Economies Question Part 1

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Running head: OPTIMIZING OPERATIONAL YIELD 1

Optimizing Operational Yield

Name

Institutional Affiliation

OPTIMIZING OPERATIONAL YIELD 2

Optimizing Operational Yield

Yield optimization refers to the use of data analytics in helping maximize the revenue and

profits of the business. In a highly competitive business world, there is always a need for people

to be competitive. High competition means that to profit, businesses must become as efficient as

possible. Each shareholder in a business wants to get the maximum value from their business.

Yield optimization is a continuous business process that can be expanded to be used even in

nonprofit organizations. However, it requires good data collection techniques so that it might be

possible to draw facts and figures from the data. There are some steps regarding the optimization

stage.

Discovery and Data Collection Stage

The discovery is one of the most crucial stages in optimization. The discovery stage

requires having a keen understanding of the processes which happen within the organization. It is

also through the stage that data collection happens within the organization. The data collected

would help come up with a diagnosis of what could be wrong in the production processes.

Understanding the process is also important in helping develop a framework of how the process

can be improved. Improving the process would require the company to understand how each of

the processes works.

The discovery process can also happen through stages. The first stage would be to assess

the project's input. Every industrial process has input, and streamlining or understanding the

input process is vital to making sure the whole industrial process is working seamlessly (Doss et

al., 2017). There are various factors to consider when regarding input. The first would be the cost

of input. If other viable alternatives are cheaper without degrading the quality of the output, they

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Running head: OPTIMIZING OPERATIONAL YIELD Optimizing Operational Yield Name Institutional Affiliation 1 OPTIMIZING OPERATIONAL YIELD 2 Optimizing Operational Yield Yield optimization refers to the use of data analytics in helping maximize the revenue and profits of the business. In a highly competitive business world, there is always a need for people to be competitive. High competition means that to profit, businesses must become as efficient as possible. Each shareholder in a business wants to get the maximum value from their business. Yield optimization is a continuous business process that can be expanded to be used even in nonprofit organizations. However, it requires good data collection techniques so that it might be possible to draw facts and figures from the data. There are some steps regarding the optimization stage. Discovery and Data Collection Stage The discovery is one of the most crucial stages in optimization. The discovery stage requires having a keen understanding of the processes which happen within the organization. It is also through the stage that data collection happens within the organization. The data collected would help come up with a diagnosis of what could be wrong in the production processes. Understanding the process is also important in helping develop a framework of how the process can be improved. Improving the process would require the company to understand how each of the processes works. The discovery process can also happen through ...
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Tags: process improvement analytical skills IMPROVEMENT MODEL Senior leadership operational yield