How would you apply the five basic steps of theory

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Question: Theoretically, it should be possible to produce unlimited product and generate unlimited revenues and profits by companies as well as by individuals, provided there are no system resource constraints or bottlenecks. The newer production management and control system called theory of constraints deals with managing these bottlenecks or constraints that limit our ability to achieve the desirable outputs. Through an individual reading (from textbook or internet sources), identify the five basic steps of theory of constraints. Provide an example from your daily life (personal or professional) where you have faced a constraint or bottleneck that limits your potential to achieve what you desire to achieve. How would you apply the five basic steps of theory of constraint to manage your constraint and what operational control measures you would choose to monitor the progress?

Reference no: EM133274983

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