The World Class Manufacturing (WCM) system has attracted the attention of industries all over the world. The perceptible impact of WCM lies in attaining the far-reaching world class standards. This article discovers and differentiates the WCM system and traditional manufacturing system, based on individual components of a manufacturing system. The role of performance measurement is described, and a set of nine performance elementsinnovation, productivity, quality, cost, flexibility, delivery, safety, morale and environmentis developed to measure the status of WCM. The designed nine performance elements are weighed with respect to the basic components of a manufacturing system. The importance of individual Measures of Performance (MOP) under each performance element is also analyzed. In order to achieve excellence in manufacturing, companies must begin to incorporate WCM proactively and intelligently with effectively designed performing elements, and adopt changes in MOP with respect to the global scenario. The designed MOP chart is used to evaluate the WCM system performance of an organization.

Very few industries are unaffected by global competition. With increasing level of competitiveness, the consumer will ultimately decide upon the product features like dependability, availability and overall value. In today’s business environment, it is no longer good enough to be better than the competition down the street or in the local market place. Each company must strive to meet and beat the best from anywhere in the world. Traditionally, the product pricing is with respect to the manufacturing cost and the profit (fixed by stakeholders). But after globalization the customers are interested in and concentrate on price reduction with respect to the age of product introduction into the market (year-wise) in the form of 5, 4, 3, 2,1. i.e., for the end of first year—5% reduction from its initial price, end of second year—4% reduction and so on. By this, the product price is fixed by the customer and the profit is fixed by the stakeholder.

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