From the course: Operations Strategy for Business
Join today to access over 23,400 courses taught by industry experts.
The 4Vs of operations management
From the course: Operations Strategy for Business
The 4Vs of operations management
The four Vs is a framework to categorize and evaluate different business operations based on four dimensions. Volume, Variety, Variation, and Visibility. Using this framework, we can understand and categorize the vastly different operations found across all industries and businesses worldwide, giving us a structure around how to design operations, which is a key part of operation strategy. So the four Vs. First volume refers to the quantity of products or services produced by an organization. Very high-volume operations such as a water bottling factory specializes in mass, producing hundreds of millions of an individual item per year. This is only possible with ultra specialized processes, equipment, and labor. Therefore, high-volume operations are typically capital intensive and need expensive equipment to achieve low unit costs, which is their primary competitive advantage. The second dimension is variety, which refers to the number of different types of products or services…
Kurse herunterladen und unterwegs lernen
Sehen Sie sich die Kurse auf Ihrem mobilen Gerät an, ohne eine Internetverbindung zu benötigen. Laden Sie Kurse mit Ihrer iOS- oder Android-App LinkedIn Learning herunter.