Operation Managenent free essay sample

After completing this chapter, you should be able to: 1. Define the term operations management. 2. Identify the three major functional areas of organizations and describe how they interrelate. 3. Identify similarities and differences between production and service operations. 4. Describe the operations function and the nature of the operations managers job. 5. Summarize the two major aspects of process management. 6. Explain the key aspects of operations management decision making. Briefly describe the historical evolution of operations management. . Characterize current trends in business that impact operations management. Chapter 2 Competitiveness, Strategy, and Productivity After completing this chapter, you should be able to: 1. 2. 3. 4. List the three primary ways that business organizations compete. Explain five reasons for the poor competitiveness of some companies. Define the term strategy and explain why strategy is important. Discuss and compare organization strategy and operations strategy, and explain why it is important to link the two. 5. Describe and give examples of time-based strategies. We will write a custom essay sample on Operation Managenent or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 6. Define the term productivity and explain why it is important to organizations and to countries. 7. Provide some of the reasons for poor productivity and some ways of improving it. Chapter 3 Forecasting: 1. List the elements of a good forecast. 2. Outline the steps in the forecasting process. 3. Evaluate at least three qualitative forecasting techniques and the advantages and disadvantages of each. 4. Compare and contrast qualitative and quantitative approaches to forecasting. 5. Describe averaging techniques, trend and seasonal techniques, and regression analysis, and solve typical problems. Explain three measures of forecast accuracy. 7. Compare two ways of evaluating and controlling forecasts. 8. Assess the major factors and trade-offs to consider when choosing a forecasting technique. Chapter 4 – Product and Service Design: 1. Explain the strategic importance of product and service design. 2. Identify some key reasons for design or redesign. 3. Recognize the key questions of product and service design. 4. List some of the main sources of design ideas. 5. Discuss the importance of legal, ethical, and sustainability considerations in product and service design. 6. Explain the purpose and goal of life cycle assessment. 7. Explain the phrase the 3 Rs. 8. Briefly describe the phases in product design and development. 9. Name several key issues in manufacturing design. 10. Recognize several key issues in service design. 11. Name the phases in service design. 12. List the characteristics of well-designed service systems. 13. Assess some of the challenges of service design. Chapter 5 Strategic Capacity Planning for Products and Services: 1. 2. 3. 4. 5. Summarize the importance of capacity planning. Discuss ways of defining and measuring capacity. Describe the determinants of effective capacity. Discuss the major considerations related to developing capacity alternatives. Briefly describe approaches that are useful for evaluating capacity alternatives. Chapter 6 Process Selection and Facility Layout: 1. 2. 3. 4. 5. 6. Explain the strategic importance of process selection. Describe the influence that process selection has on an organization. Compare the basic processing types. Explain the need for management of technology. List some reasons for redesign of layouts. Describe the basic layout types, and the main advantages and disadvantages of each. Chapter 7- Work Design and Measurement: 1. 2. 3. 4. 5. Explain the importance of work design. Compare and contrast the two basic approaches to job design. Discuss the advantages and disadvantages of specialization. Explain the term knowledge-based pay. Explain the purpose of methods analysis and describe how methods studies are performed. 6. Compare four commonly used techniques for motion study. 7. Discuss the impact of working conditions on job design. 8. Define a standard time. 9. Describe and compare time study methods and perform calculations. 10. Describe work sampling and perform calculations. Compare stopwatch time study and work sampling. 12. Contrast time and output pay systems. Chapter 8 Location Planning and Analysis: 1. 2. 3. 4. 5. Identify some of the main reasons organizations need to make location decisions. Explain why location decisions are important. Discuss the options that are available for location decisions. Give examples of the major factors that affect location decisions. Outline the decision process for making these kinds of decisions. Chapter 9 – Management of Quality: 1. 2. 3. 4. 5. 6. 7. 8. 9. Define the term quality as it relates to products and as it relates to services. Explain why quality is important and the consequences of poor quality. Identify the determinants of quality. Distinguish the costs associated with quality. Compare the quality awards. Discuss the philosophies of quality gurus. Describe TQM. Give an overview of process improvement. Describe and use various quality tools. Chapter 10 – Quality Control: 1. List and briefly explain the elements of the control process. 2. Explain how control charts are used to monitor a process, and the concepts that underlie their use. Chapter 11 Aggregate Planning and Master Scheduling: 1. Explain what aggregate planning is and how it is useful. 2. Identify the variables decision makers have to work with in aggregate planning and some of the possible strategies they can use. 3. Describe some of the graphical and quantitative techniques planners use. 4. Describe the master scheduling process and explain its importance. Chapter 12 – MRP and ERP: 1. Describe the conditions under which MRP is most appropriate. 2. Describe the inputs, outputs, and nature of MRP processing. 3. Explain how requirements in a master production schedule are translated into material requirements for lower-level items. Discuss the benefits and requirements of MRP. 5. Explain how an MRP system is useful in capacity requirements planning. 6. Outline the potential benefits and some of the difficulties users have encountered with MRP. 7. Describe MRP II and its benefits. 