Life Cycle Costs for Groceries and Magazines-myassignmenthelp

Question: Discuss about theLife Cycle Costs for Groceries and Magazines. Answer: About the company Among the famous companies in Australia, Woolworths is rated as a high-end retail company that contributes to about 80% of the success that in the Australian retail market. The company is famous for providing services that include groceries, magazines, DVDs, and household products (Woolworths.com.au, 2018). The purpose of this assignment is to identify the problems faced by the maintenance engineers and the manner in which Woolworths uses the life cycle costs to value the longevity of its products. Problems of maintenance engineers As observed by Rivera and Azapagic (2016), Woolworths faces engineering problems in the form of technical competency. The reason behind this is that due to its large number of stores, the company struggles to maintain its inventory thereby, reducing the technical competency of the business. The reason behind this being an engineering problem is that the engineers of the company do not have the proper skill to continue with the managing of the inventory. Needs and expectations of the stakeholders The stakeholders play an important role in the progress and expansion of a company. Similarly, in the case of Woolworths, the satisfaction of the stakeholders provides opportunities for an increase in the market. The needs and expectation of the stakeholders vary with the characteristics and power of the stakeholders. For example, customers need and expect good quality of products while the employees of Woolworths need and expect proper motivation and work environment (Driessen, Arts van Houtum, 2017). The scope of Woolworths to meet the expectations The scope of Woolworths can be identified by its aim. Woolworths aim at maintaining customer satisfaction along with the satisfaction of the employees. Therefore, it is necessary for the company to ensure that the needs and demands of the stakeholders are maintained in a manner that can provide proper financial gains for the company. Level of a documented system for maintenance development Woolworths can apply the life cycle cost method to ensure that the maintenance of the company can be maintained. Simonen (2014) stated that the documentation system could help in understanding the requirements of the stakeholders and at the same time ensure that the legal procedure of the Government is maintained. The development can be maintained by complying with the legal documents of the market. Commitment and support from leadership In order to ensure that the expectation of the stakeholders are met and mitigate the problems faced by the engineer, the leaders of Woolworths need to undertake the responsibility to ensure that the commitment of the employees is maintained (Stark, 2015). At the same time, it is also necessary that the leaders provide support to the employees in terms of taking innovative decisions such as re-creating a food or household product. Longevity of Life Cost Cycle for maintenance The application of life cycle cost for maintaining products is used to plan, design and implement the assets of a company (Hellweg Canals, 2014). Therefore, it can be said that the longevity of the life cycle costs in Woolworths can be calculated until the proper execution of a particular product. This decreases the life cycle cost of the company and hence, its competitors can replace the products from the market. Identifying gaps in the current practice After analysing the competency of Woolworths, it can be said that the inventory of the company provides a proper analysis of the gap in its practice. The maintenance of the inventory of the products provides an opportunity to analyse the gaps that exist in the current production of the company. Therefore, the application of tools such as the NPV model can help Woolworths continue with a proper business proposition. Conclusion Therefore, a conclusion can be made based on the implementation of the life cycle process. The cost incurred by the company is effective for maintaining the profitability Woolworths. The critical success factor of Woolworths can be in the form of applying alternative tools and systems that can help in the maintaining the stability in terms of finance and productivity of the organisation. Hence, recommendations can suggest about the application of alternative tools for development. Suggestion and recommendation The application of NPV tool as an alternative approach can help Woolworths to continue with the business in a steady manner. Woolworths can calculate the current value to ensure the manner in which innovation can be maintained in the company. The value gained by the company can help in the implementation of life cycle costs and ensure that Woolworths maintain its positive hold in the Australian market. Reference Driessen, J. P. C., Arts, J. J., van Houtum, G. J. J. A. N. (2017). Optimal commonality and reliability: a life cycle costs perspective. Hellweg, S., Canals, L. M. (2014). Emerging approaches, challenges and opportunities in life cycle assessment. Science, 344(6188), 1109-1113. Rivera, X. C. S., Azapagic, A. (2016). Life cycle costs and environmental impacts of production and consumption of ready and home-made meals. Journal of Cleaner Production, 112, 214-228. Simonen, K. (2014). Life cycle assessment. Routledge. Stark, J. (2015). Product lifecycle management. In Product Lifecycle Management (Volume 1) (pp. 1-29). Springer, Cham. Woolworths.com.au. (2018).{{metaController.metaData.title}}. [online] Available at: https://www.woolworths.com.au/ [Accessed 13 May 2018].