Based on the study of Patrick L. Brockett and Xiaohua Xia entitled “Operations Research in Insurance: A Review” (1995), forming and the computations of problems that involve numbers in insurance and science operations research methods can relate. Researchers’ use they’re study to show the uses of operation research methods in the industry. They use the different categories of operation research. The Mathematical Programming Models, under Mathematical Programming there are sub-categories. The sub-categories are Linear Programming, Non-linear Programming, Integer programming, Network Optimization, Goal Programming, Dynamic Programming, Cbance-Constrained Programming and Fuzzy Programming. The other categories they present are: Game Theory, Data …show more content…
Researchers discussed in there study about the Global Warming, that economic growth have a big impact to our environment. They emphasize the threats in companies and in the government. They said that operation research is a slow development tradition in operations and reducing cost. In their study the researchers want to prove if operations research in not only for companies but also for green logistics or environment. In their study, they use operations research in various departments of the companies especially in production. They also includes transportation, products and inventories: life cycle, facilities like warehouse, ports and terminals, supply and chain design, product recovery and closed loop supply chains, Supply chain planning and control and operational control of supply and transport chains. They said that for the optimization for the environment using metrics has a main role. Also they believed that operation research most useful in minimizing cost but have a strong effect on the environment while it is not …show more content…
The data was gathered in the company of KASMO Industry Limited, Osogbo, Nigeria was the company has four types of sales bundles to sell and they are required to maximize the cost of sale bundles. Also they want to minimize the profit monthly. The researchers come up with use of linear programming and solve for the maximization of cost and minimizing the profit. They also use the simplex method. They said that linear programming method was helpful in terms of optimize the allocation resources in industry. Also linear programming is the very projecting technique in operations
3. Research on Best Practices: • To conduct a secondary and tertiary research in order to analyze the best practices for operations, TQM (Total Quality Management), and IT (Information Technology) management concepts and plans from various different sources (mainly from academic literature and industrial examples). The research will mainly focus on operations management, human resource, financial management, and IT management concepts. 4. Internal Research on the Organization: • Primary research will be conducted analyze in depth and breadth the recent managerial procedures and operations.
This feature can also minimize material waste for each project. Now we can accurately price every project and we can also accurately budget for each project. This also us to give our customers the most competitive price and our project managers a precise budget for each
Abstract The Wilkerson Company started facing declination in profits due to the price cutting on their pumps. On the contrary, while the price pumps were decreasing to record numbers, the flow controllers, which controlled the rate and direction flow of chemicals, could increase its prices without significant loss or any competitive response. Wilkerson, his controller, and manufacturing manager developed an activity-based cost model (ABC) to better comprehend the various demands that each product line makes on the organization 's indirect and support resources. Exhibit 1 showed us our operating results, Exhibit 2 showed us our product profitability analysis, Exhibit 3 displayed our product data, and Exhibit 4 was a compilation of the monthly
For my Performance Task One project, my group members Abbey Glancey, Rachel Lambert, Addie Hinkle and I researched how video games effect the growth and development of children in the United Stated Of America. Our subtopics included how video games effects a child 's brain, health, social and physical behavior, and education. I learned way more than I expected while researching this topic. I approached the process of researching by taking what I learned from the previous time doing this project and applying it to this new topic.
It is imperative to understand the current conditions of what materials are candidates for return, compared to the performance level of returns achieved each day. The delta between the identified material returns and the actual returns will provide information for goal setting. Additionally, with the transfer of raw materials into the warehouse, there must be a transaction to receive it into inventory and distribute it to the appropriate location. At that point, the process will be complete for the appropriate accounting of the materials, creating availability for consumption at the next production demand. The data collected will be influential in developing a robust procedure for each assembly line to follow in a consistent manner.
