Final answer:
When conducting a value analysis, it is important to consider and evaluate multiple factors that impact the overall value of a product or service.
Step-by-step explanation:
In conducting a value analysis, the production manager should bear in mind that all of the following are true EXCEPT:
- A. Price is only one factor to be considered
- B. Standards of quality may vary
- C. Product improvements are always cost effective
- D. Many factors may affect value
All of the given statements are true except for D. Many factors may affect value. When conducting a value analysis, it is important to consider and evaluate multiple factors that impact the overall value of a product or service, including price, quality standards, and potential product improvements. This ensures a comprehensive assessment of value and helps guide decision-making in production management.