although, BCS attempts at keeping a control of the individual departments which is considered to prove advantageous for the companies but the kind of BCS pursued in Ferguson & Son Manufacturing Company further degenerated their functioning process (Scribd Inc, 2012). Revising Ferguson & Son Manufacturing Company’s BCS to improve its effectiveness According to company’s situation, it can be said that viable targets were considered to be the chief concern for structuring an effective budget system. With reference to the mentioned context, it can be stated that in case the budget proved to be excessively high, the general process tends to automatically get affected. The company therefore must be pragmatic while ascertaining manufacturing related goals. Company also must analyze the condition of their employees, the working state in relation to the machines, sales synchronization within the members of other department as well as orders for deciding on the necessary targets (Scribd Inc, 2012). In addition, the aspect of responsibility accounting is deemed to be necessary for ensuring the execution of an appropriate BCS. The key notion with regard to the mentioned aspect of responsibility accounting relates to the fact that managers should be made accountable for only those factors which is believed to be under significant control of the managers. Emory and Morris are the two managers of the company who holds unclear vision about their duties and disconnection within their duties result in making the entire job to be increasingly unproductive along with generating soaring amount of wastes. Thus, ensuring a proper practice of responsibility accounting with regard to the entire procedure can assist in direct and alert the managers regarding their respective responsibilities along with ensuring proper discharge of their duties (Scribd Inc, 2012). The company also needed to apply the system of self-imposed budget in order to prevent the issue of ascertaining one-sided aims by the top as well as department managers. The concept of self-imposed budget ensures the preparation of budgets with complete collaboration and assistance of all the managers. The benefit of this budget system can aid the company to resolve few of its issues by triggering motivation and developing commi tment within the employees (Scribd Inc, 2012). Implementing Activity-Based Costing system to change the results of the budget Activity-Based Costing (ABC) is a costing technique that recognizes organizational activities and allocates the cost for each activity in compliance with the available resources of all services and products according to each of their actual expenditure. ABC is an advanced approach that enhances the control of overheads along with maintaining the