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The Importance of Standards in Business Operations

To succeed and prosper, businesses must meet customer and government requirements, respond to societal expectations, and make a profit. Standards serve as performance benchmarks and agreements between parties, impacting all aspects of business operations. Understanding and adhering to standards can accelerate time to market, reduce risk, demonstrate social responsibility, and create a competitive advantage.

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The Importance of Standards in Business Operations

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  1. Why Study Standards? or: How standards relate to employer expectations for Engineers.

  2. Business Basics To succeed and prosper, businesses have to do four things: • Meet or exceed the requirements expected by the Customer • Meet or exceed the requirements imposed by Governments • Maintain awareness and respond to new demands for “responsible operation” as expressed by Society through: • Courts of Law • Industry Observers and Pundits (e.g., Universities) • Consumer Advocates • Non-Government Organizations (NGOs) • Make a profit.

  3. In simple terms, “Standards” are a derivative form of a specification: • Documented knowledge and experience with a given subject at a given point in time. • A definition of performance expectations – “what” is minimally acceptable. • A design specification that defines how some aspect of performance must be accomplished. • An agreement between parties on how things can or should be done. • Usually established by a “consensus” process between subject matter experts and compiled voluntarily but may also be “dictated” or “imposed” by higher authority.

  4. Regulations and Standards apply to everything business does at all levels Business Products Systems Operations Parts & Components Materials

  5. Why knowledge of Standards? • They represent baseline “state of the art” • Use of appropriate standards speeds time to market • Avoid unnecessary risk in regard to product liability • Avoid unnecessary and more expensive regulation • Demonstrate social responsibility • Provide access to a supply base of readily available and affordable components • Create or maintain a market advantage over competition or maintain a level playing field for competition • Reduce Cost All of the above create a compelling case for knowledge of standards!

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