response to discussion questions

Jun 30th, 2015
Business Finance
Price: $5 USD

Question description


One of the first major steps to beginning a business is finding a new product, service, or idea. Discovering a need or lack thereof is something that most people find very difficult to do. Knowing what your passion is and then finding a need or getting that service or product out there can be very difficult. Once that has been discovered finding ways to market the product or business as well as producing the service in the beginning can be very challenging. Decisions on start up costs, does production take place in the US or is it easier to outsource, which is usually not something that takes place until the business has been established for a while, because of the different laws in trying to start a business in another country can make outsourcing difficult for a new business. (Barringer, 2009). There are so many components to starting a business and making sure that everything runs smoothly is very important, because in a business one department cannot function well without the others. I think that easiest part of a business is coming up with the new product or idea than manufacturing it, but it is an exciting challenge.


Operation models are used primarily to understand what key areas of an organizational structure should be and how they may associate with each other along with an understanding of what each areas are. It looks mainly at how a business should look and not so much how it currently actually looks. It can also be useful in better understanding in how key areas in the business interact. This makes it possible to deliver a business strategy.

Mutual & Federal is a business that implemented operations models into their Claims. Their desire for this is to improve customer experience as a key focus. With the new model they look forward to improvements in their decision-making as well as they collect more granular information and speed up the appointment of service providers on submitted claims. Their operating model enhances the processes and efficiencies as well as eliminates waste in the process meaning for the clients that they can improve their turnaround times. Long term they see that their operations model program will give the claims department more capabilities like collecting more detailed data which can in turn enable them to make more accurate decisions quicker and be able to use a basis for a more predictive analysis.

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