• UID Admissions 2024-25 NRI/NRI Spons./ Management Category Application Window is open now! Click Here to apply- Call 9266663225 to know more.
  • UID Admissions 2024-25 General Category Application Window is open only for BFA/BFA (Hons.) and BSc./BSc.(Hons.) Filmmaking Click Here to apply- Call 9266663225 to know more.
  • KUAT (Karnavati University Admission Test) Admissions 2024-25 Application Window Open Click Here to Apply- To know more call 9667048555. KUAT Examination Date-6th April,2024 (Saturday)
  • MBA 2024 Admissions open Click Here to Apply - call - 7574811135 / 7227035143.
  • B.Tech 2024 Admissions Open. Click Here to Apply- Call +91 7574811135
  • KU Admissions FEE Payment Click Here
  • Karnavati University invites applications for teaching positions Click here for details

KUAT 2022-23 Admissions Open Now! Click here to apply +91 9667048555

Announcement Admission

Performance Efficiency

May 11, 2022

Both production and performance are imperative for the manufacturing firms and hence hold immense significance. Production competence is considered to be extremely domineering and vital by the manufacturing firms for improving their performance. To achieve the goal of desired performance enhancement by the manufacturing firms, the firms need to ensure that the a) business strategies and production strategies should be aligned with each other and b) manufacturing practices should conform and continuously reflect upon increasing the performance of the firms. Now, being able to assess performance is the key to fostering performance-driven decision-making in the firms.

There are many ways to gauge the performance of the firms. First - one of the ways of assessing the performance is by adjudging the competitiveness of the firm. Firms always strive to maintain and improve their position in the market in comparison to their competitors (Barney, 1995; Gupta & Khan, 2017). Second - another way to analyse or critique a firm’s performance is through its financial well-being. Financially sound firms are considered to be performing well. Anyhow, financial gains are the fundamental reason for the existence of the businesses be it in any sector.

Third,  the efficiency of the firms also demonstrates their performance. Efficiency relates to the capability of minimizing wastage of practically everything including raw materials, time, energy, efforts, etc. A firm is termed to be efficient when it is capable of utilizing the resources at its disposal at an optimum level. Interestingly, increased efficiency of the firms enhances both competitive advantage and financial performance.  Moreover, efficient firms are able to create value for the firm. Hence, the firms always thrive to become efficient by increasing their performance and vice versa.

Achieving productivity performance targets is challenging the manufacturing firms owing to various intrinsic and extraneous factors. Manufacturing units face parity in their production, at the ‘intra’ and ‘inter-industry levels. Additionally, the manufacturing industry, per se, encounters many issues such as economic policy changes, fluctuations in global fuel prices, managing wastages, catering to governance, regulations and geopolitical expectations, one following CSR norms, adhering to sustainability practices, etc. Furthermore, several economic downturns such as recessions impact the efficiency of the manufacturing units. The manufacturing units also to brace for the unforeseen and unscheduled circumstances caused due to uncertainty and disruptions.

Author: Gunjan Sood, Assistant Professor - Unitedworld School of Business (UWSB)

Disclaimer: The opinions / views expressed in this article are solely of the author in his / her individual capacity. They do not purport to reflect the opinions and/or views of the College and/or University or its members.

Related Blogs

Benefits of Taking Graphic Design Courses
February 15, 2024

In today’s digital age, graphic design is essential for effective communication. Graphic design courses provide the skills needed to excel in this dynamic field, from mastering design principles to learning industry-standard software. At Karnavati University, our courses offer hands-on learning, industry insights, and opportunities to build a strong portfolio. Whether you aspire to design captivating […]

Read More
Interior Design Careers: What’s it Like to Work in Industrial Design?
February 12, 2024

Interior design is a tapestry of the creative front that is incorporated to transform into a living artwork using its functionality. This functional and aesthetically pleasing design course has various niches within it, and selecting among them could be a daunting task when making relevant career choices. One such field is industrial design, which stands […]

Read More
Product Design & Development: A Complete 2024 Guide
January 22, 2024

When creating a product, the two essential elements necessary are design and development. After conducting extensive research on the distinction between product design and development, we have identified the key differences between the two. In addition to identifying these disparities, we will understand the collaborative dynamics of these two factors in conceptualizing the product and […]

Read More