This website uses cookies to ensure you have the best experience. Learn more

Riordan Manufacturing Strategic Plan Essay

2067 words - 9 pages

Riordan Manufacturing Strategic Plan
Why is strategic management necessary? Strategic management, and business policies are essential for organizations to gain competitive advantage within their respective markets. Organizations like Riordan Manufacturing implement policies, and procedures to provide structure, and standardize operations in efforts to maintain proper control of production, inventory, and logistics. Developing a strategic plan focuses on the need for planning, roles of ethical and social responsibility, current competitive advantages, innovation, sustainability, internal dynamics, influence of business continuity, and assessment, and feedback. The following discussion ...view middle of the document...

According to the text, the evaluation and control process is a five-phase process that involves top managers and operational managers of the organization. The first phase of the process is to determine what to measure. Managers need to specify what implementation process and results will be monitored and evaluated in a reasonable and consistent manner. This phase should focus on the most significant elements in the process. Phase two is to establish predetermined standards. This phase measures the acceptable performance results. It also outlines the tolerance range and any acceptable deviations.
Phase three is the measure of performance, in which is done at predetermined times. Phase four determines if the performance match the standards. This phase determines if the actual performance results are within the desired tolerance range and if so, this phase ends. However, if not, then phase five is the corrective action phase where the undesired results, action must be taken. There are a series of questions that must be answered: 1) is the deviation only a chance fluctuation? 2) Are the processes being carried out correctly? 3) Are the processes appropriate to the achievement of the desired standard? And who is the best person to take corrective action. If the performance results are unsatisfactory due to the strategic management process, operational managers should be made aware so they can implement or modify a procedure. Generally, top management is often better at the first two steps of the phase, than in the last two steps (Wheelen).
Primary Measures of Corporate Performance
Measuring performance includes types of controls being measure; activity based costing, and enterprise risk management. The most commonly used measure of corporate performance is simply the return on investment (ROI) and earning per share (EPS) which takes into account the balance scorecard approach which incorporates the stakeholder and shareholder value. Other key performance measures are cash flow, quarterly sales growth, market – share.
Balanced Scorecard
A balanced scorecard recognizes the limitations of purely financial measurement at Riordan Manufacturing, which is normally short-term measurement. According to the text, the balance scorecard combines both financial and non-financial measures that shows the results of actions already taken by Riordan Manufacturing; with a focus on operational measures of customer satisfaction, internal processes, financial and learning and development. The objectives reveal how we appear to our shareholders; how do the customers view Riordan Manufacturing; what areas Riordan Manufacturing must excel at and can Riordan Manufacturing improve and create value. Balanced scorecards are normally a key output from the strategy formulation process. The key goals that are identified as critical to the success of the business, as part of a performance measurement framework, can also be considered in the context of a balanced scorecard...

Other Papers Like Riordan Manufacturing Strategic Plan

Strategic Quality Management And Customer Satisfaction Riordan Manufacturing

2257 words - 10 pages Riordan's Strategic PlanStrategic planning is a process in which an organization identifies their objectives and goals they wish to pursue and the methods they will use to accomplish the objectives. The process improvement plan plays a direct role in the strategic plan for Riordan Manufacturing. Riordan Manufacturing focuses on "achieving and maintain reasonable profitability to assure that the financial and human capital is available for sustained

Production Plan for Riordan Manufacturing: Aiming for Reasonable Profitability

1079 words - 5 pages to slow service or competitor entry; if the capacity is excessive, Riordan may have to reduce prices, reduce staff or carry excess inventory (Aquilano, Chase, & Jacobs, 2006, p. 431). Riordan Manufacturing can benefit from the development of a strategic capacity plan by considering all time durations (short, mid and long range) and eliminating the bottlenecks currently present within its inventory and supplier networks. In addition

Riordan Manufacturing: Improving Amidst Changes

1212 words - 5 pages tighten up its game then other companies will not stand a chance against them. Production Plan for Riordan Manufacturing Riordan Manufacturing, owned by Riordan Industries, is a plastic injection molding company. The company manufactures products such as plastic bottles, heart valves, medical stents, and fans. This report will evaluate production plan for the fans produced at Riordan Manufacturing. The plan includes developing a strategic

Competitive Advantages

819 words - 4 pages competitive strategies chosen may affect the sustainability of long-term performance and how the global market would affect the business strategy of Riordan. Like Costco, Riordan manufacturing generates greater sales and margin to optimize their investment. Riordan’s sales and product strategy has been proven effective through their pricing and product selection, which sustains their strategic goals and objectives. To retain their customers

