About the Course
Capacity, Demand, Profit Tree, Inventory Management, Forecasting under Uncertainty, Quality
Course Contents
- Introduction
- Operations Management is central to any organization be it for profit or non-profit. Generating shareholder value, satisfying the needs of the end customers and keeping employees productivity engages falls under the realm of operations management.
- Single and Multi-Line Flow
- In this chapter, the single line and mult-line process flow is discussed. Topics such bottleneck, capacity, utilization, average labour utilization and flow rate are described. A coffee shop and the tax processing department of the government are examples used to explain the key concepts of operations management.
- Forecasting Demand under Uncertainty
- In this chapter, the Newsvendors problem is explained. The problem is explained with an example where the COO of a company must place an order with a vendor but does not know with certainty what the demand is likely to be in future. To assess the uncertain future demand simulation tools are introduced. This is combined with decision trees and optimization techniques to arrive at a decision.
- Inventory Management
- Inventory management is key to ensuring that the business operates smoothly. That is customers don't face stockout and business does not lock-up too much capital in inventory leading to working capital problems. In many business keeping inventory is not feasible such as perishable goods. Therefore it is important that inventory be measured, managed and maintained as per the needs of the business.
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