Critical Review Of "It's Not Luck"
Write a critical review of the book "It's not Luck" by EM Goldratt from an operations
strategy perspective. The emphasis of your review should be on principles of good
operations strategy and should NOT just be a summary of the book.
Table of Contents
1. Preface 3
2. Introduction to Business Strategy and its Operations Strategy 3
3. Levels of Strategy 4
4. Executive Summary of It's Not Luck 6
5. Principles of Operations Strategy 7
6. Conclusion 9
7. References 10
1. Preface
The content of this assignment constitutes my understanding and interpretation of the book "It's Not Luck" authored by Dr. Eliyahu M. Goldratt. I have endeavoured to provide a critical review of the book and its application to the business environment. Throughout this assignment I refer to myself as "the student", whenever I offer my own opinion, presumptions and thoughts regarding the book. I am still very much a student in the art of the Theory of Constraints (TOC).
In a nutshell, the underlying concept the author presents to the readers is TOC which is a management philosophy that prescribes that most modern organisations operate on a systems philosophy. And the goal is to make more money, both now as well as in the future. TOC consists of two fundamental applications: 1) The Five Focusing steps and their application to operations; 2) The Thinking Processes (TP) and their application to project management and human behaviour. TOC considers a system as a chain, with the underlying premise that a chain is only as strong as its weakest link. This weakest link is most often the constraint of the system.
In this assignment I have opted to outline my understanding of a business strategy first, following with the operations strategy. Following this is a discussion on some principles of operations strategy. I have applied these...
Please login to view the full essay...