Strategic Quality Management and Customer Satisfaction Paper

1555 words - 7 pages Strategic Quality Management and Customer Satisfaction Paper Jamie Steward MGT/429 Quality Management and Productivity University of Phoenix January 2009 Strategic Quality Management and Customer Satisfaction Riordan Manufacturing is a successful international plastics manufacturing company with an objective to promote customer satisfaction through a strategic quality management plan. During

Customer Service

1402 words - 6 pages Riordan’s process improvement plan is related to their strategic plan. Quality in the Strategic Plan and Objectives Quality is a key objective to any successful organization; this is true with the Riordan manufacturing group as well. The strategic plan is simply to develop and deliver a quality product on time. Building the brand through delivery is an excellent design and a key to the “Time to market” approach. With some improvements, the

Riordan’s Strategic Plan

3375 words - 14 pages Riordan’s Strategic Plan Team C: MGT/498 May 29, 2014 Riordan’s Strategic Plan Riordan Manufacturing is a Fortune 1000 company that that leads the world in the manufacturing of plastics and plastic injection molding. With more then a billion dollars in revenue, Riordan has decided to shore up their global business by developing a strategic plan that will take the company into the next five years. With global

Riordan Corporate Compliance Plan

2116 words - 9 pages Riordan Corporate Compliance Plan University of Phoenix Introduction Riordan Manufacturing founded in 1991 by Dr. Riordan with patent awards from processing polymers into strong plastic substrates, the company's initial focus was against research, development and the licensing of its existing patents; In 1992 Dr. Riordan obtained venture capital which he used to purchase a fan manufacturing plant in Pontiac, MI. In 1993, the company

Riordan Mfg

3662 words - 15 pages RIORDAN MANUFACTURING, P. 5 FEBRUARY 13, 2012 NEW PROCESS DESIGN RECOMMENDATIONS CONT… Quality at the Source: This concept requires management to hold employees accountable for productivity in their own work center and calls for employees within a work center to hold each other accountable as well. We recommend you first train employees on how to minimize reworks and plan for fast changes. To motivate employees to embrace such

Riordan Manufacturing Service Request

1818 words - 8 pages . • Collect feedback and respond to feedback. • Ensure security of newly acquired software is appropriate. The integration of the above processes of software and database programs supports Riordan’s overall strategic plan of remaining the industry leader as a global plastics manufacturer. Riordan Manufacturing specializes in high tensile strength plastic substrates. The company was founded in 1991 by Dr. Riordan. Riordan employs 550 people and

Riordan Manufacturing Virtual Organization

1107 words - 5 pages strategy is a planning strategy that uses two or more controllable variables to set a feasible production plan. With two strategies combined Riordan Manufacturing can take advantage of a well-trained workforce because the production rates never changes, lower turnover, lower absenteeism and more experienced workers (Jacobs & Chase, 2011). The Michael (n.d.) website manufacturing performance efficiency is the level to which quality of a

Related Essays

Riordan Manufacturing Outsourcing Plan Essay

2851 words - 12 pages Riordan Manufacturing - Outsourcing Plan Riordan Manufacturing, Inc. leads the industry in plastic injection molding. Riordan has six manufacturing locations in the United States, and one location in China. Riordan creates innovative plastic designs using state-of-the-art technologies that have earned them international acclaim. The various business entities of Riordan Manufacturing are using different Financial and Accounting applications

Riordan Strategic Plan Essay

1140 words - 5 pages advantage over their competition. Another commonality between the three companies is that they use some type of reward and incentives program to ensure that they are recognizing their employees for operational excellence. Riordan Innovation Strategies Innovation Riordan could increase innovation and sustainability for the business operations in the United States of America and globally by implementing a strategic capacity plan. This plan

Riordan Manufacturing: Corporate Compliance Plan Essay

1238 words - 5 pages officers as well as any contracts they authorize. Adherence to this corporate compliance plan will reduce the liabilities of Riordan Manufacturing, Inc. Alternative Dispute Resolution All disputes must go through an alterative dispute resolution process. The following steps will be followed when a dispute occurs. However, depending on business impact, senior management may give direction to bypass or invoke any step of the ADR process at any

Riordan Manufacturing Management Change Plan Essay

1566 words - 7 pages Riordan Manufacturing Management Change Plan MGT 301 Section I: Change Management Plan Identify the current formal and informal power structures in the organization. How might the power and political structure of the organization affect employee behavior? The formal power structure in the organization consists of the top management staff run by the President & CEO, followed by the Executive Assistant, Senior VP-R&D, and the Chief