small business case study assignment part 7
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School
Humber College *
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Course
254
Subject
Information Systems
Date
Nov 24, 2024
Type
Pages
2
Uploaded by tastyyum9
Contingency Plan
●
Streamline manufacturing (Vertical integration)
One of the other major issues that Feynlab faces is their poor quality control. This can be
devastating if multiple product batches don't turn out as intended and customers apply it to the car.
Although Feynlab isn't responsible for damages caused, they will definitely lose all those customers. To
prevent this Feynlab needs to invest into a quality control department and new bottling machines. The
way Feynlab currently mixes and fills products is done by hand with low quantity machines. This old
school technique can have many variations in the end result over multiple batches. Since Feynlab has
expanded its operations significantly since they started, these methods are no longer viable for their
production quantity.
Acquiring these machines will ensure that each bottle is the same from the next, with specifically
calibrated measurements. Although the implementation will be much more costly then our original
solution, it will allow Feynlab to produce higher quantities over a longer period of time, increasing its
supply power. These gains will be very beneficial over the long run. This strategy will also ensure that
Feynlab is taking action in mitigating risk factors.
Control
To effectively track the success or failure of the new training facility as a key solution for Feynlab, several
specific metrics can be employed. These metrics should reflect the facility's impact on quality control,
brand image, employee development, and innovation. Here are some of the key metrics to consider:
1.
Training Completion Rates: Measure the percentage of employees who complete the training
programs. High completion rates indicate effective engagement and utilization of the facility.
2.
Quality Control Metrics: Assessing the impact of a training facility on Feynlab's product and
service standards is a crucial task that relies heavily on Quality Assurance Metrics. From the
frequency of product defects and customer complaints to rework or return requests, these metrics
provide valuable insights into the efficacy of the facility. By comparing these figures before and
after the implementation of training programs, Feynlab can accurately measure the direct
correlation between improved staff skills and product quality. This tangible evidence reinforces
the importance of investing in training programs to bolster the overall success of Feynlab's
products.
3.
Innovation and Product Development: Track the number of new products or techniques developed
as a result of the training and innovation fostered by the facility. An increase in innovative output
suggests a successful cultivation of a creative and forward-thinking environment.
4.
Return on Investment (ROI): The Return on Investment (ROI) metric holds significant weight in
evaluating the financial success of Feynlab's state-of-the-art training facility. By taking into
account expenses including construction, maintenance, and operations, it gauges the financial
return generated by the facility. Feynlab will analyze the net benefits of the facility - such as
increased revenue from superior services, savings from reduced defects and rework, and
potentially lower employee turnover rates - compared to the initial investment. A positive ROI
signifies that the facility is a valuable investment for the company, generating profits and
enhancing the overall bottom line, rather than being a drain on resources.
5.
Training Facility Utilization Rates: The utilization rates for our training facility at Feynlab serve
as a key measure of its effectiveness. This essential metric monitors the frequency and scope of
the facility's use for training purposes by our staff. A high utilization rate reflects the significance
of the facility to our employees, demonstrating its seamless integration into our company's daily
operations.
By regularly monitoring these metrics, Feynlab can assess the effectiveness of the new training
facility in achieving its strategic goals. This data-driven approach will allow for informed decisions and
adjustments to optimize the facility's impact on the company’s overall performance.
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