BADM 3380 Chapter Notes - Chapter 5-6: Mass Customization, Bounded Rationality
Document Summary
Badm 3380 chapter 5 and chapter 6 discussion questions. Chapter 5 strategic capacity planning for products and services. Bounded rationality means that there are limitations on decision-making caused by costs, human abilities, time, technology, and/or availability of information. Capacity differs between long term and short term by the way that they affect business costs. When appropriate, it helps to make the lives of others easier. Globalization means having some new forms of communication such as the world wide web to connect with others. Monetary value should be used when someone is neutral in terms of taking a risk. It is risky to see only money as a reason to buy something though. It means having the best value among the alternatives. Monetary value is the financial means that customers assign to a product. Job shop processing is intermittent and low volume of goods is needed. Batch processing, repetitive, continuous, and project processing are there too.
