Operations management Term Paper Example | Topics and Well Written Essays - 2500 words

Operations management - Term Paper Example Tactical issues are inclusive of structure and layout of the plant, methods of project management, selection of equipment, and their replacement. Operational issues, on the other hand, include control and scheduling of production, management of inventory, control and inspection of quality, handling of materials and traffic, and policies for the maintenance of equipment. This paper aims to discuss the theoretical approaches of operation management and then provides an analysis of the manner in which a restaurant, Tasty Delights, can ensure that their suppliers meet their need for raw materials and also provides an analysis of the operation techniques to be employed in both quality and supply. Introduction Operation management carefully focuses on process management in production and distribution of services (Brown et al, 2008:98). Overall activities are inclusive of creation of products, development, and management of products and services. Activities related to this include quality c ontrol, storage, process evaluation, and logistics. The greatest focus is on process effectiveness and efficiency. Operations management is inclusive of substantial analysis and measurement of internal processes. The nature of operations management is dependent on the services or products that the organization deals with. Operations management is made up of various parts that enable the organization to run smoothly and achieve its set goals (Waters, 2009:198). These include: Procurement practices which deal with the guidelines for the purchase of various products and materials form vendors and suppliers including insurance, legal services, computers and others. Management control and coordinating function which includes a wide range of operations aimed at ensuring that the goals set by the organization are being met consistently in an efficient and effective fashion (Waters, 2009:198). Product and service management which focuses on the entire organization’s operations rather than the management of a service or a product seen in service and product management for food service industries (Waters, 2009:198). Quality management which is vital in the operations management effectiveness with emphasis on continuous improvement. Quality advances including total quality management and benchmarking have resulted in the operations management advances as well (Waters, 2009:199). Distribution channels which deal with distribution means and depends on the nature of the service or product (Waters, 2009:199). Enterprise resource planning which refers to utilization of software applications in the integration of external and internal functions of the organization. Via the facilitation of information flow between HR, inventory control, and accounting, decision making, and planning are made easier (Waters, 2009:199). Facilities management since the effectiveness of operations management is dependent on the effective management of buildings, signage, computer systems, lig hting and others (Waters, 2009:200). Supply chain management which is the combination of science and art for the improvement of an organization’s raw components that it needs for the making of service and products and delivery to the customers (Waters, 2009:200). It has five basic components which are; planning, sourcing of supplies, making or manufacturing, delivery, and return of defective products. This paper will aim to discuss these

Problem Assignment Example | Topics and Well Written Essays - 750 words

Problem - Assignment Example sponses including government’s actions on fiscal policy and the central bank’s actions on monetary policy to ensure stabilization of production over business cycle. Keynes, a supply-sider, encouraged governments to consider spending more money during economic depression (Arestis, 2011). This would create more employment opportunities; hence money would be spent to further employ more people. In the 1970s it was however ineffective because a kick start to the normal levels was all that was required. Human capital is simply an accumulation of experience, skills, and knowledge of labor force, though labor productivity may be significant. The productivity and incomes of workers tend to grow as their human capital advances. Unemployed individuals comprise those who have quit or lost their jobs, or have for the first time entered or re-entered the labor market. The employed comprise those under employment level that exhibits no cyclical unemployment. Often, discouraged workers belittle employment. Additionally, in cases where a worker is employed but is overqualified for the job, underemployment is still overlooked. Further, workers in underground economy normally do not consider themselves as employed. To measure unemployed rate, the participation rate of labor force is used (Arestis, 2011). GDP simply explains the economy’s size measured through use of output. Despite capturing productivity it considers population growth. Also, GDP measures per-capita, a factor that does not explain much on distribution or sustainability of the economy. An elevation in the net wealth lessens the possibility of saving thereby elevating consumption at each income. Greater price levels reduce money holdings value which decreases the net wealth and consumption at each income (Arestis, 2011). Savings become more rewarding while borrowing becomes more costly when the interest rates have been increased. This elevates savings and reduces consumption at each income. Consumption