Final year projects (Baccalaureus Theses) (Industrial Engineering)

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Browsing Final year projects (Baccalaureus Theses) (Industrial Engineering) by Subject "Breakeven analysis"

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    Managerial support for an optometry practice : a business analytics study
    (Stellenbosch : Stellenbosch University, 2011-12) Kotze, Melandi; Visser, T.; Stellenbosch University. Faculty of Engineering. Dept. of Industrial Engineering.
    ENGLISH ABSTRACT: The South African optometry industry has limited literature available regarding the ideal management of optometry practices. This makes it difficult for optometry practices to evaluate their performance in order to make better informed decisions for the future of their practice. According to other studies done on the South African optometry industry, optometry practice management is not initially included in the optometry post graduate or undergraduate programs. Therefore managerial skills and knowledge in most optometry practices is very limited. This report studied a specific optometry practice that strives for better business management in order to breakeven as soon as possible and to become profitable. The approach to the project was to evaluate the practice’s performance in comparison with the industry benchmarks that is available. The industry benchmarks are United States based, but can be used as a good approximation of the South African industry, seeing as literature was found to support this assumption. It was found that the practice is performing well in terms of the industry benchmarks, but certain areas were identified where there is improvement potential. These areas were analysed in more detail in order to generate possible solutions that could possibly improve the management procedures and processes used in the optometry practice. It was found that the major setback for the practice is the lack of clients in general and specifically contact lens clients. When the client base expands the revenue will increase. This report provides recommendations to aid the management procedures in the practice in order to attract more clients and to ultimately become profitable.