Lecture 1 - What is Productions and Operations Management?...

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What is Productions and Operations Management? A field of study involving the planning, coordinating, and executing of all activities that create goods or provide services Focus: To explore a variety of decision making tools that operations managers can use in the decision making process. These tools are classified as o Quantitative Queuing techniques Inventory Models Project models (PERT/CPM) Forecasting techniques Statistical models Breakeven analysis o Analysis of trade-offs In inventory management we balance tradeoff between two objectives – minimize cost of carrying inventory and maximize customer service level The models in discussed will reflect tradeoffs between cost and benefit o System approach Emphasizes interrelationships among subsystems Main theme: the whole is greater than the sum of its individual parts From a systems viewpoint, the output and objectives of the organization as a whole takes precedence over those of any on subsystem o Establishing priorities Recognition of priorities means devoting more attention to what is most important Uses the Pareto phenomenon – a relatively few factors are most important – dealing with those will have a disproportionately large impact on the results achieved 80/20 rule o Ethics
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Operations managers, like all managers have the responsibility to make ethical decisions on: Worker safety, product safety, quality, the environment, the community, hiring and firing workers, worker’s rights
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This note was uploaded on 04/03/2012 for the course BAIT 386 taught by Professor Avi-itzchak during the Spring '12 term at Rutgers.

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Lecture 1 - What is Productions and Operations Management?...

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