Describe the principles of economic order quantity

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Reference no: EM133028457 , Length: word count:3500

K/618/0233 Operations and Information Management for Project Managers

Aims

The aim of this unit is to develop critical understanding of managing operations and information systems within projects. The interrelationships within functional areas will be examined and the influence of contemporary factors. Learners will explore organisational strategy in relation to capacity to plan for products and consider the value of inventory management using information systems and inventory scheduling.

Learning Outcome 1: Understand the role of operations management within a business.
Assess the similarities and differences between production and service operations.
Analyse the three major functional areas of organizations and describe how they interrelate.
Evaluate a range of theories related to operations management.
Describe the operations function and the nature of the operations manager's job.
Evaluate current issues in business that are impacting operations management.

Learning Outcome 2. Understand strategic capacity planning for products and services.
Critically assess the importance of capacity planning.
Analyse ways of defining and measuring capacity.
Evaluate the factors to consider when deciding whether to operate in-house or outsource.
Describe the steps that are used to resolve constraint issues.

Learning Outcome 3. Understand requirements for effective inventory management using information systems.
Evaluate the nature and importance of inventories.
Analyse the requirements for effective inventory management.
Evaluate the use of the A-B-C approach to inventory management.
Describe the principles of Economic Order Quantity (EOQ) model and its assumptions.
Examine the single-period model and its assumptions.

Learning Outcome 4. Understand scheduling operations for project managers.
Explain what scheduling involves and the importance of good scheduling.
Compare product and service scheduling hierarchies.
Evaluate approaches used for scheduling service systems.
Explain how to overcome a range of unique problems encountered in service systems.

Learning Outcome 5. Understand systems for project quality management.

Identify resources, tools and systems that can support a project's quality management.
Evaluate quality assurance frameworks that
can be applied to a project.

Scenario

You are the Head of Operations at one of the organisations listed below:

- Tesco
- BBC
- Greggs
- Cisco UK

As a part of the global expansion plan, you are asked by the CEO to prepare a report that will outline major operational considerations that project managers of the organisation located at various geographic locations across the globe will need to consider.

Task 1

Instructions
Your report should consist of three sections containing the following:

Section A

1. Assess the similarities and differences between production and service operations.

2. Analyse the three major functional areas of organizations and describe how they interrelate.

3. Evaluate a range of theories related to operations management.

4. Describe the operations function and the nature of the operations manager's job.

5. Evaluate current issues in business that are impacting operations management especially in your chosen organisation.

6. Critically assess the importance of capacity planning.

7. Analyse ways of defining and measuring capacity.

8. Evaluate the factors to consider when deciding whether to operate inhouse or outsource.

9. Describe the steps that are used to resolve constraint issues.

Section B

1. Evaluate the nature and importance of inventories.

2. Analyse the requirements for effective inventory management.

3. Evaluate the use of the AB-C approach to inventory management.

4. Describe the principles of Economic Order Quantity (EOQ) model and its assumptions.

5. Examine the single-period model and its assumptions. Define what global supply chain ecosystem is.

Section C

1. Explain what scheduling involves and the importance of good scheduling.

2. Compare product and service scheduling hierarchies.

3. Evaluate approaches used for scheduling service systems.

4. Explain how to overcome a range of unique problems encountered in service systems.

5. Identify resources, tools and systems that can support a project's quality management.

6. Evaluate quality assurance frameworks that can be applied to a project.

Attachment:- Operations and Information Management.rar

Reference no: EM133028457

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