OPERATIONS MANAGEMENT CASE STUDY AMERICAN CONNECTOR COMPANY Submitted to: Professor Jishnu Hazra Submitted by: GROUP 2 (SECTION B) Itee Aggarwal 1411095 Preetam Das 1411117 Siddharth Nayak 1411129 Abhishek Singh 1411072 Ashish Pawar 1411084 Nakul Sehgal 1411106 INTRODUCTION American Connector Corporation (ACC) is a supplier of electrical connectors based out of Sunnyvale, California since 1961. ACC relied on its ability to produce high quality customized products for its users. In USA, 1991 had seen sales fall by 3.9% over the last year and the industry was seeing a decline since 1987. ACC was struggling with increasing costs and deteriorating quality In line with the industry trends.
Here 70% of our business is done with military so in military terms logistics means the organization of moving, housing and supplying troops and equipment’s. No doubt logistics is an important activity as there is a process for doing a work and there must be proper coordination and cooperation. Lack of proper coordination means, high chance of getting errors in work. This case analysis focus on providing the recommendations to the top management to make sure their activities are going smoothly in the market and they can be ahead from their competitors in this competitive world. In easy words, the organization wants to improve their delivery to their customers.
The information input is where and how the employee will gather the information or data needed to perform the job. For example, a teacher gets their information by using their personal knowledge and textbook information to perform a lecture in class. The mental processes category examines the cognition aspect of the job. Thus, a psychiatrist must be accurate with their decision making when diagnosing someone. The work input category emphasizes on what tasks, tools, or machines the worker needs in order to perform their
Introduction Every business organization is using a marketing concept which is used as a tool to identify customer’s needs. And further try to meet them by making right decisions in line with customer’s needs. In line with meeting customer’s needs the ultimate goal of every business is to gain profit. That’s why they make use of different marketing strategies to meet not only the need of the customer but as well as the goal of the company. We know for a fact that marketing strategies comprises everything from developing a product, to introducing it to the market, to selling and improving it as the need of the target market changes.
Coca-Cola’s Production Orange Juice is considered as an unstructured problem, due to the fact that its production is even more complicated than bottling soda, the production of the Orange juice requires a complicated process that involves mathematical algorithms, modules, and business applications. Decisions rely and depends on the nature of the problem and obtained solutions as a result, the solution that has been taken for this obstacle is to resolve this issue from the roots. That is the main reason of the exclusion/classification of problems is divided into structured and unstructured problems in business sectors. Question 2
The purpose of Operations management within an organization is to control the production process and business operations as efficient as possible to achieving overall organizational goal (investopedia.com, 2017). Therefore operation management creates policies, processes and procedures and also use various methods and techniques to maximize profits thus achieving organizational goal. Approaches or Techniques of operation management To improve the operational performance, operation management use various techniques to improve the operational performance. Some of these approaches are: Six Sigma Lean production Queuing theory TQM In this section below some of these techniques or theory has been explained: Six Sigma: Six sigma an effective and significant process improvement theory
For example, Managerial, Marketing, and Production, financial. It follows systematic and traditional based decision-making concept such as game
Kahaner (1998) also defines competitive intelligence as a cycle process with four phases: planning and direction, data and information collection, analysis and dissemination of intelligence to those who will use it. This CI process model skips information capturing and storage and terms the information collection phase ‘data and information collection’ phase. Information consists of ordering data. Therefore, in information there is data; there is no need to use both terms together in the name of this phase.
TASK 1.1 Importance of operation management Operations management (OM) is the business function responsible for managing the process of creation of goods and services. It involves planning, organizing, coordinating, and controlling all the resources needed to produce a company’s goods and services. Because operations management is a management function, it involves managing people, equipment, technology, information, and all the other resources needed in the production of goods and services. Operations management is the central core function of every company. This is true regardless of the size of the company, the industry it is in, whether it is manufacturing or service, or is for-profit or not-for-profit.
Modern Stores The interviews were taken and the data were collected and we had also taken help from other articles from academic journals for an overview over the data. At the later step, we wanted to understand that what actually influence the performance of the Cold Chain Logistics. And regarding the elements which is able to manage the Cold Chain Logistics most effectively in a company.