4v Diagram Used Operations Strategy Visualisation Tool Give Example 10 Q34286606

How can the 4V diagram be used as an operations strategyvisualisation tool. Give an example? [10%]

Expert Answer

In the 4V diagram, the 4V stands forVolume, Variety, Variation & Visibility. These four factors areinterrelated and have a direct impact on nature of goods andservices produced by an organization. These factors needs to beconsidered while making operations strategy for successful businessoperations. The volume factor takes into accountthe fact that how much a firm needs to produce a product in orderto satisfy customer demand. This helps to control over productionor under production. So, by focusing on volume, a firm can ensurethat resources