Question

Reengineering how a firm performs an activity or business process

1) involves redesigning and streamlining the workflow and various work steps in performing a particular business activity (often enabled by cutting-edge use of online technology and information systems), with the goal of achieving quantum gains in performance of the activity.
2) is the most frequently used approach to implementing use of a total quality management (TQM) for each and every activity in a company's value chain.
3) is a proven and reliable technique for discovering a best practice, implementing it, and then gradually over time updating, improving, and reinventing the best practice to make it an even better best practice.
4) entails using practices and procedures that emphasize continuous improvement in all phases of the process, 100 percent accuracy in performing each piece of the process, involvement and empowerment of employees performing the process, and team-based performance of the separate work steps.
5) is best done in close collaboration with a company's many strategic allies, supply chain partners, and other external constituencies in order to avoid duplication of effort and shorten the time it takes to perform the whole process.

Answer 1

Reengineering is a technique used by firms to improve their activities or business processes. It involves making modifications to existing processes to achieve better outcomes and discover best practices. Collaboration with external stakeholders is crucial to avoid duplication of effort and shorten the process.

Step-by-step explanation:

Reengineering as a Technique for Discovering Best Practices

Reengineering is a technique used by firms to improve their activities or business processes. It involves making incremental or radical modifications to existing processes to achieve better outcomes. Through reengineering, a firm can discover best practices and then implement them. Over time, these practices are updated, improved, and reinvented to become even better best practices.

One of the advantages of reengineering is that it can be done in close collaboration with a company's strategic allies, supply chain partners, and other external constituencies. This collaboration helps to avoid duplication of effort and shorten the time it takes to perform the whole process. By working together, these stakeholders can share knowledge, expertise, and resources to achieve the desired improvements.

Benefits and Considerations of Reengineering

Reengineering offers several benefits. Firstly, it helps firms stay competitive by continuously improving their processes and staying ahead of competitors. Secondly, reengineering allows firms to identify and eliminate inefficiencies, reducing costs and increasing productivity. Finally, by involving external stakeholders, reengineering fosters collaboration and innovation.

However, it's important to consider the potential challenges of reengineering. It requires time, resources, and careful planning to implement changes effectively. Additionally, close collaboration with external constituencies may require establishing effective communication channels and managing relationships effectively.