Quantitative Research Techniques
Subject: Quantitative research techniques
Re: Quantitative Research Techniques for ABC Complete Kitchens, Inc.
Quantitative research is mostly associated with decision making capacities of the management. The management of ABC Complete Kitchens, Inc. needs to employ just-in-time analysis, supply chain management, environmental analysis and investment decisions analysis techniques (Basu, 2010).
The management, in utilizing the above techniques, will carry out a research that will span the development of algorithms and historical development on areas where the plant has been used before in order to enhance an understanding in areas of manufacturing, information modeling, service operations, technology management innovation, finance, supply chain management and marketing. The techniques recommended depict a stronger link with the public systems, industry and production that, in turn, aid the management to blend their experience, knowledge and expertise in arriving at the desired decision (Basu, 2010).
It is worth to note that companies need to survive in the market and outperform the competitors at all times. Therefore, there is need for Complete Kitchens Inc to improve its operations in order to be efficient and, thus, increase its profitability. In the course of implementing a decision to acquire the item of plant, the management of the company will be focusing, firstly, on improving the company product quality. Secondly, the flexibility levels within the organization in order to be competitive in the market. Thirdly, cut down on the immediate costs of production. These can be achieved by analyzing and determining on the need for the new item of plant. However, it is worth to mention that investing in new technology is a difficult decision that requires organizations management to carefully evaluate and analyze any decision before they can be implemented (Basu, 2010).
The new growth theory offers suggestions that investing in new plant involves higher costs that most companies are not ready to spend in. Retrospectively, research shows that it is only by investing in plant that there might be an increase in the level of production and, thus, better quality of the output. Such techniques as panel data estimation approaches and time series are useful for developing a relationship between plant efficiency and production levels in organizations have already been used in justifying investment decisions (Basu, 2010).
The just-in-time approach is a technique that can be utilized by the executive of Complete Kitchens, Inc. in analyzing the possibility of the plant to eliminate unnecessary products. This can be achieved by simplifying the line of production. For example, the management will use this technique in determining how quickly a firm can produce goods and services, which satisfy the customers demands. Therefore, just-in-time technique is a critical tool that should be used to analyze plant performance and can only be determined by the executive of the organization (Kestner, 2003).
Supply Chain Management Analysis in Manufacturing
This refers to the management of logistics and immediate supply base of any given firm. The management will use this technique in analyzing the possibility of integration between purchasing, transportation and logistical functions within the organization. The organization management should seek to establish this technique due to the fact that when their competencies increase, through the newer acquisitions, there will be intense pressure needed to leverage the customers and supplies relationships (Kestner, 2003).
This quantitative technique will help the executive to determine the effectiveness with which the firm will respond to uncertain customers’ demands. This is in respect to the level of improvement that will be attained on the flows towards the supply chain and also, ascertain whether the inventory will be managed more effectively in order to depict improvement expected at the service level of the organization. The technique will also provide the possibility of arranging the materials according to demand patterns in respect to the supply chain instead of relying on the forecasts, which may not be effective (Sharma, 2010).
Environmental Management Analysis
This covers the surrounding environment for which the firm operates including the air, water, natural resources, land, labor force and interrelations. The management should establish the environmental performance of Complete Kitchens, Inc. in terms of interaction of the plant with the environment and the activities held within. The plant is to play a key role in protecting the environment. The management systems of the environment are used by companies in achieving higher levels of environmental performance. In the course of implementing the environmental protection and also, its assessment, having a good item of plant that is environmental friendly is critical. Companies and other organizations have started to realize the importance of environmental management. On this account, they should carry out plant investments that are friendly to the environment as a way of preventing high levels of pollution (Sharma, 2010).
Investment Decision Analysis and Capital Subsidies
Strategic decision making needed in the course of investing in the new plant proves to be difficult due to the fact that the acquisition and installation costs are relatively higher. Accordingly, there is need for the decision to be analyzed in order to ensure investment is made only on a plant whose benefit outweighs the costs involved. By investing in the plant, it should be able to bring about reduction of production costs, create product differentiation and enhance the quality of the output. These will enhance customer satisfaction; increase the customer base and, eventually, lead to profitability of the organization.
First, it will aid in customer relationship management and buyer selection process: due to the fact that it is the ultimate aim of the company to make its customers satisfied and happy. Therefore, it is fundamental that the evaluation of the plant is carried out in order to establish the real needs of the customers. Customers are, mostly, assumed to be right, hence, the executive should do all that is possible to deliver on their promises. Subsequently, the information on customer satisfaction is critical (Srivastava, 2005). Second, the information that the evaluation techniques will be offering to the executive will also include costs and revenue. The plant should offer benefits that outweigh costs and increase profitability of the company.
Third, the management will also get the information on how the plant will aid the company to differentiate itself in the market and the knowledge and means of identifying possible prospective problems . This information can also help them devise ways of efficiently using the plant and how to mitigate possible risks. The organization will use such information to shorten the gap that exists between the firm and its customers. Also, the information will contribute towards success of the organization by offering services that are more superior to those of the competitors (Srivastava & Srivastava, 2005).
Basu, B. (2010). Econophysics and economics of games, social choices and quantitative techniques. Dordrecht: Springer
Kestner, L. (2003). Quantitative trading strategies: Harnessing the power of quantitative techniques to create a winning trading program. New York: McGraw-Hill.
Srivastava, S. C. (2005). Quantitative techniques. New Delhi: Anmol Publications.
Sharma, S. (2010). Quantitative techniques. Jaipur, India: ABD Publishers.