Year unknown•RePEc: Research Papers in EconomicsRequires access

THEORY OF CONSTRAINTS – NEW MANAGEMENT PHILOSOPHY

Milica Djordjevic, Maja Stojanovic

Abstract

Achieving high company performance is influenced by numerous limitation factors. Theory of Constraints, as a new management philosophy, recognizes necessity for advancing production process while focusing on those limitation factors. This paper will introduce basic assumptions of Theory of Constraints followed by quantitative illustration of its implementation in management – more precisely in using and overcoming system limitations, as well as in order to decide on selling price of the product.

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Available abstract

Key concepts: Theory of constraints, Management philosophy, Order (exchange), Process (computing), Production (economics), Computer science, Product (mathematics), Management science