Introduction
Executive Summary
This journal is an insight on my thoughts and experiences and my own reflection of operations management and the topics in which we have looked at in both lectures and my interactive workshops. In this journal I will cover the following:
• My own experiences in relation to operations management
• A reflection on what I have learned in both lectures and tutorials
• A reflection on the extra material that we had access to from moodle.
Week 1: 30th January
Lecture:
During the lectures in week 1 lecture 1 we started our first topic which was Supply Chain Management. We started off by watching a video clip explaining what supply chain management is. We saw in this video that there are many chains of supply that need to take place in order for your products and services to be done. For example making a bottle of water and how many different resources you need for the product to be finished and to be transported to the location of the place where it will be sold. Another term for supply chain management is the Management of the chain of supplies. With supply chain management they need to manufacture goods and services such as hotels and their lodging experiences, dining experiences etc. in order for them to do this effectively they need to buy things such as furniture, food, soaps and towels and also manufacture things such as meals. In addition to this video clip I watched another video clip that was available to me to get a better understanding of SCM. I watched the video clip on “the PUMA supply Chain” here the majority of their products comes in from Asia through the ports of LA or long beach to their distribution centers where they then ship it out to their wholesale customers and PUMA retail stores. ...
... middle of paper ...
...recast drives the profit in the business. The following forecasting techniques are used by Hard Rock Café:
These are quantitative forecasting techniques.
• Moving Averages
• Weighted Moving Averages
• Exponential Smoothing
• Regression Analysis
These are qualitative forecasting techniques:
• Sales force Composite
• Consumer Sales
• Delphi Method
• Jury of Executive Opinion
Weighted moving averages- used to calculate the bonus been paid to managers.
E.g.
40%- this year’s data
40%- last year’s data
20%- previous year’s data
New target: (40*2013) + (40*2012) + (20*2011)
Variance between what actually happened and what was forecasted to happened. This is linked into the factor rating method. Variances can be positive or negative, favorable or adverse. Data warehouse all information goes back to one place so the analysts can look at them all together. E.g. CDW- Eircom
Operations management is essential for the survival and success of any organization. According to Heizer & Render (2011), operations management (OM) is the set of activities that creates value in the form of goods and services by transforming inputs into outputs. Operations managers today contend with competition, globalization, inflation, consumer demand, and consistent change in technology. Managers must focus on the efficiency and effectiveness of processes such as cost, dependability, distribution, flexibility, and speed. The intent of this paper is to discuss the processes and operations management of the Kroger Company.
A supply chain is a system through which organizations deliver their products and services to their customers. The network begins with the basic ingredients to start the chain of supply, which are the suppliers that supply raw materials, ingredients, and so on. From there, it will transfer the supplies to the manufacturer who builds, assembles, converts, or furnishes a product. The chain now needs to get the product to the consumer by transporting the finished product from the manufacturer through a warehouse or distribution center. An example is that Wal-Mart has a nearby distribution center where products are delivered there and then split up to be delivered to a retail Wal-Mart. “Wal-Mart will take responsibility for breaking down larger loads and delivering the product to other Wal-Mart stores” (Ehring 1).
Operations refers to the transformation of raw materials(inputs) into finished products(outputs). The operations process is one of the key business functions and is a crucial component to business success. Like every business, Qantas is affected by many internal and external influences requiring it to have effective strategies to respond to these influences. Businesses that are able to adopt and utilise effective operational strategies are able to quickly adapt and either reduce or take advantage of these influences that impact the business. The effectiveness of these strategies can measured by Qantas’ performance and whether or not it is able to hold it’s competitive advantage. How well these strategies respond to the influences on operations will determine the level of success that Qantas achieves.
Operations Management Process is the central arteries within the organization because it produces the planning process for goods and services, which are its reason for existent. Operations management is linked to all organizations as every organization is producing either a product or a service. However, it cannot be said to be the most important function since there are other functional areas and boundaries within an organization. In today's fast changing world, organizations have to have a tendency towards being efficient, effective and innovative to the changing environment to succeed. Operations Management has to use metrics in order for them to accomplish their task and be successful with minimal interruptions within the organization.
Before we start, we would like to briefly introduce the definitions of Supply Chain and Supply Chain Management (SCM).
Supply chain management is basically refers to the fundamental supply chain analysis of the organization which predominantly describes functionalities from source to the delivery point. In this process of delivery, supply chain management framework divides in four categories: In Planning the products and suppliers evaluated and selected, Sourcing pull the information process including contracting, ordering and expediting, Moving is a physical process from suppliers to end user and Paying is the financial process including payment and performance measurement.
Yankee Fork and Hoe Company have an informal method of forecasting. First, marketing determines the forecast for the next upcoming month by meeting with managers from the sales regions. In these meeting they go over the previous demand, economic changes, and shortages they experienced. Through these meetings the marketing manager develops a forecast for the upcoming year, and then passes it onto production.
In selecting an appropriate forecasting technique, a company should first understand the dimensions that are relevant to the
Supply chain management has been defined as that process that involves the management of information, materials, and all the finances that are handled within and across the entire supply chain process (Christopher, 2016). The management is usually done through out the entire supply chain management from that moment when the suppliers are involved through all the manufacturing activities, different distribution activities, and the way that the products are served to the final product consumer (Turban, et al., 2002). The process also includes all the activities that different organizations offers to their customers as after sale services for purposes perfecting their services and products towards their highly valued customers (Christopher,
Schonberger, R.J. and E.M. Knod Jr. Operations Management: Continuous Improvement. Richard D. Irwin, 1994, p. 44. 16. Selto, F.H. and D.W. Jasinski. "
Operations management is a dynamic field and presents exciting new issues and challenges for operations managers. For example, Maura Sprenger, human resources director at Techno Inc., a fast growing information technology company, is faced with a very difficult issue between winning a multimillion dollar business contract with Apex Company or run the risk of causing a very knowledgeable and valuable employee to quit.
Studying pre-existing models of operations management may be a smart approach to truly understand this field. But since technology is advancing by the minute, new concepts, and tools should be adapted for operations management. The book titled Operations Management strategically explains the different concepts, divisions, and approaches to operations management. References Encarta (2005) Definitions of Operations Management. Retrieved September 15, 2005.
Slack, N., Johnston, R. and Brandon-Jones, A. (2011).Essentials of operations management. 1st ed. Harlow, England: Financial Times Prentice Hall.
Once the prediction results for the upcoming year is settled, it can be represented and get some insights that influence other analytics based on the sales and marketing techniques for a
...forecasts. Given the high degree of uncertainty in today's marketplace, qualitative forecasting techniques like the Delphi technique may help Firstlogic to better-forecast future sales.