A tradeoff can be defined as “a giving up of one thing in return for another” (Merriam Webster Online Dictionary). Manufacturing and service firms face tradeoffs in the utilization of their resources, such as the choice between low-cost delivery and a luxurious facility, or service speed versus personalized service.
Choose TWO of the following topics, and discuss the realities and implications of tradeoffs in the operations of manufacturing and/or service firms.
Label your answers clearly, with the letter of the topic that you are discussing.
a. Process strategy and process choice
b. Capacity and/or inventory management
c. Supply chain management
d. Quality and performance measurement