Exploring Operations Management

What are the key principles of operations management?

• Marketing strategies, managing budget, efficiency, tool to manage the promotion for business, , access to various modes of marketing methods

• Financial forecasting, managing money, efficiency, tool to manage the interest rate for business, IPO,FPO, access to various modes of finance

• process design, capacity planning, inventory management, quality control, supply chain management, and continuous improvement.

• Employee training programs, managing money, efficiency, tool to manage Employee wellbeing, Training access to various modes of training

How does supply chain management impact business efficiency?

• Supply chain management is solely focused on marketing strategies. It helps to have an efficient way to organise and arrange to various markeitng tools.

• Supply chain management only increases costs without benefits. The process does not benefit the business

• Supply chain management improves business efficiency by optimizing processes, reducing costs, and enhancing responsiveness.

• Supply chain management has no effect on business efficiency. As it has a huge cost involved

What is the purpose of quality control in production?

• The purpose of quality control in production is To increase production speed without regard to quality.

• The purpose of quality control in production is To ensure all products are identical in appearance only.

• The purpose of quality control in production is to ensure products meet quality standards and reduce defects.

• The purpose of quality control in production is To eliminate all production costs regardless of quality.

Name the quality control techniques used in manufacturing.

• Total Quality Management (TQM)

• Lean Manufacturing

• Kaizen

• Just-In-Time (JIT)

What strategies can be employed for effective inventory management?

• Strategies for effective inventory management include Increasing inventory levels to avoid stockouts

• Strategies for effective inventory management include Relying solely on manual tracking methods

• Strategies for effective inventory management include Ignoring supplier performance evaluations

• Strategies for effective inventory management include JIT inventory, inventory management software, regular audits, accurate demand forecasting, and strong supplier relationships.

How does just-in-time inventory work?

• Just-in-time inventory works by receiving goods only as they are needed in the production process, minimizing inventory costs and waste.

• Just-in-time inventory involves storing large quantities of goods in advance.

• Just-in-time inventory requires frequent overstocking to meet demand fluctuations.

• Just-in-time inventory is a method of producing goods without any planning or scheduling.

What are the main objectives of production planning?

• The main objectives of production planning are to Ignore production deadlines

• to optimize resource utilization, meet production targets, minimize costs, and ensure product quality.

• The main objectives of production planning are to Focus solely on marketing strategies

• The main objectives of production planning are to Increase employee workload

Describe the role of forecasting in production planning.

• Forecasting eliminates the need for inventory management.

• Forecasting helps predict future demand, enabling efficient production planning and resource allocation.

• Forecasting is only useful for financial planning.

• Forecasting focuses solely on employee scheduling.

What is lean operations and why is it important?

• Lean operations are a methodology aimed at improving efficiency by eliminating waste, and they are important for enhancing productivity and customer satisfaction.

• Lean operations prioritize employee satisfaction over customer needs.

• Lean operations focus solely on increasing costs.

• Lean operations are about maximizing waste for better profits.

List some tools used in lean operations practices

• SWOT Analysis

• Kaizen, Just in time

• Fishbone Diagram

• Gantt Chart