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Operations Management Economics

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1. What is operations management? Why is it important? Is a good knowledge of operations management more important in service or manufacturing industries? Explain your answer.

2. Discuss the use of PERT/CPM techniques for managing projects. Describe what PERT/CPM does. Discuss advantages and disadvantages of using it. What other techniques might you choose to manage your project?

3. What are economies of scale in a manufacturing plant? Do they continue forever? What are diseconomies of scale? How might you decide the optimal size of a plant?

4. What, in your opinion are the 3 most important issues in supply chain management. Discuss why you think these are the key issues.

5. Discuss why (or if) inventories are necessary. What are the benefits of inventories? What are the disadvantages of holding inventories?

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Operations Management

1. What is operations management? Why is it important? Is a good knowledge of operations management more important in service or manufacturing industries? Explain your answer.

2. Discuss the use of PERT/CPM techniques for managing projects. Describe what PERT/CPM does. Discuss advantages and disadvantages of using it. What other techniques might you choose to manage your project?

3. What are economies of scale in a manufacturing plant? Do they continue forever? What are diseconomies of scale? How might you decide the optimal size of a plant?

4. What, in your opinion are the 3 most important issues in supply chain management. Discuss why you think these are the key issues.

5. Discuss why (or if) inventories are necessary. What are the benefits of inventories? What are the disadvantages of holding inventories?

Operations Management
Operations and supply chain management (OSM) includes the design, operation, and improvement of the processes that create and deliver a firm's products and services. OSM encompasses the entire management that produces a good or delivers a service. It is important to understand the key terms of operations and supply. For example, operations refer to the manufacturing and service processes used to transform resources into products that are used by consumers. Supply refers to the supply chain processes that move information and material to and from the manufacturing and service processes of the organization. For example, the logistics used that moves products through the process (Jacobs & Chase, 2010).
The importance of operations management is vital because having an efficient and effective OSM understanding can create more value to a firm. For example, saving one dollar in how a product is produced results directly to the profit of a firm. As operations and supply chain management ...

Solution Summary

Operations management in economics is examined. The expert discusses the use of PERT/CPM techniques for managing projects.

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Describe a major global corporation a leading manufacturer

Dr. W. Edwards Deming developed 14 principles for production and operations management that came to be known as Total Quality Management (TQM). One principle is to work in teams. He advised his clients to: "Break down barriers between departments and staff areas. People in different areas, such as Leasing, Maintenance, Administration, must work in teams to tackle problems that may be encountered with products or service."
Research a leading manufacturer or a major retail or restaurant business. Analyze the company's production and operations management system and evaluate the use of teams in its production and operations management.

1. Describe a major global corporation: (1) a leading manufacturer or (2) a major retail or restaurant business. Describe the type of business, market share, financials, size, and global presence.
2. Describe the company's production or operations management.
3. Describe and evaluate the company's use of teams in production and operations management.
4. Analyze and evaluate the company's ability to adjust to a major economic, environmental, or natural crisis (such as the real estate crash, financial crisis, nuclear meltdown, hurricane, flood, oil spill, etc.) and communicate effectively with their employees and customers about issues caused by the crisis.

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