Priorities of Time and Global Environment
There are three competitive priorities of time: lead time, due-to-date performance, and time to market. Lead time is the time taken between the initiation of a process and its completion (Chang & Lin, 2019). For example, the lead time would be two weeks to six months, depending on the location and place of importation when importing a new car. Due date performance is the average amount of completed work within a certain period (Rani & Mathirajan, 2020). For example, if there were 100 cars shipped in one month and 30 of them were dispatched after the promised date, then the due ship performance is 70%. Time to market is the average time taken between the conception of a product and its availability to the market (Stock et al., 2018). An example is the time to market most phones is between 10 months to three years.
The global environment makes the lead time a competitive advantage, and that is why companies work hard to have as short a lead time as possible. Companies that can deliver faster are considered more efficient (Agwu & Onwuegbuzie, 2018). However, some businesses compromise quality to get the least lead time due to pressure from global competition. Due date performance is as well affected by the global environment because a small breakdown in one part of a company may affect the whole production chain. Consumers are likely to go for companies that achieve theirs due to date performance without failure (Agwu & Onwuegbuzie, 2018). Therefore, companies compete to ensure that their manufacturing processes are efficient and well-monitored to eliminate challenges that may affect due-to-date performance. Finally, time to market is also affected by the global environment such that if a product takes longer to be launched in the market, a competitor may launch it first (Agwu & Onwuegbuzie, 2018). This type of competition is highly visible in the fashion industry. This shows that the global environmental impacts each of the three factors differently.
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