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Summary MNP3701 Assignment 2 Semester 1 & 2 2021
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MNP3701ASSIGNMENT 2 SEMESTER 1 & 2 2021
UNIQUE NUMBER: 668773
QUESTION 1
Option [c] is CORRECT value stream mapping (VSM) is a process of visually
presenting the flow of materials and information to identify wasted time and actions in
a manufacturing or service process. VSM can be depicted broadly from the supplier
to the focal firm and out to customer. Alternatively, VSM can be used for a specific
operation or series of operations. By identifying unnecessary steps and resources
VSM streamlines processes for greater efficiency. Visual depiction of the process
enables analysts to highlight areas for improvement and get closer to what is termed
the “ideal state.”
Option [a] is INCORRECT process mapping involves the identification of the steps,
activities, time, and costs involved in a process. Once the current evaluation and
selection process is understood, opportunities for improvement should become
evident. Supply managers should measure process cycle times to identify rates of
improvement against pre-established performance targets. Process mapping should
be the first step in the improvement process.
Option [b] is INCORRECT Value analysis involves examining all elements of a
component, assembly, end product, or service to make sure it fulfils its intended
function at the lowest total cost. Value analysis techniques are primarily applied to
existing products and services. In contrast, value engineering (VE) is the application
of value principles during product or service design. VE is a much more proactive
approach to embracing value concepts.
Option [c] is CORRECT value stream mapping (VSM) is a process of visually
presenting the flow of materials and information to identify wasted time and actions in
a manufacturing or service process. VSM can be depicted broadly from the supplier
to the focal firm and out to customer. Alternatively, VSM can be used for a specific
operation or series of operations. By identifying unnecessary steps and resources
VSM streamlines processes for greater efficiency. Visual depiction of the process
enables analysts to highlight areas for improvement and get closer to what is termed
the “ideal state.”
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