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DRIVE
Spring 2017
PROGRAM
MBA
SEMESTER
III
SUBJECT CODE & NAME
OM 0010 - OPERATIONS MANAGEMENT
1 Explain
the concept of operation management. What are the elements of operations
management?
A
Concept of Operations Management
Elements of Operations Management
Answer:
Operations
management is defined as that activity whereby resources, flowing within a
defined system, are combined and transformed in a controlled manner to add
value in accordance with policies communicated by management.
Whereas
the term "production," in a narrow sense, is often associated with a
quantity of goods, or
2 Explain
the concept of forecasting. Also Elaborate the steps involved in the
forecasting process.
a. Concept of forecasting
b. Forecasting Process
Answer: Concept of Forecasting
You can define forecasting as a mechanism that is widely used in organisations.
It is a planning tool that helps organisation to cope with future uncertainties
by using the past and present data. The basic
3. An
organisation has three production centres P1, P2 and P3 that supply products to
four warehouses W1, W2, W3 and W4. The monthly production capacities of the
three production centres are 160, 150 and 190 units, respectively. The monthly
demand of warehouses is 80, 90, 110 and 160 units, respectively. The
transportation cost per unit (in rupees) is shown in following Table
|
Warehouses
|
W1
|
W2
|
W3
|
W4
|
|
Production Centres
|
||||
|
P1
|
10
|
12
|
8
|
15
|
|
P2
|
12
|
14
|
18
|
9
|
|
P3
|
15
|
12
|
20
|
16
|
Discussion
questions:
1.
How many units should an organisation supply to warehouses so that the total
transportation cost is minimised?
2.
Calculate Total Transportation Cost
Answer: Construct
the transportation cost matrix table, which is as follows:
Availability
= 160+150+190=500
Requirement
= 80+90+110+160=440
In the given case,
4
Explain the following criterions that a decision maker may adopt under
uncertain conditions.
a.
Maximax Criterion
b.
Maximin Criterion
c.
Minimax Regret Criterion
d.
Realism Criterion
e.
Insufficient Reason Criterion
Answer: Maximax
Criterion: It is the criterion in which a decision maker selects the alternative
that provides the maximum payoff. This criterion is based on the assumption
that all available alternatives would provide the best possible outcome.
Maximax criterion is a strategy that maximises the maximum gain. The maximax
criterion is also known as the optimistic criterion or
5.
Solve the assignment problem shown in the following table:
|
|
1
|
2
|
3
|
4
|
|
A
|
15
|
9
|
14
|
22
|
|
B
|
12
|
10
|
20
|
17
|
|
C
|
7
|
8
|
6
|
9
|
|
D
|
20
|
16
|
17
|
18
|
Also
determine the total assignment cost.
Answer: Conduct
row and column operations as the assignment problem is balanced. The row
operations involve selecting an element having a minimum value in each row
starting from row A and subtracting that element from all other elements in
that row. After completing row
6 Elaborate
the replacement of equipment that deteriorates with time. What are the
limitations of replacement models?
Replacement of equipment that
deteriorates with time.
Limitations of replacement models.
Answer: Replacement of Equipment that Deteriorates with Time
When the operational efficiency of equipment goes on decreasing
with the gradual passage of time, it is economical to replace the same with a
new one. The replacement decisions for such equipment are taken based on the economic
life cycle and monthly or annual operating costs of the equipment.
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