Inventory Management Homework Problems For 3rd

Problems in Operations Management assignment

Operations management concern with developing effective process and methods which can be applied to the problems related to the production process of the company to improve the productivity. In the production management students have to learn some concepts and practical method so that they can solve various operations management problems. As a student, you have to know about supply chains, labor issues, inventory management, facility location, procurement of raw materials and more.

As it involves some difficult subjects, students face problems in solving operation management assignment. It is not a simple work. There are various approaches that students need to know before starting operations management assignment. You have to get enough knowledge on some topics. So that you can carry out your work in a proper direction. If you are facing some issues in the assignment, just go through the below-mentioned details about the operation management. You will get a clear idea about it.

Operation Management and why you need to take help on the assignment?

Every firm needs to give best products to their customers, buyers or clients. To develop proper products, the firm should effectively manage various factors like supply chain, process, acquisition, development, and utilization of firm’s resources. Operations Management deals with this. It helps the firm to develop the best framework for the effective production process. It has been a long time, and still, now students prefer to use our study materials and sample assignment of Operations Management.

It helps them to understand what is bottlenecks, flow rates and inventory control and inventory levels which are the major factors of Operations Management. The Operations Management carry out from strategic to tactical level and operational level. Under the strategic level, one needs to determine the size and location of the production unit, determining service structure and developing effective supply chain. The tactical strategy includes:

Approaches in Operations Management assignment problem solving

1. Before approaching toward to operations management assignment, you need to understand the problem first. You may need to cover various issues like production performance; production process and you have to understand how it can affect the business.

2. Once you get all ideas about this, you need to collect all the data required for analysis to get a solution to the problem. Here you need to analyze the process flow. You can consider the IRT Process flow diagram.

3. The Third step is to outline the important outcomes and the potential performance gaps. The questions which are asked at this stage are: What is our current position and how far we are from our goal? What is the success and how does it appear like?

4. The fourth stage helps to find out the areas which need to be developed. It involves drawing a raw method of the flow diagram and evaluate how it is different from the old flow diagram and how better it is than the existing one.

5. The final stage to understand the benefits and advantages of the betterment. Furthermore, it can be understood from a very simple question. Here one can use KPI tree to get the final result.

The above mentioned approaches will help you to develop a well written operations management assignment. Total Assignment Help consists of best tutors that are available 24x7 hours to assist you in your assignment.

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So why are some operations more productive than others?

Why are some operations more responsive than others?

To answer these questions we have to go inside the business processes that

make up for the operations.

This is the purpose of this module, process analysis.

In this module, we're going to introduce the three most important performance

measures of an operation, which are called flow rate,

also known as the throughput, inventory, and flow time.

To motivate these three performance measures and

get some intuition on how process analysis works, I would like you to join me

once again over to our local subway restaurant, and just see what's going on.

We'll make ourselves outside, comfortable outside the restaurant and we'll

just spend a couple of hours observing how people come in and out of the restaurant.

Now we're here to learn not to eat, and so I will not let you get inside

the restaurant, instead I will give you an assignment.

of the customers that have arrived.

That means if the first customer arrived after two minutes and

30 seconds, you're going to draw the first point here.

If the next customer came in a minute later, at three minutes 30,

the second person has arrived and

you're going to plot another data point over here.

So, step-by-step, you're going to draw the times of which customers arrive

The horizontal difference between our lines

is the amount of time the customer spent in the restroom.

We saw this was the first customer who arrived after roughly

30 seconds of observation time and then left after two minutes.

And then we see later on that some customers have a little longer wait.

So for example if you look here at the seventh customer, this person came in

around here and it took until here, until this person was leaving.

This suggests that there was beyond the activity times in the process potentially

a fair bit of waiting going on.

Now before we can do any process analysis we first have to define

what we want to analyze.

We defined the flow unit of the process as the atomic unit of analysis.

In this case we want to analyze the flow of customers.

Note that we could also analyze other things in the process, for example,

the flow of cheese, the flow of money, the flow of sandwiches, or other things.

The flow rate is the incoming and, or the graduating class, so

simply the number of students going through the process per year.

The processing time at least here at Wharton, it's a two year program, so

that's the time that the student spends at school.

The inventory time is the total number of students on campus in the first year and

in the second year.

And the flow rate is the amount of cars sold every year.

So flow time is the time from the beginning of the production to the time

that the vehicle is finally sold, and the inventory of the cars and the system.

Notice that only in the second and fourth case here,

my definition of inventory will be similar to the world of financial accounting.

In this case here, and in this case here or the service settings, these

are flow units that I would never show up on the balance sheet of an organization.

So inventory, the number of flow units in the system.

Flow rate, the number of flow units going through the system per unit of time.

And flow time, the amount of time it takes a flow unit to go

from the beginning of the process to the end.

I said at the beginning of this session that those are the most important

performance measures in any operations.

But why?

Who cares about inventory?

Now let me give you some reasons to care about inventory.

In the US economy alone, in a typical year,

we have about $1 trillion of inventory.

And that is just the manufacturing sector, because this is accounting inventory.

Now my colleagues in Economics Department,

they kind of like to ignore the supply-demand mismatches.

They take comfort in the notion of markets and

that prices will adjust once we have a mismatch between supply and demand.

However, if you are sick, and

you're sitting in an emergency department prices were not source of problem.

If you're hungry waiting for your lunch, this is not a matter of prices.

For this reason I argue that understanding inventory, flow rate, and

flow time are indeed the most important issues,

not just what we do in operations, what we do in management in general.

So, keep those three measures in mind when, next time,

you go through a process, be it as a tourist, as a person going for

lunch or when you have a chance to tour a factory.

And always look for the three things, flow rate, inventory, and flow time.

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