What is operations management? Why is it important? Is a good knowledge of operations management more important in service or manufacturing industries? Explain your answer.
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Operation management can be defined as a system of theories and strategies aimed at optimizing the processes occurring in the setting of entrepreneurship or aimed at completing a specific project (Gray & Larson, 2010). Thus, the very concept of operation management (OM) is self-explanatory. Its significance can be explained by the fact that it makes the completion of a company project possible.
Although the concept of OM is typically associated with the processes related to manufacturing, one must admit that the phenomenon is also linked directly to the provision of various services (Kendrick, 2013). The principles of OM can be utilized as the foundation for improving and enhancing the efficacy of a range of departments in any field, including both manufacturing and service provision. For instance, OM could be viewed as a tool for addressing the quality issues related to a certain project by redesigning the procurement strategy.
Discuss the use of PERT/CPM techniques for managing projects. Describe what PERT/CPM does. Discuss the advantages and disadvantages of using it. What other techniques might you choose to manage your project?
To make sure that the outcomes of a particular project should meet the desired outcomes, one must make sure that every stage thereof should be carried out following the expectations set. At this point, the phenomenon of the Critical Path Analysis (CRM) and the Performance Evaluation and Review Technique (PERT) should be brought up. When combined, PERT/CRM allows for identifying the tools for managing different aspects of a project (Lock, 2014).
The tool in question offers a range of benefits. For instance, it helps locate a clear set of tools for supervising the project and evaluating its progress. Unfortunately, the framework also has its problems, the lack of premises for developing an original management strategy being the key one (Saenz, & Koufteros, 2015).
What are economies of scale in a manufacturing plant? Do they continue forever? What are diseconomies of scale? How might you decide the optimal size of a plant?
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According to the existing definition, an economy of scale can be defined as the phenomenon of prices dropping as the volume of the goods produced increases. Therefore, at a manufacturing plant, the consistent rise in demand and, therefore, the increase in the number of units produced per hour can be viewed as economies of scale. Naturally, the given type of economy of scale cannot possibly occur for an unlimited period The subject matter is restricted by the capacities of the plant, including the properties of the manufacturing equipment, the number of employees, etc. The diseconomy of scale in its turn represents the exact opposite phenomenon. To be more exact, the price of a product increases as the costs per unit rise (Silvius, 2013). To identify the optimal size of a plant, one should consider the capacity of the equipment, the amount of the raw material, and the number of employees.
What, in your opinion, are the three most important issues in supply chain management? Discuss why you think these are the key issues.
Procurement, communication with a supplier, and quality assurance seem to be the three essential elements of an SCM. Procurement as the location and acquisition of raw material is crucial to the production of the corresponding goods and services. By getting the message across to the supplier efficiently, a company is likely to make sure that the necessary tools and materials are delivered. Finally, by maintaining high-quality standards, a firm is likely to retain its loyal customers and attract new ones (Fewings, 2013).
Discuss why (or if) inventories are necessary. What are the benefits of inventories? What are the disadvantages of holding inventories?
Inventories create the reserve that can be used in case of a specific issue regarding the equipment, the raw materials, etc. Therefore, the subject matter is essential for an organization that may face a crisis. However, holding inventories also means maintaining them in a proper condition (i.e., carrying out the maintenance procedures, purchasing the necessary tools, etc.).
Fewings, P. (2013). Construction project management: An integrated approach. New York City, NY: Routledge.
Gray, E., & Larson, C. F. (2010). Project management: The managerial process (5th ed.). New York City, NY: McGraw-Hill Education.
Kendrick, T. (2013). The project management tool kit: 100 tips and techniques for getting the job done right. Washington, DC: AMACOM.
Lock, D. (2014). The essentials of project management. Burlington, VT: Gower Publishing, Ltd.
Saenz, M. J., & Koufteros, X. (2015). Special issue on literature reviews in supply chain management and logistics. International Journal of Physical Distribution & Logistics Management, 45(12), 1-6.
Silvius, G. (2013). Sustainability integration for effective project management. Hershey, PA: IGI Global.