Reference no: EM133605278

Assignment

I. Carefully review the simulation's introductory information and instructions and the information in the OM Simulation Descriptions and Implementation Tips. After completing the simulation, capture a screen image of your final simulation results, including the rubric evaluation metrics (i.e., MAPE), which will be included in your Critical Thinking Assignment.

II. The Operations Inventory Management content, paper or presentation option, must include the following sections:

Question A. Introduction: Explain the purpose or thesis of the paper and explain how the body of the paper is arranged to support the purpose of the paper.

Question B. Briefly define inventory managementand identify why it is important in an organization's operations.

Question C. Provide a brief overview description of the Inventory Management Simulation, including the targeted goals of the simulation.

Question D. Describe specifics about the model or approach used as the basis for your strategy in performing the Inventory Management Simulation; in an appendix, including an illustrated (worked-out) example of a formula, calculation, or technique developed as a central part of your Inventory Management Simulation strategy. In your strategy, discuss whether you prefer EOQ, POQ, or QD model and explain why.

Question E. Describe at least three operations inventory management methods, principles, or techniques experienced in the Inventory Management Simulation. For example, these may include lead time, Q*, safety stock, and ROP. Please make sure to describe your hypothesis/rationale for selecting each.

Question F. Clearly describe your simulation results and indicate how well they met the targeted simulation goals.

Question G. Itemize at least three lessons learned from the Inventory Management Simulation and describe how this understanding is important for a career in operations management. Here, you may describe how Q*, ROP, safety stock, and lead time are connected with each other and with profits. Additionally, describe how holding costs, excess inventory, stock outs are related to each other and with profits. Describe any risks you encountered and how you managed them.

Question H. Conclusion should present a recap of key points and a summary of the main emphasis without repeating verbatim and exclusive of new information.