Organizations Continually Change and Create their Product and Service Mix Questions

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Please answer the following questions and submit them for grading. Note: Please ensure you are incorporating APA standards (i.e., title, body (questions and answers with supporting citations), and Reference list).

Why do organizations continually change and create their product and service mix? What are the types of new products that are developed? What are the steps involved in new product development?

What are the basic components of project management? When is project management used over process management? Describe Critical Path Scheduling. What are some of the criticisms of PM?

What is a process? What are the components of a process? How are performance metrics used to monitor processes? What are the key elements in job definition?

Discuss how sustainability might be incorporated into a process or value change improvement initiative.

Discuss the facility layout that would be most appropriate for performing hospital laboratory test

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MGT 603 Week Two Assignment - Outline
I. Question One
A. Why Do Organizations Continually Change and Create Their Product and Service Mix?
1) A company's most strategic decision is changing and creating its product and service
mix.
2) Product and service mix is also the product portfolio where a company decides to
offer product lines with items or services that are used together.
3) The decision on what product mix to offer and how to position them in the market
determines the company's profitability, growth and success
4) Another reason firms change the product service mix is the market demand.
5) Changing and creating product and service mix assist a company in reducing financial
risks.
B. What Are The Types Of New Products That Are Developed?
1) The type of products that a new company develops mostly involves innovations
towards the current product range in design and price
2) Firms re-launch the same products they were selling before but this time with new
features
C. What Are The Steps Involved In New Product Development?
1) Steps involved in new product development may differ depending on the industry.
2) Development starts with idea generation
3) The second step is screening which involves filtering out the proposed ideas to
ensure only the feasible ones remain
4) The third step is concept development

5) The fourth phase is product development, which involves designing and
manufacturing the new product.
6) The last phase is the commercialization and rollout of the developed product
II. Question Two
A. What Are The Basic Components Of Project Management?
1) Project management entails applying knowledge, skills, processes, methods, and
experience to attain specific objectives
2) The four components are resources, time, money and scope
3) These elements are interrelated and must be effectively managed for a project to
attain its anticipated deliverables.
B. When Is Project Management Used Over Process Management?
1) Project management is used when the deliverables of a given project are expected
within a fixed time.
2) It is also ideal for a company to use project management when dealing with
budget issues
C. Describe Critical Path Scheduling
1) Critical path scheduling is a technique firms use to identify tasks essential for the
completion of a specific project
2) The key elements of the scheduling are the Earliest Start time
3) Second is the latest start time
4) The third is the earliest finish time
5) Lastly is the latest finish time that gives the latest time a project can be completed.
D. What Are Some Of The Criticisms Of PM?

1) Project management is criticized because it involves much paperwork, making it
cumbersome.
2) It is also criticized as it causes overlapping authority between the firm's top
management and the project management team, creating confusion among the
project teams.
III. Question Three
A. What Is A Process?
1) A process refers to structured activities that help a firm achieve its goals and
objectives.
2) These structured activities ensure that a firm produces a product or a service and
delivers it to the intended consumer.
B. What Are The Components Of A Process?
1) One major component is events, which refer to the conditions that must be present
for a process to occur.
2) . Tasks are the second major component of a process
3) The third component is decisions, which are made at the process's beginning and
end
4) Input is another major component of processes since, with no inputs, a process
cannot function.
5) Last but not least, outputs require continuous monitoring
C. How Are Performance Metrics Used To Monitor Processes?
1) Performance metrics refer to data used in tracking various processes within a firm

2) Some of the forms of performance metrics are returns on investment, sales, profit,
and customer satisfaction
3) Performance metrics monitor processes by generating data that brings more
efficiency to the decision-making processes
4) The performance metrics also monitor processes by tracking and following up on
business progress
D. What Are The Key Elements In Job Definition?
1) A job definition describes the vacant position and highlights what the new hire
should expect. One of the key elements is the tasks and responsibilities of the
individual in that position.
2) The performance standard is another key element that indicates the expected
quality standards and productivity expected
IV. Question Four
A. Discuss How Sustainability Might Be Incorporated Into A Process Or Value Change
Improvement Initiative.
1) Sustainability is essential to any company as it positively impacts its growth.
2) Sustainability comes with advantages for the company, society, and the
environment.
3) Sustainability involves encouraging society to engage in activities that conserve
natural resources
4) A firm can incorporate sustainability into its processes if it considers
environmental factors as part of the limited resources

5) Businesses should include sustainability in their mission to incorporate it into
their processes.
6) A firm should also communicate with all its team about the inclusion of
sustainability in the process
V. Question Five
A. Discuss the Facility Layout That Would Be Most Appropriate For Performing Hospital
Laboratory Test
1) Layout refers to how machinery, equipment, and people are organized to make
production efficient
2) There are four different types of facility layout.
3) They include cellular, process, product and fixed position
4) Among the four facility layouts, the most suitable layou...

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