Sample Essay

Introduction

Over the years, many companies have suffered from ineffective and inefficient production paradigms and techniques that have resulted in the erosion of market share and strength for those companies and also adversely affected the profitability of those companies. To this end, many researchers and managers have tried to build and develop new techniques and models that eliminate the problems associated with production processes. One of the most famous techniques that were developed to meet this goal is the “Theory of Constraints (referred herein as TOC).”

Also known as managing constraints[1], the TOC is an effort to provide a methodical and organized format to find out the reasons that halt or hamper an organization from achieving the objectives that the organization pursues which include profit maximization. TOC looks at a company as an imaginary “chain” with many links, “where the contribution of a link to the organization’s goal is strongly dependent upon the performance of other links[2].”

[1] Hilton, R.W. (2008) “Managerial Accounting: Creating Value in a Dynamic Business Environment” (McGraw-Hill/Irwin) p. 25

[2] Klein, D. J. & Debruine, M (1995) “A Thinking Process for Establishing Management Policies” Review of Business

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