Final answer:
Reducing setup times in production involves a process of analyzing and streamlining setup activities to improve production efficiency, which can be affected by technology choices. If the production process becomes more efficient and costs are optimized, the setup improvements are successful. However, technology doesn't always lead to expected time savings.
Step-by-step explanation:
When discussing the steps involved in reducing setup times, there are typically three discrete steps which can either be carried out separately or combined into a single calculation with three conversion factors. Reducing setup time is a significant factor in improving production efficiency, and it can be influenced by changes in technology. The process of reduction involves analyzing and streamlining the setup activities to reduce the time required between production runs. This can involve the use of advanced technology or adapting current practices to be more efficient. Knowing whether you have set up the problem correctly can often be determined by looking at the results - if the production process is running smoother and more efficiently, or if costs have been reduced while maintaining quality, then the setup improvement steps have been implemented successfully. However, it's crucial to consider that not all technology produces the expected time-saving outcomes, as discussed in the provided reference, where it states that technological advancements don't always equate to reduced labor time. The reference to production technology 3 as the preferred choice due to its lowest total cost reaffirms that an effective setup time reduction is one that not only decreases transition time but also optimizes overall costs.