1) What is your opinion on the questions below?
What are some common elements or aspects of the four operations management areas covered in this course: productivity, inventory, capacity, quality? Compare the relative importance of these in manufacturing (e.g. Excellent Mfg. Co.) to the importance in other kinds of business, e.g. the ones you have been INVENTING. Also, consider several other areas not covered in the course, e.g. facility layout and scheduling. Discuss how these compare in relative importance to areas that were covered.
What are some common elements or aspects of the four operations management areas covered in this course: productivity, inventory, capacity, quality?
One of the main principles of operations management is that the four areas are all interrelated in several different ways. When we put efforts in place to continually monitor capacity and properly design and plan our capacity, our inventory runs smoothly and it results in less productivity issues. If our quality efforts are poor, for example, we will begin to notice a decreasing trend in our productivity, over a short period of time. There is no one element listed that is more or less important than the other elements, when we are dealing with operations management. Productivity is essential to all businesses. One of the greatest challenges in operations management is to try and control and monitor the variables, both internal and external, that affect productivity.
In terms of inventory and capacity, we must find optimal ranges and quantities. If we do not, we are faced with bottlenecks and other issues that prove to be constraints. We also run additional risks, including financial risk in extreme cases, because a less than optimal quantity of inventory incurs costs. If and when the operations management ...
This solution discusses the common elements of the four operations management areas, and compares the relative importance of the elements in manufacturing to the importance in other kids of businesses. This solution also discusses other areas in relation to the importance within the four identified operations management areas.