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Life expectancy of products: The life of expectancies of product can vary significantly, depending on the materials and processes employed (hence the quality) and on many other factors - especially the frequency and quality of maintenance required. Numerous examples can be given where a choice has to be made between different processes and materials to manufacture a product. For example, consider the following: (a) sheet metal versus cast-iron frying pans, (b) carbon-steel versus stainless-steel exhaust systems for automobiles, (c) wood versus metal handles for hammers, (d) plastic versus metal outdoor furniture, and (e) aluminum versus reinforced-plastic ladders.

(Kalpakjian S. Schmid S.R.,Manufacturing Engineering and Technology, 5th Edition, p. 1244)

Tool-post grinders: Tool-post grinders are self-contained units and usually are attached to the tool post of a lathe. The workpiece is mounted on the headstock and is ground by moving the tool post. These grinders are versatile, but the lathe components should be protected from abrasive debris.

(Kalpakjian S. , Schmid S.R. ,Manufacturing Engineering and Technology, 5th Edition, p. 816)

Demand forecasting: Risk and uncertainty is deeply associated with every business decision. An essential element of any business decision is to fore see the future and act accordingly. A look at the future without factual analysis renders a business devision more of a gambling than real growth oriented decision. Amongst all forecasts of business. Demand forecast is the key driver for success or failure. Future demand of the product acts as a game changing factor in today’s competitive business environment. Demand forecasting is essential to guard the future against any surprises. For example, if a manager fails to forecast high demand in the future, the mobilisation of resources to meet that demand will become a cumbersome task and might result in a lost opportunity to increase market share.

(S. A. Siddiqui, A. S. Siddiqui, Managerial Economics And Financial Analysis, 1th Edition, p.80)

Make or Buy: Fundamentally, make or buy is about the choice of whether to carry out a particular process or activity within your own business or to buy it in from a supplier. In reality, this can take many forms: choice about making a particular small part of a complex larger products (for example, if we make turbine generators, should we make the ball bearings that go into them?), choices about system and subsystem manufacture (if we make cars, should we make the engine?), choices about which particular manufacturing processes to have in the company (if our manufacturing process requires a specialised heat treatment, should we beuy the plan tor use a specialises subcontractor?). Although the examples given are from manufacturing businesses, the same issues apply to other in or outscoring decisions.

The distinctive feature of manufacturing industry is the variety of processes involved and hence the frequency with which the issue is encountered, with the resulting greater scope for good or bad decisions to affect the business result.

(D. Probert, Developing a Make or Buy strategy for manufacturing business, p. 1,2)