8. Describe ERP, what it provides, and its hidden costs. Chapter 13 – Inventory Management: 1. Define the term inventory, list the major reasons for holding inventories, and list the main requirements for effective inventory management. 2. Discuss the nature and importance of service inventories. 3. Explain periodic and perpetual review systems. 4. Explain the objectives of inventory management. 5. Describe the A-B-C approach and explain how it is useful. 6. Describe the basic EOQ model and its assumptions. 7. Describe reorder point models. 8. Describe situations in which the singleperiod model would be appropriate. Chapter 14 – JIT and Lean Operations: 1. 2. 3. 4. 5. Explain what is meant by the term lean operations system. List each of the goals of a lean system and explain its importance. List and briefly describe the building blocks of lean. Identify the benefits of a lean system. Outline the considerations important in converting a traditional mode of operations to a lean system. 6. Point out some of the obstacles that might be encountered when converting to a lean system. 7. Describe value stream mapping. Chapter 15 – Supply Chain Management 1. 2. 3. 4. 5. 6. 7. 8. 9. Discuss the key issues of supply chain management. Name the recent trends in supply chain management. Summarize the motivations and risks of outsourcing as a strategy. State some of the complexities that are involved with global supply chains. List some of the strategic, tactical, and operational responsibilities of supply chain management. Give examples of some advantages of e-business. Explain the importance of supplier partnerships. List the requirements of an effective supply chain. Name some of the challenges in creating an effective supply chain. Chapter 16 Scheduling 1. 2. 3. 4. 5. 6. Explain what scheduling involves and the importance of good scheduling. Describe scheduling needs in high-volume and intermediate-volume systems. Describe scheduling needs in job shops. Use and interpret Gantt charts, and use the assignment method for loading. Give examples of commonly used priority rules. Summarize some of the unique problems encountered in service systems, and describe some of the approaches used for scheduling service systems. Chapter 17 – Project Management: 1. Discuss the behavioral aspects of projects in terms of project personnel and the project manager. 2. Explain the nature and importance of a work breakdown structure in project management. 3. Give a general description of PERT/CPM techniques. 4. Construct simple network diagrams. 5. List the kinds of information that a PERT or CPM analysis can provide. 6. Describe activity crashing and solve typical problems. Management of Waiting Lines After ompleting this chapter, you should be familiar with waiting line terminology, be able to solve typical problems using the models presented in this chapter, and answer these questions: 1. Describe what imbalance does the existence of a waiting line reveal? 2. Explain what causes waiting lines to form, and why is it impossible to eliminate them completely? 3. Describe what metrics are used to help managers analyze waiting lines? 4. Explain what are some psychological approaches to managing waiting lines, and why might a manager want to use them? 5. Explain what very important lesson does the constant service time model provide for managers?

Multinational companies in Jamaica Essay Example

Multinational companies in Jamaica Essay Example Multinational companies in Jamaica Paper Multinational companies in Jamaica Paper Multinational companies in Jamaica Name: Course: Institution: Instructor: Date: Multinational companies in Jamaica Multinational companies have been highly significant to the growth of the Jamaican economy. The exponential growth of these companies has been felt not only in Jamaica and the Caribbean but also in continents such as Europe and North America where they have solid footholds in the respective countries consumer markets. Grace Kennedy and Lasco Jamaica are among the most successful companies in the Caribbean and more so in Jamaica. Multinational companies have a wide range of products that help diversify their portfolios. Grace Kennedy Company was founded in 1922 as a partnership between Dr. John J. Grace and Fred Kennedy. The Company started out as a small trading company and soon grew to have a wharfing facility to enable smooth flow of the company’s imports (Grace Kennedy, 4). The company in the Caribbean operates in Jamaica, Trinidad Barbados and the Eastern Caribbean respectively. Currently the company has sixty subsidiaries and affiliated companies across several continents around the world. The company has grown significantly since its inception form a privately owned company to a public company with a market capitalization of J$21 billion as of the year 2006. The company has a blueprint of catapulting its growth to become a leading global company with branches all over the world. The company has its activities in financial services, remittances services, insurance, manufacturing and retail and distribution. Employment-The Company has been particularly significant in the provision of employment to the Jamaican population. Since it began its operations, it has seen growth in its levels of operating activities and has diversified into different products and activities for the maximization of profits. The growth of the company means that the company has seen an increase in its revenues, which means that there have been more employments to facilitate the higher levels of activities. Employment for any population and country in general has many benefits. In addition, more employment means that the new employees are able to meet their basic needs such as costs for food. Adequate food for a family means the members are able to concentrate on crucial issues such as education. This also alleviates diseases, which are brought about by malnutrition that is because of poor diet or inadequate food. Employment means that people who are unemployed and venture into the new employment bracket are able to cater for their own needs such as education for their children and other basic needs. Revenue for the government-Moreover, new employees also translate to more revenue in the form of taxes for the government. More taxes enable the government to be able to fund more developmental