An explanation of Dr. Eliyahu M. Goldratt's theory of constraints.
Written in 2008; 1,425 words; 5 sources; APA; $ 47.95
Paper Summary:
This paper discusses the book "The Goal," written by Israeli physicist turned business consultant, Dr. Eliyahu M. Goldratt. The paper relates that Goldratt's book introduces his theory of constraints (TOC), which provides five steps to help managers genuinely comprehend what is happening within their organizations. The paper also lists and briefly describes the five steps.
From the Paper:
" As Alex Rogo was exploring his plant's challenges in the face of imminent facility closure due to its inability to deliver results, he discovered the painfully simple and obvious fact, "The goal of a manufacturing organization is to make money" (Goldratt, p. 40). In a joint effort with the plant controller, Alex determined three measurements that established if the company was making money or not. Net profit was the absolute measurement that told how much money the company had made. However, net profit alone was not sufficient to paint the whole picture. ROI was the relative measurement that made a "comparison of the money made to the money invested" (p. 46). In addition, cash flow served as a "measure of survival," showing whether the company had enough cash coming in to meet the expenses (p. 47)."
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