Answer to Question #192152 in Mechanical Engineering for Harris

Question

Explain the issues that influence whether a design proposal should be developed into a final solution suitable for manufacture. Write at least 600 words and include a flow chart showing how the decision-making process works when a company design review takes place. You must address the following points:

 How might manufacturing constraints affect the decision-making?

 What are the financial implications attached to making design decisions?

 How does legislation affect making design decisions?

Answer 1

We all know that human desires are unlimited and the resources required to satisfy them are limited. Because of this, humans can satisfy only a few of their desires. The same logic is applicable in economic decision-making. There are various consumption bundles that the consumer is willing to purchase. The indifference curve map shows these, where the higher the indifference curve, the greater will be the utility achieved. However, the consumer is constrained by the budget, and therefore, the optimal choice is constrained by the budget. There are other constraints besides the monetary ones, such as the constraints imposed by the resource availability in the production of goods and services. These constraints limit the choice we have and thus reduce the available options, thus affect our decision-making.

In the world of business, most of the decisions that management take have far-reaching implications. While most of the implications directly or indirectly have financial impacts on the business, it still happens that few decisions may impact businesses non-financially.

Decision making and financial implications: There is a wide spectrum of decisions that business managers taken at all levels on any given day. Every decision is taken keeping in mind the objective of growth, profitability, and sustainability of the business. Even so much as CSR decisions like charities, every decision indirectly has financial impacts on businesses. Strategic decision making, innovation, entering new markets, exiting a business, firing employees, increasing workforce, building a new factory, offering discounts, new products, changing the brand logo, dividend, share buybacks are just a few of innumerable decisions that managers take and all of them have financial implications. Some of the decisions have direct financial implications, and some others may have indirect implications, such as charities as part of CSR initiatives strengthening the companies' long-term brands, change of CEO would indirectly impact profitability and long-term business performance, etc.

Legislation is one of the key ways by which governments seek to change behavior and outcomes for society. The legislation creates and removes rights, powers, and obligations, sets up or disestablishes institutions, gives governments the means to raise and spend money, and enables citizens to hold decision-makers to account. The legislation significantly affects both the everyday lives of New Zealanders and their future choices. It affects individual and collective rights, the use of property, how markets operate, the risks to the environment or human safety that are acceptable, and how wealth is distributed in society.

Designing legislation that users can find and use easily is critical for both the rule of law and its efficacy. So it is worth thinking about whether legislation should be amended or replaced, how it overlaps with other laws, and whether the legislation is multi-layered or fragmented in terms of these needs.