projects such as the provision of basic needs such as water and sewerage systems. New employment helps in the reduction of crime as people who do not have any employment are able to find alternative and better sources of income. Public Ownership-The Company, after its evolution into a public entity, enabled Jamaican citizens to get a chance to own a part of the largest corporations in the country. The new public company after its listing as a public company was able to get more revenue to improve and increase its operations. This also meant that the company would employ more people to facilitate more production and maintain its growth. After the formation of the company in 1922, the company was particularly vital in the provision of basic services to the Jamaican public. This was extremely difficult to find if not impossible, in a period marked by racial oppression such as financial services and insurance services. This enabled the Jamaican entity to be represented in the corporate world by a multinational company, which has several operations in different countries and continents. Grace Kennedy Company has also enabled the Jamaican population to have more products available to them at relatively fair prices. The provision of basic commodities such as packed foods enabled people all financial backgrounds at relatively average prices. This has opened up the market to innovation and competition posed by the different players in the market. Negative impacts Focus on imports-Grace Kennedy has been solely involved in the import of products instead of diversification into the manufacture of products (Grace Kennedy, 11). Manufacture of products in Jamaica would be particularly relevant to the economy by the provision of new jobs and would prove to be cost friendly to the cost reduction of the company. The company should focus on the provision of products that are solely made in Jamaica or the Caribbean. Provision of unhealthy foods-this has contributed to the now persistent health issues affecting obese people due to high intake of fatty foods. Grace Kennedy has aided the distribution of foods that are considered unhealthy. Decline in currency value-Imports drain the country’s foreign reserves, which are used to purchase the imports. This makes it hard for the country to be able to maintain a strong currency. Lasco Jamaica has also been another company that has been in operation in the Jamaican economy since 1988 (Lasco Jamaica, 3). It has been involved in the provision of food, financial, personal care, household and pharmaceutical services and products. Positive impact Access to quality goods-Lasco Jamaica has been facilitating distribution of foreign products by employing aggressive marketing strategies. This has enabled the Jamaican public to be able to access high quality imports at relatively average prices Opening up of the market to healthy competition-Lasco Jamaica has also contributed to the opening up of the Jamaican market to competition posed by foreign products and enabled the local market to conform to high standards in the production of any goods (Lasco Jamaica, 15). This is evident by the presence of locally manufactured goods that are of high standards and are appealing to the consumer. Source of revenue for the government – the imports are usually taxed heavily on entry into any country. This ahs been a significant source of revenue for the government enabling it to fund projects Negative impact Focus on imports-The Company was involved in the importation of foreign products. This has had a negative impact on the Jamaican economy. Importation means that the company was denying local companies the much-needed revenues. Lack of employment due to imports– Lack of adequate revenues means that the local companies cannot employ more employees or even increase production Preference of foreign goods over local goods-The Company has not been a favorable force to the market due to its preference for imports such that it opposed the revival of Jamaican owned entity that would see the Jamaican government operate a dairy company. This would be favorable for the economy, as a whole. It would translate to more jobs in the economy and a reduction in the unemployment rates. This would also mean that the government would collect more revenue in the form of taxes and licenses from new products. In addition, the Lasco Jamaica Company has been providing the Jamaican population with fatty foods, which are considered unhealthy due to the presence of hydrated fats. The presence of such fats translates to people becoming unhealthy due to increase in weight. This leads to medical conditions such as obesity, bloods pressure and other heart related problems brought about by high cholesterol foods. Foreign affiliate-The Company seems to act as an affiliate of larger companies (Lasco Jamaica, 13). This denies the Jamaican populace the chance to work at companies, and denies the populace the chance to buy products that are made by Jamaican companies. The company should authorize the issue of shares and enable people to purchase their shares. This would enable the Jamaican population to have more ownership in entities that have been in existence for a long time and at the same time get money to invest in the farming activities. Grace Kennedy Company should have more responsibilities in the social scene because it has more market capitalization and resources at its disposal. This would be sufficient because the company owes its current existence to the Jamaican society. As a multinational company with the most number of subsidiaries and affiliate companies, they would be able to support such a perspective at the same time the company would be able to use the funds obtained in the acquisition of more equipment and invest in the local production of identical goods to ward off competition from the international products. The company should be the largest due to the high consumption rates of their products, which means that they earn more from the public thus they should give back to the public. Part of the revenue should go back to the society as it is because mast of it was derived from Jamaica. References Grace Kennedy. (2012). About us, 7.Retrieved from gracekennedy.com/home Lasco Jamaica. (2012). Home, 16. Retrieved from lascodistributors.com/Home.asp